Contract Lifecycle Management (CLM) software helps legal teams organize their agreements, increase productivity, and position themselves as business partners. These solutions manage the contract lifecycle, which means they help with all the steps in the contracting process, from draft to signature to storage and analysis.
Perhaps even more crucial, the right CLM solution helps legal departments navigate important and highly-visible events. This blog post will highlight four critical use cases for contract lifecycle management solutions.
Privacy
Legal is responsible for ensuring compliance for the organization. Considering the ever-evolving privacy regulations and events like a global pandemic, this is no small feat. A great CLM helps your team unlock contract data to accomplish this (and make it look easy).
Here’s a typical example: “Hey, legal team, which contracts are subject to a Force Majeure clause in 2020?”
Without a system in place, your legal team will need to read through every single contract, reviewing for any risk. But with the right CLM in place, you can pull a report and have an answer in 30 seconds. LinkSquares AI-powered CLM intelligently extracts contract terms to automate reports based on crucial clauses and binding terms to help you make strategic decisions faster.
Fundraising or M&A Events
During a significant event, such as fundraising or an acquisition, you need access to all necessary information for disclosures and due diligence.
Here’s a common question from legal during said events: “How do we avoid blowing our budget using outside counsel?”
With this acquisition, your legal team has thousands of contracts. Without a reliable CLM, you face months of due diligence without automation. With LinkSquares, which can reduce a legal team’s reliance on outside counsel by 86%, contracts are ingested into a centralized repository. All contract terms to analyze risk, auto-renewal, and obligations will be extracted.
Elevating Legal Teams with KPIs
You can’t manage what you can’t measure. Legal professionals need insights into the work that they are doing to accurately measure key performance indicators (KPIs) and make data-driven decisions.
Here’s another common question from legal teams: “How much faster are we going through contracts with a new hire?”
Without CLM, you don’t have time to data crunch (let alone eat lunch). Plus, you likely won't have the visibility you need to make this calculation confidently. With a solution like LinkSquares, you’ve got an in-app executive summary of your contracts, providing up-to-date insight into how your team contributes value to the business in real-time.
Security
If there’s a data breach, legal must immediately figure out who needs to be notified (and by when). Without a strong CLM, legal will be manually searching and reading through every contract for every stakeholder. All this needs to happen fast to avoid destroying your brand’s reputation.
With a solution like LinkSquares, you can automate this process and pull reports instantly. Your legal team will position themselves as a calm and proactive force during the chaos and respond to stakeholders with a solution immediately.
Want to learn more about how LinkSquares can help your legal team excel? Contact us today!
