Importance of contract management software for the legal industry
With the current oversupply of lawyers, for example, it is crucial to distinguish oneself from others.
Lawyers, paralegals and other employees in the legal sector strive for efficiency, consistency and professionalism, just like anyone else. More productivity and less time wasted is the new norm and (a transformation to) digitisation and auto- mation of data, documents, contracts and tasks can help with that. An office that chooses to work with CMS (Contract Management Software) will be able to achieve more, operate more effectively and will be stronger in the market.
Through centralisation, CMS provides clarity, comprehensibility and transparency. By using CMS, you will be able to focus on the real heart of the matter. Preparatory work, transactions and deals can be brought to a successful conclusion more quickly. Specifically, a CMS like Contractify has several advantages:
1. A clear dashboard where all contracts and tasks are displayed in a schematic and orderly way. Moreover, you can use targeted filters, which means that all your contracts are only a few clicks away.
2. Tags to mark and personalise the contracts (e.g. per branch of law or legal matter). Lawyers and jurists can be divided into teams. This way, each employee knows who is specialised in what matter and who is responsible for which file.
3. Finally, the phase of the contract can be indicated and the document can be labelled to reflect its nature.
Take, for instance, a classic M&A transaction. In the preparation and final execution of an M&A transaction, progress may be indicated by the selected contract phase. A Letter of Intent or a Non-Disclosure Agreement can be labelled as LOI or NDA and added to the contract so that they are recognisable and easy to find later.
Another example: a share deal. Given that the entire company is being transferred, it is important to negotiate a thorough Share Purchase Agreement (SPA). The representations and warranties included in such a SPA must cover most of the risks of theshare deal (including non-competition clauses and non-solicitation clauses).
A share deal is counterbalanced by an asset deal. The risks of such an asset deal are smaller, so that statements and guarantees in an Asset Purchase Agreement (APA) are less necessary. However, an asset deal can quickly become complex because each part of the company follows its own regime with specific regulations and timing. For both transactions, CMS can offer added value. For example, a concise overview of the clauses in the templates could be useful, all parts are aligned and crucial deadlines will no longer be missed.
Of course, a software for managing contracts is versatile and can be used for even more purposes: everything from coffee machine rental contracts and various insurance contracts, the mobile telephony and the office rental contract to employment contracts and additional fuel cards, meal vouchers or extra training courses. Contract management software is user-friendly and has no limits.
Start automating your legal contract management for free
With Contractify, you can start working more efficiently on your contracts instantly. There are no hours of training or complicated technical implementation involved. Instead, you can get started 100% free of charge to make sure our contract management software fits your style. Start your free trial today & notice the immense difference Contractify can make in your work environment.