Contract Lifecycle Management (CLM) is the key to efficient contract management in all sectors, from the creation of legal documents to their electronic signature

A Contract Lifecycle Management (CLM) solution brings great benefits to companies when it comes to all the work involved in contracts. CLM is a tool that facilitates, economises and secures the management of legal documents of organisations in any sector and must have certain specific functionalities so that companies can make the most of this technology.

The e-signature is one of the most helpful technologies for organisations to adhere to the ESG philosophy while optimising processes of all kinds

Contracts have traditionally been regarded as pieces of paper with a very high value for their owners for all that they entail. Currently, e-signature allows the value of contracts to be maintained but permits them to take their next evolutionary step. The electronic signature helps companies from in all sectors to speed up the hiring of staff and services, while turning offices into paper-free spaces, in line with Environmental, Social and Governance (ESG) criteria.

In an interview with the Cyber News website, Sergio Esteve de Miguel, Co-CEO of Bigle Legal, talks about the risk reduction and security that CLM offers companies. Legal is the one sector that accepts technology change and developments extremely slowly, but the recent pandemic and generally quickly changing environments are forcing it to pick up the pace.

At Bigle Legal we want to conquer the European legaltech market and we have just taken a solid step on that path thanks to a new investment round of two million euros. Led by Adara Ventures and ICF Venture Tech II, the round will allow us to increase our team size to add even more talent to our ship of Biglers.

Every company wants efficiency. Being a top corporation requires efficiency and hard work and that's exactly what legal operation provides. Legal departments are supposed to provide just this to make sure that all the work is done smoothly. Take the example of Silicon Valley that took the help of legal operations to get to where they are today and not only catch up to their rivals but also beat them.

Legal operations refer to the operations necessary for a functional legal department. These operations ensure that legal departments can provide more effective legal services.

Legal Departments are becoming more sophisticated in terms of the need to align with any company's strategies in certain areas. Increasing efficiency, training the legal team properly, adapting to the new times, selecting responsible suppliers are some of the keys that encompass legal operations.

Meet Jessica. She leads the legal team at a popular real estate firm. Her team is hardworking and dedicated - but she’s noted their performance has been faltering as of late. With heavier workloads, the team clearly wasn’t working as efficiently as they could be.

Each day they’d spend hours drafting complex contracts by hand, tediously copying and pasting clauses and explaining contracts to different parties. There were communication breakdowns due to poor collaboration between colleagues - and even some contract errors. For Jessica, it was evident: the legal team was placing all their energy into drafting legal documents, instead of supporting the real estate firm to really thrive.

Efficiently managing the "contract life cycle" can be a headache for many corporations. That is it is important to have a contract lifecycle management strategy in place.