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Legal Technology

Contract lifecycle management

Contracts are the lifeblood of any organization, big or small. With organizations juggling numerous active contracts simultaneously, legal departments must have a contract lifecycle management (CLM) solution that simplifies the end-to-end process.

Discover simplified contract management workflows

Corporate legal departments are being asked to do more with less. With the economic turndown causing budget restraints, legal departments are experiencing an influx of legal matters staying within the organization versus being outsourced. These matters require numerous legal documents and contracts that need to be managed from intake to execution.

The contract lifecycle management workflow can be a very time-consuming manual process. Without appropriate solutions to help simplify this process, legal departments risk delaying contracts, missing key obligations, and spending countless hours on tedious, repetitive tasks when they could focus on larger priorities. CLM solutions from Thomson Reuters can help legal departments transform manual processes, produce tailored documents faster, and preempt risk across the entire contract portfolio.

With Thomson Reuters solutions, your legal department will be confident all contracts are being managed accurately and effectively without missing any essential obligations.

Streamline your CLM workflow

Remove the manual steps associated with contractual work.

Self-serve with legal front door

The intake and initiation of requests can be a time-consuming, repetitive process. Inboxes can get buried when people submit requests via email, causing delayed responses. Recreating contracts for each request wastes time on low-priority tasks.​

Legal departments can empower clients and stakeholders to self-serve with document automation tools. Easily capture request information and use this data to populate legal documents, saving time to focus on more significant tasks.

Surface risks and opportunities

Most legal departments don’t have a CLM solution that allows them to search across the organization’s entire contract portfolio quickly. Legacy management systems and filing cabinets require manual searches to identify key obligations and provisions, often missing critical deadlines.

With a CLM solution, your department can quickly search across your entire portfolio of legal documents and identify critical obligations and provisions that could cause risk to the organization.

Streamline reviews and approvals

Without a CLM solution, legal departments are responsible for manually reviewing and approving contract drafts. This process creates inconsistencies and poor tracking, which can lead to multiple versions with varying copy throughout.

CLM solutions enable legal departments to gain complete control over the review and approval processes with centralized collaboration, real-time status notifications, and audit trails.

Reach a new level of efficiency and gain comprehensive contract visibility

Corporate legal departments use Thomson Reuters CLM solutions to automate the contract process while maintaining complete oversight.

Since we've implemented [CLM], it has made everyone in the legal department’s day to day life so much better. Our deputy GC says to me nearly every day, "I just have to tell you your system … It's so good. I love it!

Request a free consultation

Speak with an expert to understand how our contract lifecycle management solutions can help your department. Request a free consultation today.