If you’re no stranger to the field of law, you must be familiar with some new technological tools that have been helping legal professionals in their jobs. A big part of these new technological advances is legal contract software.
Contract management is not an easy task. As your firm continues to grow, you have to take care of more and more contracts simultaneously. Then you face the problem of disposing of the contracts you no longer need safely and securely.
Not to mention the difficulty that comes with storing and retrieving old and new contracts and legal documents. Legal contract management software helps! But how? Let’s find out.
To put it simply, legal contract management software takes care of the contract lifecycle from start to finish. It allows you to create new contracts with ease using old templates and best practices. It also enables simple and efficient contract management. It comes as no surprise that old and outdated contract management solutions cannot compare with the newest software.
Legal contract management software was developed to save lawyers’ time and allow them to focus on different tasks. In the past, lawyers had to go through the hassle of handling each contract manually. Editing contracts was a tedious and time-consuming task, where each document had to be printed out several times and read line by line.
Software brought around not only efficiency but also consistency. With software, everyone in the firm can follow the same steps for contract management, use the same templates, and store everything in the same cloud.
This new and improved workflow allows for more efficient collaboration with colleagues and a smaller risk of human error. Let’s take a closer look at all the benefits of using legal software.
Contract drafting can take a very long time if you insist on doing everything manually. The number of pages printed and hours junior employees will have to log for going through the same clauses again and again just to point out minor differences is rather large.
With the help of contract management software, you can easily compare different drafts without ever having to print them.
Writing contracts becomes much easier when you can use best practices and saved templates. Instead of spending time on the wording of routine clauses, you can communicate with clients and work on their cases.
In recent years, law firms were forced to kick it up a notch and provide solutions for working remotely. The situation gave rise to improved solutions in the tech field, such as smart videoconferencing tools and programs. Tools that enable collaboration are now more important than ever because sometimes you can’t just get up and walk over to your colleague’s desk. And why should you?
Contract management software provides a safe space for collaboration. You can work on the same contract with your colleagues without losing track of the changes made. In fact, the program will highlight all the changes and send them directly to the next person in the approval line. Thus, the process of approval is also easier than ever.
Physical documents can easily be misplaced, stolen, or ruined. You might accidentally spill your coffee on an important contract, your assistant might throw it in the garbage, or another client might see some private information that was not meant for them. The desk in your office or the drawers in your desk provide virtually no security to your legal documentation.
Documents stored online are more difficult to access by unauthorized individuals. You can prevent your colleagues and clients from seeing a certain contract by only granting access to your team.
You can then retract access whenever it is no longer needed. A two-factor authentication is a great tool that ensures that only authorized individuals gain access to any given document.
Getting a contract signed may carry large costs on its own. For instance, all the parties have to meet in person and sign the contract together. That is difficult to arrange when the parties are located in different states. Not to mention – expensive.
Of course, you can always scan contracts and keep sending them back and forth until both parties have signed, and you end up with the perfect copy.
A much easier way to deal with signatures is through e-signatures. An e-signature takes a second to make, and it is legally binding. It takes all the hassle out of signing a contract and allows you to save lots of time and money.
Storage and retrieval
A big part of contract management is storage and retrieval. You want to be able to access old documents later on, but you won’t always remember the exact name and/or location of the document. Perhaps you have your own method of the organization on your hard drive.
Unfortunately, that method, no matter how great, will hardly work for the whole firm. You need to store your contracts where all the authorized individuals can access them, which is never your hard drive.
Cloud-based storage allows you to create a company-wide system of organization that everyone can follow. You can find old documents by typing in search criteria and using helpful tags. No need to remember the exact name of the document if you can make out the contract type, client name, or any other feature.
Though not everyone has adopted contract software yet, new solutions continue to sprout. The quicker you can learn to make use of them, the better for you! Software solutions like loio.com take all the routine work out of contract management.