5 Contract Management Software Terms Law Firms Must Know
Contract management is an essential service in the law firm. However, you may not keep up with your clients’ demands because of the physical limitations and lack of resources. Fortunately, you can access legal software that can enable you and your attorneys to satisfy your clientele. All you need to do is learn the software terminology to ensure you can use your software properly. But what exact terms do you need to know?
This article will discuss five legal contract software terms your law firm needs to remember. Take this as an opportunity to bolster your workforce’s productivity, gain easy profits, and establish a reputable presence in the legal services industry.
1. Contract management process
The contract management process refers to the common workflow law firms have to adhere to meet the demands of their clients regarding agreements. First, you need to draft a contract that addresses the client’s needs and demands. Then, you need to review the contract together. Next, the signing will commence. And lastly, the law firm has the obligation to track and renew the contract to ensure all deadlines are met.
Nowadays, companies prefer technological means to streamline the process. That’s why your firm may need legal contract software. That way, you can effectively oversee every contract management process.
2. Contract lifecycle management
Contract lifecycle management refers to the final step of the management process, referring to tracking and renewing. The law firm must set legal regulations to ensure all parties concerned meet the contract’s terms and conditions, and enforce legal action when a party or two infringe it.
The law firm may also have to look into the possibility of reviewing contracts before approving the renewal process to resolve any concerns from the clients. As such, the law firm revisits the contract and make the necessary changes to ensure fairness in all accounts.
3. eSignature or digital signature
The digital signature is the feature that allows clients to sign their contracts electronically through the use of their digital devices, like computers and smartphones. The legally binding factors hold all parties concerned accountable for the contract and ensure that everyone agrees to all terms and conditions.
As such, you should ensure that all your clients can use the eSignature feature and make adjustments for parties with no Internet access or who have difficulties with electronic features. That way, you can ensure the contract is legally binding.
Redlining is the technique that contract proofreaders use to highlight changes during the contract’s revision process. It’s easier to do on the legal contract software than hard copies because the redlines are not harsh, preventing smudging and erasures that may obscure the writing, which slows down the contract management process. That’s why most companies and law firms prefer digital means to get timely access to their legal documents.
Every contract management technological solution provides templates with easy-to-fill-in features for the convenience of their clients and the legal team. For instance, let’s say you have a company that will use the same terms and conditions with only a few changes to the contract, like the start date and financial details. A template can be used for everyone’s convenience!
Contract management is made so much easier thanks to technological solutions. Now, you know better about the basic terms to use and the functions to expect. All you have to do is find the best software for your law firm. Start investing in legal software today!
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