Legal Tech Tools for Lawyers: Contract Management Software

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    CobbleStone Software explains why contract management software is one of the best legal tech tools for lawyers.

    In today's rapidly evolving and automating legal landscape, the question isn't whether or not technology aids legal professionals in their goals but rather which tools and technology lawyers use to maximize efficiency and value.

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    Lawyers, like business professionals in other fields, are increasingly leveraging technology to manage their workloads and deliver superior results. Such technology includes legal practice management software, video conferencing software, and contract management software.

    Among the myriad options available, contract management software stands out as a driving force in legal operations success. In this blog, we will explore contract management software technology, why it's a game-changer for lawyers, and how legal professionals can use it to reshape the way they operate for the better.


    What Technology Do Lawyers Use?

    The legal profession has come a long way from the days of typewriters, notes on paper, and filing cabinets. Today's attorney is more likely to be seen with a tablet or smartphone than the customary yellow legal pad. From document automation to AI-powered legal research tools, the technological tools available to lawyers and law practices are powerful and diverse. These legal work tools are no longer luxurious and futuristic add-ons but rather necessities in modern legal practices and law offices.

    Within an array of technologies for lawyers, contract management software stands out for its far-reaching utility. It is specifically designed to help manage and streamline the complex task of contract lifecycle management, a staple in the legal industry and beyond.


    Contract Management Software: A Lawyer’s Best Friend

    When we discuss productivity tools for lawyers, contract management software often dominates the conversation. But what makes it so indispensable? Let's examine four key areas.

    1. Organization: Contract management software serves as a centralized space where lawyers can store, retrieve, and manage legal documents - complete with transformative search functionality. No longer do lawyers need to sift through countless files or miss crucial deadlines.

    2. Automation: One-off or running tasks, such as reminders for contract renewals or sending documents for signatures, can be automated. This means lawyers can focus on more complex, value-added activities while leveraging real-time in-system notifications and email/calendar alerts for task management.

    3. Collaboration: Multiple team members and even external stakeholders (with permissions control) can work on a contract simultaneously, virtually ensuring efficiency and reducing turnaround times. No longer do teams need to host a mess of video conferences and phone calls just to route day-to-day contract approvals.

    4. Compliance and Security: Contract management software systems often come equipped with features that help ensure and track compliance with legal standards and other regulations. Additionally, they offer robust security attestations, data rules, and permissions settings to protect sensitive data.


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    What Contract Management Software Tools Do Lawyers Use?

    While there are many contract management tools for lawyers available, here are some of the standout features:

    1. Clause Libraries & Templates: Centralized clause libraries are repositories of standardized contract clauses. These clauses can be mapped onto a pre-approved document template for various types of contracts. Additionally, standardized clauses can replace clauses on newly introduced documents as auto-redlines to ensure consistency and reduce drafting time.

    2. E-signatures: Electronic signature software within contract management software speeds up the contract execution process, routing approvals to multiple stakeholders in a quick and organized fashion. As a bonus, digital signatures make sure that a contract's signing is legit and secured - complying and adhering to regulations.

    3. Advanced Analytics: Contract analytics allow lawyers to gain actionable insights into contract performance, identifying patterns and areas for improvement. Contract management software dashboards can help lawyers visualize important contract management metrics at a glance.

    4. Integration Capabilities: Leading contract management software systems integrate and connect seamlessly with other lawyer productivity tools. ERP systems, CRMs, and more. As such, lawyers can rest assured that they've built a cohesive technology ecosystem.


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    Choosing the Best Technology For Lawyers

    If you're considering adopting contract management software or any other technology for your law firm or organization, here are a few things to examine:

    1. Needs Assessment: Before diving into any type of technological business solution, understand what you need. Are you looking for a comprehensive solution or just specific features? Perhaps you need to start with a beginner version of software and then move forward when necessary? Which leads to...

    2. Scalability: The legal technology tool you choose should be scalable. As your firm grows, your technology should be able to keep up. Ideally, you can begin with the features you need at implementation and then add more as your services and demands evolve.

    3. User-Friendly Interface: No legal technology tool is beneficial if it's too difficult to use. Opt for software that's intuitive and user-friendly. This user-friendliness often includes an iOS or Android mobile app for various mobile devices. The solution should also streamline the ability to work remotely on legal services and contracts. Rapid user adoption is a must.

    4. Training and Support: A reliable vendor will offer adequate training and continuous support to ensure smooth adoption. This might include personalized training, training seminars with other clients, wiki resources and documentation, video resources, etc.

    5. Budget: While it's essential to invest in good software, ensure that it aligns with your firm's budget. Use tools to easily calculate your return on investment to prove to yourself and any necessary stakeholders that your legal technology solution will save money and headaches in the long run.


    Make Your Case for Contract Lifecycle Management Software


    The Key Takeaway

    It's undeniable: business technology is reshaping the legal profession. From AI-driven research tools to sophisticated contract management software, the question is no longer about what technology do lawyers use, but how effectively they use it. Embracing advancements in business technology is not just about staying current; it's about optimizing services, improving efficiency, and leveraging the latest tools to deliver unparalleled value to clients.

    In the world of lawyer tools, contract management software shines brightly, proving its worth in streamlining operations, ensuring compliance, and enhancing collaboration. As the legal sector continues to evolve, one thing remains certain: technology will play an ever-increasing role in defining the future of the profession. Book a free demo of award-winning contract management software to prepare for that future.

    CobbleStone Software offers a complimentary demo.


    Legal Disclaimer: This article is not legal advice. The content of this article is for general information and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.

    Published: 09/14/23
    Sean Heck

    Written by Sean Heck

    Sean Heck is Content Marketing Manager at CobbleStone Software

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