{"id":960,"date":"2022-11-07T06:34:40","date_gmt":"2022-11-07T06:34:40","guid":{"rendered":"https:\/\/insight.thomsonreuters.com\/sea\/legal\/resources\/resource\/contract-lifecycle-management-a-guide-for-legal-departments"},"modified":"2023-06-21T10:39:32","modified_gmt":"2023-06-21T10:39:32","slug":"contract-lifecycle-management-guide-for-legal-departments","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com\/sea\/legal\/resources\/resource\/contract-lifecycle-management-guide-for-legal-departments","title":{"rendered":"Contract Lifecycle Management: A Guide for Legal Departments"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/legal.thomsonreuters.com\/en\/products\/highq\/contract-management\">Contract lifecycle management<\/a> (CLM) is one of the fastest growing legal technology solutions for contract analysis, with more than one in two <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-state-of-corporate-law-departments\">corporate law departments<\/a> (55%) currently using a contract management system, and a further <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-australia-state-of-the-legal-market-report\">41% planning to invest<\/a>.<\/h4>\n\n\n\n<p>This near-unanimous demand supports the rising necessity of <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/tech-the-law-2022-report\" data-type=\"insight_resource\" data-id=\"6432\">technology within the legal landscape<\/a>. The pandemic sparked a paradigm shift which saw organisations undergo transformational pivots to accommodate a world working remotely. <\/p>\n\n\n\n<p>We appeared to find our feet through the pandemic, only to side-step into the current state of economic uncertainty and supply chain challenges.  The world has evolved and technology has evolved with it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Everything evolves &#8211; even contracts<\/h2>\n\n\n\n<p>Your organisation can\u2019t do business without contracts and the sometimes-tedious, repetitive process of end-to-end contracts has evolved. Artificial intelligence (AI) technology powers smart automation tools to help you simplify your workflows and deliver more strategic value to the organisation. <\/p>\n\n\n\n<p>At a high level, a good contract lifecycle management system can: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>enable lawyers to get back to lawyering by freeing up legal staff for higher-value, more enjoyable work, <\/li>\n\n\n\n<li>allow legal teams to pivot quickly to keep up with changing business needs,<\/li>\n\n\n\n<li>open new doors for the legal team to bring unprecedented value to the business.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Evolve to a new level of efficiency<\/h2>\n\n\n\n<p>Thomson Reuters\u2019 <em>Contract Lifecycle Management Guide<\/em> is an essential read for every legal department that wants to evolve to a new level of efficiency. <\/p>\n\n\n\n<p>The guide includes: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the key stages of contract lifecycle management,<\/li>\n\n\n\n<li>valuable insights for lawyers and legal departments,<\/li>\n\n\n\n<li>important points to consider for innovation adoption. <\/li>\n<\/ul>\n\n\n\n<p>Download your complimentary copy of the guide by completing the form on this page. <\/p>\n\n\n\n<p><strong><em>Recommended<\/em><\/strong><em><strong> reading<\/strong><\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Learn more about legal department operations in Thomson Reuters&#8217; special report <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022_legal_department_operations_index_report\">2022 Legal Department Operations Index<\/a>.<\/em><\/li>\n\n\n\n<li><em>Read about <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/legal-departments-the-business-case-for-document-automation\">Document automation<\/a>, another legal technology solution essential to optimise your legal department workflow.<\/em><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>References:  <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-state-of-corporate-law-departments\">State of Corporate Law Departments 2022 p19\/p15<\/a> and <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-australia-state-of-the-legal-market-report\">2022 Australia: State of the Legal Market report p20<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thomson Reuters\u2019 Contract Lifecycle Management Guide is an essential read for every legal department that wants to evolve to a new level of efficiency<\/p>\n","protected":false},"author":5,"featured_media":962,"template":"","categories":[588,602,900,609],"tags":[962,905,963,251,272],"resource_type":[596],"insight_job_role":[595,598,725,604,842,607,628],"insight_practice_area":[],"class_list":["entry","author-traus","has-excerpt","post-960","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-efficiency-and-time-management","category-innovation-and-technology","category-legal-operations","category-legal-technology","tag-clm-guide","tag-contract-lifecycle-management","tag-contract-management-systems","tag-general-counsel","tag-in-house-legal-departments","resource_type-guide","insight_job_role-general-counsel","insight_job_role-in-house-lawyer","insight_job_role-it-technology-manager","insight_job_role-knowledge-manager","insight_job_role-lawyer","insight_job_role-legal-operations-manager","insight_job_role-solicitor","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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