Advancements in technology over the years have had a great impact on the legal field. Increased access to information, as well as sophisticated creative tools, has led to increased opportunities and innovation across most industries. But for many in-house legal teams tasked with drafting and managing contracts, this has also dramatically increased workloads, and in many cases has put a strain on time and resources.
When legal teams are too entrenched in tedious drafting and negotiation cycles, they have less time to collaborate on client-facing initiatives that may increase revenue for their organization in the long term. By leaning on technological advancements in their own field, in-house legal teams can easily free up time and resources, and possibly discover that collaboration has been the missing ingredient to a truly productive and efficient practice.
Here are just a few areas of in-house legal work that can be improved by the use of contract management platforms:
Time Management - Time is an invaluable resource for any organization, and particularly important to a busy legal team. The right software can have a massive impact on time management through the use of automation tools. By automating tedious, manual activities such as data input, extraction, and review, legal workers will have more time to collaborate and focus on client satisfaction. Additionally, automated standardized language enforcement can save loads of time on drafting and negotiations.
Ease of Access / Communication - Most organizations today are overflowing with electronically stored data. Without the proper tools, this can result in disorganization and strained communications between departments. Contract management software solves this problem by allowing for a centralized location to exist where all relevant data can be accessed and shared. This also allows legal teams to collaborate across the organization, sharing meaningful data and analytics with sales or marketing teams.
Execution - With more time on their hands, enhanced communication, and better tools for everything from risk mitigation to data extraction, legal teams will sharpen their execution across the board. Standardizing language and streamlining tedious processes makes drafting, negotiating, and closing deals less time-consuming and more efficient.
Download the eBook, "Why Collaboration Is the Key to Building an Efficient Legal Team" to learn more.
LinkSquares is the end-to-end contract management solution that gives legal teams the ability to collaborate effectively. If you're ready to take your contract management to the next level while empowering your legal team, contact LinkSquares today.