Managing legal documents is important to handle obligations and track the deliverables guaranteed with the counter parties. Legal tech solutions like contract lifecycle management software will help the legal operations department to manage contracts as defined by organization governance and regulatory compliance.
Attorneys are looking for contract automation technology to offer self service to business users. The following are the steps for improving efficiency to execute contracts in any modern in-house department.
- Templates: Lawyers must identify contracts that are the candidates for automation and templates must be developed by the power users.
- Drafting: Legal department and business managers can assemble documents by contract assembly software. Input will be obtained in the form of the interview to generate contracts.
- Collaboration: Contract workflow software to collect approvals and manage negotiations, based on contract metadata like jurisdiction and sales SOP.
- Document repository: Contract repository software to save contracts with all the security applied framework applied to documents based on document types.
- Analytics: Get business insights from contracts by extracting properties and metadata like expiry date, renewal date and contract values. Third party contract negotiation is made easy by outlining nonstandard clauses. Suggestions on alternatives are provided by AI tools.
ContractPrime contract management software is built on Microsoft 365 and offers end-to-end solutions for General counsel and their team. Dashboard is the single source of truth for all legal transactions like contracts, compliance, and legal department matter management, across different practice areas and clients. Customized contract solutions for various departments like HR, Sales and Legal are available and customized for any industry verticals.
Existing contract documents can be converted to clause banks by machine learning assisted tools. Contents can be extracted from the documents and labels applied by SME and become available as precedents in the knowledge center.