One of the most taxing duties in law offices is managing contracts. Apart from your daily bustle of keeping in touch with clients, doing research for cases, and entertaining new clients, you have to manage each and every single contract you have on hand to keep up-to-date.
While rudimentary hand-made filing systems can greatly improve your contract managing inside the office, it can still be time-consuming to sift through each and every folder. It is for this reason that a law office should utilize contract management software.
Contract Management Software—What Is It
Contract management software helps users track contracts through all of its stages, from authoring, negotiating, and requesting approval—to executing, making amendments, and even renewing. Its more common features include templates, drafting, alerts or notifications, reporting, collaboration, third-party integrations, and lifecycle, document, and compliance management.
Why Use It?
Many HR, legal, procurement, and finance teams stand to benefit from contract management systems, particularly due to the nature of their business. To further that point, here are four reasons why you should utilize contract management software to help your organization’s contractual processes.
It saves time
Contracts take a lot of time to draft, edit, and send out. Through the use of a good contract management software, you can effectively cut down the entire process to a minimized work time. More advanced software is capable of using templated drafts for similar types of contracts. As a legal office, contracts can be quite taxing to review and edit—but this software can help you speed up the process.
More than that, the mere fact that everything is in one convenient spot makes sifting through contracts much easier. Some basic repetitive tasks such as contract compliance checks and approvals can be automated, furthering the efficiency of your team.
It helps keeps you on-track
The biggest benefit of contract management software is that it can do the tracking for you. It can warn you as a contract’s expiration date closes in, notifying you should any action need to be done.
Proper utilization will allow you better decision-making when re-negotiating—particularly if a contract needs to be extended. Not only does it secure that all deadlines are met, but it also assures that the best management decisions are being made and kept track of.
It allows for easier digitization
Lawyers already have copious amounts of paperwork—both filed and loose—already sitting around occupying any remaining free-space around your office. Through a contract management software, however, your contracts are readily digitized, allowing for remote access for as long as you are authorized for it.
As they are also available through the software, people with appropriate access can readily work on it—allowing for real-time collaboration for more efficiency. It does not only make for easy document filing, but it also makes for a more navigable search when it’s needed.
It is highly secure
Reputable contract management software isn’t only highly reliable and efficient, but it also assures the security of your files. Your contracts contain highly private legal information, which is why assuring the utmost security is always necessary. As compared to keeping documents under lock-and-key, your digital information is secured by encryption and sophisticated cybersecurity.
Managing contracts is definitely something that can be done by hand, but utilizing a contract management software will readily increase your efficiency while saving time. By cutting down the time needed for repetitive tasks such as this, you can spend more time catering to your clients who need your personal attention even more.
Are you looking for a contract management software, but don’t know where to start searching? Get in touch with us today and let us connect you with the service best suited for your law firm.