6 Factors to evaluate the right contract management software for the legal counsels & teams

Contract management software, sometimes also mentioned as contract administration, refers to the processes and procedures that companies may implement in order to manage the negotiation, execution, performance, modification, and termination of contracts with various parties including customers, vendors, distributors, contractors, and employees.

Contracting is one of the most crucial activities in determining the success of any business arrangement, and shall not be considered as the jobs to be done by the lawyers only. There are multiple stakeholders involved in completing any contract.
This article, mainly targeted for the legal counsels as well as the internal/external legal teams.

Here are the six key factors […]

Five things you must know about the Smart Contracts

Computer scientist and legal scholar Nick Szabo first proposed the idea of smart contracts two decades ago. He suggested that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, or digital contract Management Software.

Today, even if the actual use of smart legal contracts remains largely in the future, the idea has gone mainstream.

You might have heard this term many times and would be thinking about it often. This quick article is aimed at providing you with a very brief overview of smart contracts, its usage, and key benefits.

What exactly is a ‘smart contract’?

Smart contracts are really […]

Five priorities for the corporate law firm’s technology innovation team

Contract Management Software as per the Global Deloitte CIO survey 2016-17. More than half of CIOs see innovation as a key priority. But they also feel that Managing Partners / CEOs are so risk-averse. They are unable to get the money to fund the innovation.

Many international firms today have dedicated ‘Innovation Teams’ that are tasked with looking at new technologies and provide innovative strategies for the legal firms’ future.

Legal tech applications range from expediting document searches to helping predict the outcome of lawsuits. To managing complex cross-border M&A transactions through the deployment of project management tools and software. Furthermore, companies […]

Best contract management software for your organization – Eight factors to evaluate them

Best contract management software for your organization – Eight factors to evaluate them

If you are reading this article, or if you’ve just stumbled upon it on internet, chances are that you are either wondering what is the best contract management software for your company requirements. No matter whether you are in the process of finding the right contract management software solution for your company, or you have already shortlisted some providers, this article can help you in making the right decision for selecting the best contract management software solution for your business.

1. Smooth implementation & ease of use
It’s very important that the best contract management software for your company is the one […]

How to Maximize Sales with a Document Management Software?

How to Maximize Sales with a Document Management Software?

As a sales manager, what if you were told that your sales team spends only 35% of their time selling. Have you wondered where the rest of their productive time actually goes? In fact, sales reps waste their time on non-customer facing activities, like admin tasks and searching for account information. If you want to have a highly-performing sales team, you have to help manage their time and optimise sales processes. Using document collaboration and management solution can help maximize your sales team’s selling time by moving unnecessary tasks away from them and ensuring they are focused on closing more […]

Sales Proposals Best Practices

Sales Proposals Best Practices

Sales proposal – may sound as a dreadful word for any salesperson, especially when you don’t know where to start. When a prospect asks you to send a proposal, you may consider that you have the deal in the bag, however the reality is that you still have a long way to go. The best approach rarely is to open a blank document and start typing. Instead, you should take a pause and think about how you are able to use the proposal process as an opportunity advancement process.

There are several types of proposals – the short ones that only […]

How to Make Legal and Sales Departments Best Friends

How to Make Legal and Sales Departments Best Friends

The endless war between legal and sales departments is a frequent problem that arises in every company. Just because these two departments have different functions, it doesn’t mean that they cannot work in tandem. In fact, when sales and legal departments work together, the company see an instant improvement in their performance.

The friction between the two often comes from these factors:

Economic – decisions on pricing, budget and product
Cultural – while the legal department is highly analytical and aims to protect the company, sales teams are focused on closing more sales and retaining good customer relationships.

Having these problems in mind, the […]

How to Become a Paperless Office

How to Become a Paperless Office

Is it possible to become a 100% paperless office? Let’s be realistic – of course not. There are legal documents and invoices that have to be preserved in their paper form at all times. Even though it may seem that we are already using much less paper with the help of digital innovation, unfortunately, facts and figures show us a different story. Every year, the United States uses nearly 3.7 million tons of copy paper. It seems that a lot of companies are still hesitant to switch to digital document management although it is a sensible move to get rid […]