{"id":19025,"date":"2021-05-05T13:13:02","date_gmt":"2021-05-05T17:13:02","guid":{"rendered":"https:\/\/abovethelaw.com\/?p=756689"},"modified":"2021-05-05T13:13:02","modified_gmt":"2021-05-05T17:13:02","slug":"whats-your-stage-of-contract-lifecycle-management","status":"publish","type":"post","link":"https:\/\/abovethelaw.com\/legal-innovation-center\/2021\/05\/05\/whats-your-stage-of-contract-lifecycle-management\/","title":{"rendered":"What\u2019s Your Stage Of Contract Lifecycle Management?\u00a0"},"content":{"rendered":"

\"\"In our latest installment of the Above the Law Legal Technology Non-Event<\/a>, we explore the critical legal operations topic of contract lifecycle management.\u00a0<\/span><\/p>\n

And in the accompanying episode of the Non-Eventcast<\/a>, host Jared Correia is joined by J<\/span>erry Levine of ContractPodAi, who answers Luddite-friendly questions like, \u201cWhat the heck is \u2018contract lifecycle management\u2019?\u201d <\/span>Listen to their full conversation here<\/span><\/a>, and read on for insights on its three stages.<\/span><\/p>\n

Phase 1 \u2014 Operational\u00a0<\/b><\/p>\n

If you\u2019re trying to get your contracts into a repository so you know where they are, you\u2019re probably in the operational stage.\u00a0<\/span><\/p>\n

For many in-house attorneys, Jerry notes, just determining where documents are can consume large amounts of time. Shoring up this function with top contract lifecycle software has an obvious value proposition.\u00a0<\/span><\/p>\n

\u201cOn a very basic level, you\u2019re speeding things up,\u201d Jerry says.\u00a0<\/span><\/p>\n

Phase 2 \u2014 Tactical\u00a0<\/b><\/p>\n

While Jerry notes the lines between the phases can be “blurry,” you are likely in the tactical stage if you have organized your documents and are just starting to figure out how to optimize related processes.<\/span><\/p>\n

“Tactical is kind of that midpoint, where you’re trying to get out of the operational stage of just knowing where your contracts are, but you’re not quite at the stage of doing deep analysis, or deep extraction,” Jerry says.<\/p>\n

For outside counsel at law firms, familiarity with varied contract lifecycle management software can be key for working with clients that have their own established systems.\u00a0<\/span><\/p>\n

\u201cYou have to know what’s out there,\u201d Jerry says. \u201cYou have to come up with a way to manage it. Because ultimately your clients are coming to you and saying, \u2018I’m going to send you a contract or a system and I’d like you to work in there. I don’t want you to just send me emails back and forth.\u2019”<\/span><\/p>\n

\u201cSo having a working knowledge of the technology, as far as that’s concerned, I think is the key thing.\u201d<\/span><\/p>\n

Phase 3 \u2014 Strategic<\/b><\/p>\n

Are you using machine learning to gather and analyze information from hundreds of thousands of documents to gain actionable insights about your business?\u00a0<\/span><\/p>\n

If so, congratulations! You are officially in the strategic phase of contract lifecycle management.\u00a0<\/span><\/p>\n

For corporate lawyers, implementing a regime that reaches this phase has a very clear value proposition, Jerry notes.\u00a0<\/span><\/p>\n

\u201cYou’re speeding up your sales cycle, generating revenue, knowing what’s in your documents faster, and knowing where they are,\u201d he says.\u00a0<\/span><\/p>\n

The Premier Spot for Tech-Perplexed Lawyers\u00a0<\/b><\/p>\n

For most lawyers, the prospect of a tech conference triggers thoughts of boredom and missed billables. And as a group, attorneys\u2019 tech adoption is often begrudging, at best.\u00a0<\/span><\/p>\n

That\u2019s why we\u2019ve launched the ATL Non-Event.\u00a0<\/span><\/p>\n

We\u2019re bringing the technology conversation to lawyers directly: in plain English and geared to meet a fully booked schedule.\u00a0<\/span><\/p>\n

Our regular installments focus on everything from AI to PDFs to KPIs to CRM, creating an ever-growing and dynamic resource to upgrade all aspects of your practice.\u00a0<\/span><\/p>\n

(If you don\u2019t recognize any of those acronyms … even better.)\u00a0\u00a0<\/span><\/p>\n

While you’re here: Feel free to browse our <\/span>Law Practice Management Software<\/span><\/a> and <\/span>Legal Document Management Software<\/span><\/a> rooms as well.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Hint: There are three.<\/p>\n","protected":false},"author":5,"featured_media":496881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[8456,351,7136,2547,1292,329,8849,9002,359,7],"class_list":["post-19025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-atl-non-event","tag-automation","tag-contract-lifecycle-management","tag-document-management","tag-legal-operations","tag-legal-technology","tag-non-event","tag-non-eventcast","tag-practice-management","tag-technology"],"acf":[],"yoast_head":"\nWhat\u2019s Your Stage Of Contract Lifecycle Management?\u00a0 - Above The Law's Legal Tech Non-Event<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abovethelaw.com\/legal-innovation-center\/2021\/05\/05\/whats-your-stage-of-contract-lifecycle-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s Your Stage Of Contract Lifecycle Management?\u00a0 - 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