Contract management is, without a doubt, the most routine and repetitive part of a lawyer’s job. There is nothing exciting about keeping track of deadlines, reminding your colleagues to complete their tasks, and comparing different versions of the same document. Even though it is crucial to the success of your firm, you’re probably wishing someone else could do it for you.
Contract management software can be that someone. Just imagine how much time it can save you! No matter how many contracts you’re juggling right now, you could benefit from a helpful software solution for contract management. Let’s discuss some ways in which technology is helping lawyers with their daily operations! But first…
What is Contract Management Software?
Contract management software basically takes the weight of contract writing and management off your shoulders. Yes, you still have to spend some time pressing buttons and going over suggested changes. That is significantly less time than the time it takes to draft a contract and keep track of it manually.
You can divide the contract management process into two stints: pre-signature and post-signature. Programs like Loio document review software can help you with the first part of the process. This is where you get to draft the contract, edit it, and get it signed. The software will help you avoid any mistakes and typos, as well as maintain correct formatting throughout the whole document.
The post-signature part of the process is full of deadlines, risk management, and maintenance. In the long run, the right solution can help you cut costs, grow in efficiency, eliminate errors, and stay compliant. Here is how you can use contract management software to your advantage.
Humans make mistakes. We’ve made peace with that fact everywhere, except the lawyer’s office. Though a mistake made by a lawyer is nothing in comparison with a mistake made by a doctor, it can still cost someone millions. That’s why correcting mistakes is often time-consuming and very expensive.
Technology can point out certain mistakes before the contract is signed. Maybe pointing out these mistakes won’t save a life, but it’ll certainly save you some time. Errors made by humans range from simple typos to big mistakes in the use of terminology. It is even easier to make a mistake in important detail, like a phone number or address. With contract management software, these mistakes can easily be avoided.
A big problem that results from not having a clear guide for every single process is inconsistency. You may think your approach to contract management is the most efficient, while your colleague has a completely different approach. Who’s to say which one is better? More importantly, who’s to say which one will be the one you implement firm-wide?
With streamlined operations, you can follow every single contract every step of the way. You never have to wonder which step the contract got stuck at or which team member is working on it now. You can have an insight into its readiness stage at any point. What’s even better, you don’t need to remind anyone about their tasks. With a centralized system, everyone knows exactly what their job is.
Store and Retrieve Contracts
Streamlined operations call for a single way to store and retrieve documents in the whole firm. Cloud-based solutions provide easy access to documents from any place at any time. They enable you to share work with your colleagues and collaborate on the same document at the same time.
Smart storage allows for smart document retrieval. Instead of having to remember the exact name and/or location of the document, you can locate it using different search criteria. Don’t let another important contract get lost in your inbox or on your desktop. If you store your documents the right way from the beginning, finding them later will be a breeze.
Contract review software can not only help prepare your contracts for signing but also take care of them after they’ve come into effect. One example of the way contract management software can manage risks is by identifying problematic clauses. Compliance laws change over time, and something that seemed fine to you a year ago may not be fine now. The software can find clauses that need changing and highlight them for you. Then, instead of having to go back to each individual contract and change the clause, you can alter all of them at the same time. Imagine how much time you can save! This brings us to our last point…
Time is the most valuable resource, and it’s something you can never get back. While you’re spending hours proofreading one contract and manually tracking deadlines, don’t you wish you could have a bit more time for your clients? With contract management software, you can. Give up your boring and repetitive tasks, and focus on building customer relationships.