Being a lawyer, the work is always document-centric. Just as important as it is for a lawyer to have information, it is equally critical for them to find this information at the right moment. But looking at the amount of data that lawyers deal with, it becomes a humanly impossible task to gain accurate information.
Many firms have now started adopting and investing in ‘Contract Lifecycle Management Software’. One of the biggest advantages it provides is that is an effortless way for you to search all the necessary documents and contracts with just a few clicks.
Using a centralized repository for contract search solves very critical administrative issues and increases functional efficiency.
The contract creation process is quite a complex one and demands the attention of different lawyers at different stages of creation. This makes the process quite dynamic and having a clear view of where the contract is in its creation at a given point of time can become quite a task.
With our CLM you will be able to use the centralized repository for searching contracts and keeping a track of where they are in the creation process.
What do you gain? – Easily track and manage versions, update stages of contracts and maintain timelines
The creation of a contract is the beginning of the entire lifecycle of that one contract. Post-creation the contract goes through various stages including negotiations, amendments, and more. Keeping an eye on this entire process makes it easy to track critical dates and important obligations or compliances.
These details play a vital role when contracts near expiry or renewal. A CLM will send you active alerts of such deadlines in advance to ensure that you stay ahead of the deadlines.
What do you gain? – Visisbility into critical information and active alerts about deadlines
Locating where you have kept something becomes a harrowing task if there is no system to tell you the exact location. Maintaining a centralized system becomes critical in such instances where lawyers can find everything they need on a single platform.
While uploading or creating contracts on CLM, you enter important data points. The centralized repository allows you to search the database using these data points. You can use information like the name of the parties, addresses, type of contract, or date of contract to search the repository. This makes searching for a particular contract amongst thousands very easy.
What do you gain? – Effortless search function using different data points in a contract.
PracticeLeague’s CLM is a trusted tool in the industry to manage your contracts with a complete overview of the contracting portfolio.