What is a Modern Contract Management Tool and How it Improves Legal Workflows

Do you work in or manage a law firm?

Do you want to find ways to streamline operations, ensure that projects get completed on time, and enhance the efficiency of your office?

If so, you should look into incorporating a modern contract management tool such as Ironclad into your firm. A tool such as this helps you manage your contracts from the time they are created and throughout their life cycle.

Here is more information on these tools and how a modern contract management tool can improve your legal workflow.

Features of Contract Management Tools

Depending on the type of contract management tool you select, you may benefit from a variety of different features. Here are some of the most common:

• A centralized repository for all information on contracts. This makes it easy for your team to access information and learn everything they need to know about specific contracts.
• An automated approval process including reminders and deadline notifications to ensure your team fulfills obligations in a timely manner.
• Template creation tools to reduce the amount of time spent creating documents and improving uniformity and consistency.
• Electronic signature enabling to allow others to sign contracts remotely.
• Tools for collaboration that enable team members to provide real-time comments and updates on contracts.
• Reporting and analytics tools that help track contract performance, assist legal teams in making informed decisions, and ensuring compliance.

How Management Tools Improve Legal Workflows

Wondering how a contract management tool can help improve your firm’s workflows? Here are some of the ways this type of tool can take your legal firm to the next level:

• It can increase your team’s efficiency. It does this by eliminating or automating repetitive tasks, centralizing important information related to contacts, and freeing up your team’s time to concentrate on areas where they are most needed.
• It can enhance visibility and communication. A contract management tool lets your team gain better visibility into all of the firm’s contracts and communicate in one place. This enhances their decision-making abilities and helps with risk management.
• It can help with compliance issues by automating alerts and tracking contractual obligations to ensure all obligations are met and nothing is falling between the cracks.
• A contract management tool can integrate with other tools such as Slack, Salesforce, and Hubspot to enable your team to collaborate and get their work done without having to switch tools or repeat work or communication.
• It utilizes AI to reduce time spent drafting and reviewing contracts as well as identifying risks to address and opportunities for improvement. AI speeds up the time spent on contract review to reduce cycle times and optimize your team’s time.

A Modern Contract Management Tool for Your Firm

If you want to accelerate your contract workflow and turnaround time, ensure your team has full visibility, and help enhance collaboration and communication, you need to consider using a contract management tool. When looking for the right tool, ask others in your industry for recommendation, read online reviews to find out what others think of it, and request a free demo so you and your team can make sure it’s the right solution for your firm.