Today's in-house lawyers must have multifaceted knowledge, have continuous training and, in addition, have knowledge of legal tech for the proper management of the company's legal operations. Given the critical importance of legal operations to business, inefficient management of legal operations leads to companies losing up to 9% of their annual profits, according to studies such as that of World Commerce and Contracting.
Human resources departments are responsible for a wide variety of bureaucratic and administrative processes in companies. This usually means countless documents to collaborate and work on, before signing and storing them. But it doesn't make sense to manage and process HR contracts in recruiting software designed for other departments like sales or procurement. With Contract Lifecycle Management, it is possible to reduce hiring costs, avoid outsourcing headhunters, and speed up employee hiring and dismissal processes.
CLM’s technology addresses the contractual risk associated with legal documents and brings real control to companies' law departments.
Legal documents are part of everyday business life. So is the contractual risk associated with them. Contracts serve to formalise, record and move towards multiple objectives, so working with them is a very delicate task and neglecting them or paying little attention to them becomes a very dangerous trend for organisations. Contractual risk exists at every stage of contracts, but organisations can anticipate and mitigate it through Contract Lifecycle Management (CLM) technology.