Quick quiz: What's the difference between a contract repository and a contract lifecycle management (CLM) solution? If you don't know, you're not alone: Most people use the two terms interchangeably, but they have distinct differences and benefits for those in the legal profession. Here's an easy way to distinguish between them: Dropbox is a contract repository; LinkSquares is a full, end-to-end CLM solution.
A contract repository is any place you store all your legal agreements. Dropbox, OneDrive, Google Drive, Sharepoint and even Salesforce can serve as a contract repository. And, so long as all your agreements are stored in a clean format like a Microsoft Word document or a fully indexed Adobe PDF, you can even search that repository to find a specific contract pretty easily. Assuming, of course, that you've done a good job with your file-naming conventions. And that you've designed a good folder structure, so browsing for content is also intuitive.
If you're not a data taxonomy expert, or you don't want to do the manual work of customizing a generic file storage system, you'll probably want a specialized contract repository solution. One that has search capabilities designed around legal terminology and metadata.
One of the key features of LinkSquares is a cutting-edge contract repository, but it's far from the only value LinkSquares provides. LinkSquares also analyzes and manages your contracts. That means beyond just storing and organizing your contracts, LinkSquares can:
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Convert any contract image into a searchable file with AI-powered OCR
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Extract any of over 60 legal pieces of data, which we call Smart Values for your contracts and report on them
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Integrate with Salesforce, Docusign, AdobeSign and other tools to simplify contracting workflows
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Wrap it all up into a full contract reporting dashboard so you can track every agreement in every stage of the contract life-cycle
LinkSquares also makes due diligence and contract management easier with LinkSquares Analyze, which can proactively locate key contract data -- like termination dates, renewal clauses, and payment schedules -- to help you turn those into action items. When contracts tee up revenue, LinkSquares Analyze can make sure you take your best swing.
And that's just for your existing agreements. LinkSquares Finalize can help you draft and execute new contracts with speed, precision, and the benefit of all the data in your contract repository. Create pre-approved contracts in seconds, using standard language that's consistent and effective.
Every legal team needs a cloud-based contract repository where all your legal agreements are stored. But that's the bare minimum. What you should have is a full contract lifecycle management solution that includes a repository, one that uses your contract data to help you run your business better, and write better contracts in the future.
If you want that cutting-edge CLM solution with the best contract repository on the market, contact LinkSquares today.