Posts about Firm Management

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What Is Contract Lifecycle Management and Why Does It Matter?

August 18, 2022

Contract lifecycle management (CLM) is the process businesses follow to manage contracts from their creation up to their expiration. It’s a simple definition; unfortunately, many CLMs do not account for everything that’s involved in the life cycle of a contract. Any reasonably sized corporate legal department or firm will have thousands of contracts to manage—all with different dates, provisions, retention schedules, and involved parties.

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How the Use of AI in Legal Services Can Benefit Your Corporate Legal Department

May 17, 2022

Many corporate legal departments use AI for research, litigation strategy, dispute resolution modeling, and offering basic help online. Any legal team can benefit from the use of AI in legal services, especially for contract review and negotiation processes. With large corporations handling, on average, 350 contracts each week, there is an increasingly urgent need to improve resource efficiency through digital transformation.

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Assessing Risks in Finance Contracts: A Guide for the Banking Industry

April 7, 2022

Financial institutions write tens of thousands of contracts each year. Some are privately negotiated while others are negotiated through public exchange markets. Different types of finance contracts are drawn up to balance risks and rewards, but their review and negotiation processes should never be overlooked. Increasingly, artificial intelligence (AI) platforms are being implemented to standardize and fully redline financial contracts by type, saving time by performing more thorough risk analyses.

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Understanding Procurement Coordinator Roles and Responsibilities in Legal Departments Today

March 22, 2022

Over 500,000 people are working in procurement to coordinate logistics activities today. From creating proposal and bidding processes to researching vendors and preparing contracts, procurement coordinators ensure projects receive all the materials necessary for the timely delivery of cost-efficient and legally compliant goods and services. As the “coordinator” part of the job title infers, this position involves acting as a liaison between a company and its vendors. Increasingly, procurement coordinator roles and responsibilities are now using artificial intelligence (AI) technology to automate tasks and boost workplace efficiency. 

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Harnessing Machine Learning in the Legal Industry for Contract Management

January 8, 2021

Legal technology is in the midst of a revolution. For years, the industry lagged in digital transformation because of limited law practice modernization opportunities. The law was far too complicated and subjective to hand over to machines. However, artificial intelligence (AI) has helped overcome the hurdle that prevented next-generation innovation. A key driver of this innovation is the use of machine learning in the legal industry. 

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