Contract management tools are essential for corporate legal departments to streamline the contract lifecycle management (CLM) process. Before addressing the types of contract management tools that work best for lawyers, let’s look at the evolution of contract...
By LexisNexis® CounselLink® One of the biggest headaches that in-house counsel grapple with is how to effectively manage their organization’s vast universe of contracts — from complex commercial transactions to routine vendor agreements. Contract...
Influencers and thought leaders in the legal technology space Legal Tech's Predictions for Emerging Technology in 2025 predict blockchain will affect smart contracts and contract lifecycle management in the corporate law department. This prediction brings exciting...
Managing contracts is a pivotal function for legal departments, requiring meticulous attention and precise organization. Legal contract management software is designed to streamline this process, helping legal professionals efficiently manage their contracts while...
LegalTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout legal technology companies, products and services around the globe, recently announced that LexisNexis® CounselLink+™ is “ Contract...
Contract lifecycle management tools enable legal teams to automate the contract management process within the corporate legal department. This critical benefit helps streamline the entire contract management workflow -- from drafting and negotiation to approval...
No matter the size of a business, every business requires contract management software to play a pivotal role. Contracts bind two or more parties with terms, conditions, and expectations. They are the backbone of any business transaction, from hiring employees...
Legal CLM in the law department pertains to Contract Lifecycle Management , conveniently shortened to CLM for the purpose of this blog post. As a companion to enterprise legal management software for corporate legal departments, legal CLM is the tool law departments...
Buying contract lifecycle management software in the corporate legal department can mitigate challenges of daily contract management, workflows, contract drafting, administrative time, work efficiency, user engagement, and so much more. The initial aspect of...
In the stages of contract lifecycle management (CLM) legal departments may have five, seven or more various steps in the lifecycle of contract management . In this article, we review 10 stages of contract lifecycle management and explain the importance of each...
As companies grow, so too do the transactions that turn into volumes of contracts. Contracts range in complexity, correlating to the type of the deal and whether the contract is written for an individual, a small company offering services, or a merger or acquisition...
Whether you experience an internal or external audit, contract management solutions undoubtedly help mitigate the arduous preparation time. Audits keep the business under constant checks and evaluation, which can lead to improvements. Auditors require mass amounts...
Organizations deal with thousands of contracts at any given time. However, a failure to streamline and manage the organization’s contracts will cause delays and a slowdown in the company’s operations – which creates an undesirable bottleneck situation...
Guess what? Your business might be losing a major portion of its annual profit due to inefficient contract database management systems. Contracts are an essential part of any business, as they contain information about every dollar that enters and exits the business...
Summary Contract lifecycle management (CLM) has become an indispensable tool for modern legal departments seeking to optimize their contract processes from initiation to termination. This comprehensive approach to managing contracts enables organizations to:...