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Legal operations professionals keep tabs on software needs in the law department, often running audits to determine which software is obsolete and which needs to be purchased. In this article, we look at buying tips for legal contract lifecycle management software, define legal contract lifecycle management (CLM), and pose several tips on purchasing legal contract lifecycle management software for the legal and legal operations teams.
Various professionals and departments across different industries use CLM software. In the legal field, paralegals, lawyers, legal assistants, and legal operations professionals use it to manage contracts efficiently. Additionally, procurement teams, sales departments, compliance officers, and finance teams often use CLM software to streamline contract processes, ensure compliance, and improve collaboration across the organization.
Contract Lifecycle Management software is a digital solution designed to manage the entire lifecycle of a contract, from creation and negotiation to execution, compliance, and renewal. It automates and centralizes contract processes, providing a comprehensive platform for managing legal agreements efficiently.
Legal contract lifecycle management software is a powerful tool that can streamline the stages in the contract lifecycle, enhance compliance to contract terms and conditions, and also help the legal team mitigate risk associated with contract management. With this digital and automated solution, productivity improves throughout the legal department. There is more collaboration during contract development and execution, and errors are also reduced with legal contract lifecycle management software. However, for legal operations professionals unfamiliar with its value, understanding what to look for when purchasing CLM software is crucial.
CLM software should integrate with enterprise legal management solutions. This integration provides beneficial productivity for users as they can log into the ELM dashboard and access the CLM application from the same location.
Several of the benefits of CLM software are mentioned previously, but this list is more comprehensive:
Beyond the features and benefits of the software, legal operations professionals can study the advantages and find:
Buying any software requires legwork before making the purchase. Factors like ease of use, scalability, integration capabilities, and vendor support should be considered. The application should be evaluated for your industry to meet specific legal and regulatory requirements. More specifically:
Investing in legal contract lifecycle management software can transform legal operations, but making the right choice requires careful consideration. By understanding the benefits and following these essential buying tips, legal operations professionals can select a solution that enhances efficiency, compliance, and collaboration within their departments. Schedule a demo to learn more.