ESignature: the tip of the CLM iceberg
Agility and security are synonymous with eSignature, a versatile solution for legal departments that is just part of the possibilities offered by legal technology
The digital signature is one of the most useful tools in the drafting of legal documents, due to its agility and security. However, it is only the conclusion of the contractual process. It is the endpoint, the denouement of a much broader procedure.
The real technological revolution in the legal field must encompass much more, facilitating all phases of the contract production process. This revolution is real thanks to Contract Lifecycle Management (CLM) software.
An eSignature is a cryptographic mechanism that provides a record of the signatories' consent and of a certain content, i.e. the contract.
Implemented with the right software, eSignature is an accurate tool that provides unique data on the signatories, such as the stroke acceleration or signature speed, as well as the exact time and location of signatories. Legally binding, like the traditional signature, it is a clear modernisation of the classic handwritten signature with paper and pen.
As it can be carried out remotely, individuals do not need to make an appointment to have their documents stamped. Instead, they can receive a secure link via their computer or mobile phone, where can view the document to be signed and stamp it quickly and securely. Afterwards, signatories receive a certified email with all the data relating to the signing process, as well as the contract in question.
How to unleash the full potential of CLM technology
It seems, therefore, that eSignature can bring security and versatility to legal teams that handwritten signatures can hardly do. However, the potential of the technology goes beyond that. It has already taken several steps further and adopting an eSignautre solution only means standing on the edge of a sea of possibilities.
The digital signature is the tip of the iceberg of CLM. This software covers, on a single platform, the entire contractual process, and facilitates the work of lawyers at many more stages of document production.
Let's find out what else is under the water. First of all, the CLM allows the standardisation and decentralisation of document creation. What does this mean? It implies that any department of a company can create documents, tailor-made, by filling in a simple form managed by the legal department. In less than five minutes, with no mistakes and no need to be a contract expert.
In addition, the CLM allows the contract to be negotiated, changed and updated in an easy and fast process while being controlled by the legal team. From the CLM platform, the legal team controls at a glance who can access, comment on or edit documents.
It should be noted that, thanks to a cloud-based template system, the in-house lawyer can apply updates, such as changes in legislation, to all desired documents at the same time. This standardises versions across all departments and avoids inaccuracies in contracts. With a CLM solution, the legal department's knowledge is unified in the cloud in a secure and centralised manner.
A platform with endless possibilities
A complete CLM solution is one that combines, among others, all these functionalities in a single platform, offering in a single tool the technological potential that the legal sector needs.
Comparison of time spent by the real estate company, Primer Grupo, on tasks related to the document process, with and without Bigle Legal. You can find the full report in this case study.
An engaging value proposition
Given the benefits of technology, it is understandable that, according to studies, 3 out of 4 professionals have increased their use since 2020. Legal tech is a growing sector because of its great attractiveness not only for law firms but also for companies in all types of sectors.
Solutions such as CLM bring a massive modernization to the company itself, and they also represent an attractive value proposition for its customers.
From January 2022, Bigle Legal has incorporated its digital signature for free in all its plans as part of its CLM solution. Tech company's eSignature was awarded as the best of 2021 by Legaltechbreakthrough.com.