Does Your Firm Need Legal Matter Management? What to Know
Contract legalese can be knotty, and lawyers completing contracts without standard procedures become inefficient in the long run. It is in an attorney’s best interest to improve this aspect of their practice because clients today expect better service. Whether you’re dealing with individuals or corporations, they expect accurate documents and agreements with a quick turnover time.
What’s more, mismanagement of contracts is a legal liability, and it is on the lawyer to ensure that they provide the correct documents with appropriate clauses. So, hiring contract managers will help legal professionals deliver outstanding results. If you’re considering getting legal matter management tools or services, here are things to remember.
Legal Contract Management Defined
The handling of the flow of contracts between a company and its clients is called legal contract management. This process involves contract creation and negotiation, documentation, and ensuring that all parties adhere to the terms and provisions. Legal professionals use a lot of contracts for different purposes. Some of these include deeds of trust, service and commercial agreements, and litigation documents.
Effectively managing contracts such as these is a safeguard against legal actions that clients might take because of unsatisfactory or delayed contract fulfillment. As such, legal teams need streamlined administrative processes to serve their clients properly.
What Happens In Contract Lifecycle Management
CLM or contract lifecycle management is the process of handling and managing contracts from creation to expiration. CLM aims at cost savings and efficiency for the firm. There are several key stages to CLM; here are the ones that most companies include in their offered services.
- Template authoring
- Contract creation
- Contract review
- Contract approval
- Contract execution
- Contract performance
- Contract expiration
Contract managers have to attend to every phase of the contract lifecycle to ensure that the documents are compliant with regulations. Legal matter management software greatly helps with all of these phases.
Why Legal Professionals Need Contract Management
Today, contract management is integral to the legal industry. In a recent survey by Forbes Insights and K&L Gates, 45 percent of legal professionals say that contract management is a business personality, and 35 percent said that it is a legal one.
A large firm that produces thousands of contracts a week will undoubtedly agree. A company with plenty of clients will find it counterproductive to manage paperwork manually. With software products, you have a financially viable solution. Procurement, legal, and sales teams always receive pressure from management to develop and execute contracts quickly.
Without CLM software, negotiators might not find it easy to execute contracts as soon as possible. If companies want efficient administrative processes, they would have to invest in the necessary tools. Today, more law firms incorporate innovative legal solutions, which means clients expect a better customer experience during the CLM.
Streamlined contract management processes are vital for completing and executing legal documents. Firms with excellent customer service throughout the contract lifecycle will stand out in the minds of clients. When the legal department is efficient and processes papers quickly, they empower other units to proceed with their tasks, encouraging a culture of productivity.
Deliver efficient work and top-notch customer experience when you find the best CLM software for your needs. Get your tech partner through Legal Technology Finder; we review hundreds of legal matter management software, from e-billing and discovery to timekeeping management and much more. Contact us today, and let’s work on better, faster service from your team!