All lawyers use forms to build up complex agreements. And building up a library of great templates is one of the rewards of experience in law practice. But … times are changing. Clients have been and will continue to be in a mood to cut legal costs by taking over functions that they used to pay for. And that includes contract management. Here is a quote from an article about Huron Legal’s new contract management product
… as technology that strengthens the synergies between legal and business departments continues to develop, that notion has begun to fade. The most frequent source of that synergy comes from programs and process optimizing software that targets low complexity high volume tasks like matter management and billing, and recently Huron Legal unveiled a solution designed to tackle another common area of focus for the legal team; contract management.
Large clients are likely to buy more of these products rather than less as the world legal markets move into the digital era. Are you moving with or against the trend? Something to think about.