INDUSTRY ANALYSIS/CLM SIMPLIFIED FOR LEGAL TECHNOLOGY HUB: PRACTICAL CONTRACTING GUIDANCE FOR CORPORATE COUNSEL
CLM Simplified for Legal Technology Hub: Practical Contracting Guidance for Corporate Counsel
Published on Fri, October 28 byLuccy Bassli and Lara Trope of InnoLaw Group
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#CLM Simplified…Join the Movement

Simplifying the processes that comprise Contract Lifecycle Management (CLM) is at the core of everything we do at the InnoLaw Group. Although the term CLM has become common parlance in the LegalTech world to refer to the technology which automates some or all aspects of the contract lifecycle (which technology would be better referred to as a “CLM System”), we always start by reminding our customers that CLM is a function and is not in fact a system. 

Why does getting the context and terminology right matter? Well, if your company does not have all of the aspects of its CLM functions and processes in good shape, you’re likely to have limited success when introducing a CLM System, or any type of automation, into the mix. 

For this reason, it has been our mission to help lawyers and Legal teams understand, improve and ultimately simplify their CLM functions and processes, most often with the ultimate goal of preparation for the selection, implementation and successful adoption of a CLM System - ensuring that there is a strong foundation before automation

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What to expect from this CLM Simplified series….

This series is intended to provide practical guidance for corporate counsel to tackle their contracting problems. We will walk you through the steps needed to reduce the challenges of increasing contracting volumes and limited capacity to scale. From assessing legal risk tolerances and setting thresholds for legal review to templates, playbooks, and outsourcing and automation, we’ll review some effective tactics for reducing the legal workload and increasing business satisfaction.

We prefer baby steps, taking one manageable, practical step at a time to enable effective and meaningful change while gaining internal supporters and sponsors. 

With this is mind, each newsletter has been crafted to provide you with our expert insights and practical guidance on all things contracting related, all of which will enable you to build a solid contracting framework foundation and improve the way your company handles contracting, which will enable and support successful automation of some or all aspects of your contracting lifecycles. 

It’s our vision to enable lawyers to live in a world with streamlined legal review of contracts based on efficient processes, optimal templates, simplified playbooks and continuous data-driven improvements. We hope this series provides you with some practical guidance to get you and your team on your way.

 

The CLM Simplified Contracting Framework

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Look out for our first newsletter on “Foundation before Automation: Legal Review Policy”.

 

Author Profiles: 

Lucy Bassli – InnoLaw Group Founder 

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