The role of legal technology in contract management is increasingly important. Due to COVID-19 the adoption of legal and business technology solutions has accelerated, as most organisations move to remote and distributed ways of working. In line with basic economics, this increase in demand has led to an increase in supply, making it more difficult for decision-makers to choose the right application for their organisation.
In this three part series I'm going to be looking at the key considerations and benefits of implementing a legal technology solution into your contract management workflow. By analysing each stage of the work flow, it will become clear what you need to consider when choosing the right solution for you.
This introduction post will be defining each stage in the work flow and where legal technology can play a role; Part II will focus in on the drafting, reviewing and negotiation stages; and Part III will be concentrating on the execution, storing and monitoring stages.
The role of legal technology
Contract management is an umbrella term used for all parts of the workflow relating to a contract. Once the need for a contract is identified, this workflow starts with drafting or, if drafted by a counterparty, reviewing of the contract, continues with the negotiation of the contract with a counterparty, and leads to an agreement that is evidenced by a signature in the execution phase. This workflow is completed by the storing and monitoring phase where the executed contract is stored and the obligations imposed by the contract are extracted, monitored and performed.
Legal technology has a key role to play at each stage. By removing menial and duplicative tasks, increasing efficiency and compliance, contract management tools make contract workflows less time consuming and more enjoyable for those involved.
Stay tuned for Parts II and III to learn more about the role of legal technology in each part of the workflow.