Contract Management Software, also known as Contracts Lifecycle Management Software (CLM), is a system designed to facilitate and speed-up the process of drafting, negotiating, and executing contracts. In this blog, we will cover all the benefits of using a Contract Management Software for Legal Departments, from drafting contracts in seconds, to configurable approval stages, storage and tracking.
Why your Legal Department needs a Contract Management Software
Using a Contract Management Software for Legal Departments can have a huge impact on ROIs, collaboration, and efficiency – throughout the entire contract lifecycle. These systems are proven to save time, increase productivity, and virtually eliminate errors. The features that drive the most success for law firms and legal teams are as follows;
Template Automation
Users have the ability to configure custom templates for repetitive contracts. Thus, allowing them to auto-generate contracts – simply by filling out the basic information in a short questionnaire. This makes drafting contracts easier than ever – often removing the need for a lawyer’s intervention or chain of approvals. Moreover, having a template eliminates errors associated with design guidelines, or layout and spacing issues.
Workflow Configuration
What if you’re handling a more complex document, that requires multiple approvers or signers, at specific stages of the lifecycle? This is where workflow configuration comes in. Users are able to map out the entire lifecycle in stages, set approvers and signers, automate notifications and reminders along the way, and centralize the process so that there are no bottlenecks or redundancies.
Secure Archives & Smart Repository
Legal Departments use these systems to store and keep track of all their documents and contracts, years down the line. Archiving in a secure repository is essential, but having that central space be smart, configurable, easily searchable, and accessible with specific permissions, is significantly better.
E-signature
Have you found yourself asking the question, “How do I sign a PDF?”
Using Legal contract software allows for integration with electronic signature tools such as DocuSign. Allowing for the electronic signature of contracts from anywhere, securely.
Custom Metrics
Keeping tabs on the status of hundreds or thousands of contracts can be tireless. Contract Management Software offers a smart and agile reporting system that allows you to track all contract progress in a single, customizable dashboard. So, it tells you exactly what you need to know at the click of a button.
Why you should choose Lexzur as your solution provider.
Lexzur’s Contract Management Solution (CLM) provides all the above-mentioned features, and so much more. This includes the ability to integrate seamlessly with a more robust legal management software (LPMS), also offered by Lexzur. Giving you a fully-fledged Central Software Workspace where you can efficiently & effectively manage all your clients, cases, matters, contracts, files, tasks, reports, and finances.
Don’t waste another hour sifting through emails, manually updating your calendar, or copy-pasting text from different channels to draft a repetitive email. Start working smarter, today. Try Lexzur for Free.
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