Contract lifecycle management (CLM) is the process of managing a contract through every stage of its lifecycle, from initiation through to execution, renewal and beyond. Businesses adopt CLM software to help streamline and automate the process of managing contracts, making it easier to manage your contracts in a centralized location.

Having a strong CLM in place helps organizations mitigate risk, ensure compliance, stay organized throughout the contracting process and ultimately make managing contracts more efficient.

Contract lifecycle management (CLM) software is a suite of tools that allows organizations to easily create, negotiate, store and manage contracts in a centralized repository. This involves managing the activities related to contract work for both in-house legal teams and the wider business.

This predominantly involves:

• The intake of internal client requests
• Triaging those requests and assigning to the appropriate person to manage it
• Communication and collaboration with legal team and internal clients
• Enabling internal clients to self-serve and access legal advice more efficiently
• Tracking responsibility and minimizing the risk of missing key deadlines or important events
• Centralization of all contract work and contract document repository
• Structuring the legal department’s information for data-driven decision making, reporting, and forecasts

As contracts and matters are inherently interconnected, LawVu contract management and matter management work seamlessly together to provide you with greater context.

LawVu contract management is unique because it’s part of a legal workspace, which provides a complete end-to-end system supporting not only your contracts but also matter and spend management. You can choose to implement everything at once or add over time as you scale. Click here to learn why they are better together.

When new technology projects fail to deliver value quickly, your busy legal team and the wider business pay the price. LawVu’s approach to implementation delivers fast time-to-value and long term ROI in two ways: our foundational design and our unique, customized approach.

Even with LawVu’s advanced workspace platform, there’s nothing to be afraid of when it comes to implementation, no matter how complex your needs may be. We make it easy for you to start and easy for you to make your own. You can be up and running on day one with out-of-the-box configurations, or if you require a more bespoke configuration that’s fine too - we’ll work with you!

Yes, it does! LawVu has implemented safe, secure and reliable AI capabilities to the CLM to help you speed up contract work and accelerate better business outcomes. We have multiple AI integrations available in the CLM to help you speed up your contract process and get the key contract data that matters most to you into the repository faster so you can save time for more strategic work.

Here are some use cases and efficiency gains from using LawVu AI:

• Quickly extract key clauses from third party contracts to speed up contract review
• Import historical contracts 4x faster to quickly build your source of truth and have a richer repository
• Automatically extract key contract data from executed contracts so you stay on top of your contractual obligations

At LawVu, we understand that the data we store and process for our customers can be highly sensitive and requires the most stringent information security and privacy protection. Our AI services are hosted within our existing Microsoft Azure ecosystem, which is IS O27001, SOC1, SOC2, HIPAA, and GDPR compliant. Customer data is segregated and is not used to train public models. Click here to read more about AI privacy and security.

Not only do we have AI in our CLM, we have AI in other parts of the LawVu legal workspace! For more information on LawVu AI, click here to learn more about the various AI integrations we have available.