We’ve compared its functions to Bingo and, yes, dating apps. And the love from the C-suite only continues to grow.
Now, in partnership with our friends at LegalTech Publishing, we’re pleased to bring you our brand new Legal Operations Buyer’s Guide.
Download it here to see the newest tools to benefit your legal ops team.
The LegalTech Publishing Buyer's Guides and the products and services listings below are supported by vendor sponsorships.
Filevine is the leading cloud-based collaborative work solution for law firms. Powering everything from case management and document management to client communication and business analytics, Filevine’s custom and bespoke tools simplify and elevate practice management and growth.
Jared talked with Cain Elliott and John Rizner of Filevine who are legal futurists and AI drafting experts. They discussed what legal documents will look at the end of the 2020s and beyond. management.
Highlights
What is contract lifecycle management?
Commonly referred to as “CLM,” contract lifecycle management is the process of tracking and organizing all contractual elements of a business relationship — from contract negotiation and drafting to post-execution storage and analysis.
For example, CLM may start with a sales negotiation, and then include non-disclosure provisions, and then continue to grow in varied areas throughout the duration of an engagement.
What are the benefits of contract management?
The greater the sophistication of your CLM system, the greater the benefits. Even a basic system of organizing your contracts so your team can easily locate them will save tremendous amounts of time for most lawyers.
Once the contracts are organized, however, strategic approaches can unlock myriad advantages for an organization. These may include better sales efficiency, new capabilities to analyze your existing contracts, and even revenue generation.
What should a contract management plan include?
The immediate steps will vary based on each individual organization’s needs, but they should comprehensively address all aspects of your contracts: These include storage and digitization of existing contracts, template creation, compliance, automation, negotiation tools, and post-execution management and analysis.
What can the best contract management software provide?
The benefits include easily locating your documents, knowing exactly what’s in your documents, reducing exposure to risk, speeding up your sales cycle, and even helping generate revenue — for example, by flagging agreements that have expired so the business can adjust accordingly.
Ultimately, however, the best systems will go much further.
Today’s software can leverage machine learning, blockchain, and metadata to bring about transformative efficiencies in contract-related processes, allowing lawyers to focus on high-level decision-making, while law departments operate with far greater speed and ease.
By Stephanie Corey and UpLevel Ops
It’s no secret that there’s been an explosion of interest in the legal operations field in recent years. So much so that we’ve even got our own cliches!
Here, we bring you our favorite — and not-so-favorite — phrases we often encounter, fit for a game of Legal Ops Bingo.
1. “I know our processes are inefficient, but it’s how we’ve always done it!”
“We’re a small company. We don’t need to worry about operations and technology.”
2. “We don’t have time for streamlining our processes. We’re too busy putting out fires.”
3. “Why do we need to invest in legal spend analysis when we already know we’re spending too much on legal fees?”
4. “Why hire a legal operations expert when we can just wing it?”
5. “Setting up this new system will save us a lot of time, but we’re too busy, and we don’t have the budget!”
6. “Strategic planning takes too much time. We prefer to just wing it.”
7. “If we implement an information governance policy, I won’t be able to find old emails and documents.”
8. “We have a repository, but we also save things to our desktop.”
9. “Our lawyers will only work in Word, but we want to implement a detailed metrics program.”
10. “We have legal ops. We implemented eBilling.”
11. “We don’t need an intake system. That will get in the way of relationship building.”
12. “Legal Ops professionals make how much?! But I don’t even pay my lawyers that!”
13. “But our company/department is different…”
14. “Our clients insist on white glove service.”
15. “We’ve already cleaned up our templates. They’re good enough.”
16. “Fixed fees are too complicated. We’ll just charge hourly.”
BONUS ROUND: Shouting “Bingo!” after one of these will double your prize!
1. “Low-hanging fruit”
2. “Synergy”
3. “Value-add”
4. “Best practices”
5. “Paradigm shift”
6. “Out-of-the-box thinking”
7. “Streamline”
8. “Disruptive technology”
9. “Win-win”
10. “Thought leadership”
11. “Metrics & data analytics”
12. “Process improvement”
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Tech-perplexed lawyers: We’ve enjoyed (not) seeing you at the Legal Tech Non-Event. In this edition, we’ll provide a summary of recent news from some of the companies that have joined us. As always, be sure to visit our Legal Operations Software page for all your tech adoption requirements! CobbleStone Software As business demands and technology […]
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