Why contract lifecycle management systems are becoming increasingly popular and how they can help legal departments
As contracts become more complex and multi-jurisdictional, legal departments need to make contract drafting and approval scalable and replicable. A contract lifecycle management (CLM) system may be a solution busy departments with growing workloads need.
The growing use of CLM
Here’s what the growing workload and response has looked like in recent years:
- 44% of corporate legal departments were using CLM systems in 2018.
- 55% of corporate legal departments were using CLM systems in 2021.
Adding to the pressure, 65% of corporate legal departments saw matter volumes increase in 2022, often with no corresponding increase in budget. When legal departments calculate the ROI of legal software, the discussion should include a review of the costs as well as the benefits. Although the cost of contract lifecycle management can vary widely, there is little doubt that CLM tools can increase a legal department’s ability to work efficiently and effectively to boost morale, job satisfaction, and overall results....more here