Human management

How Contract Management Software Helps Build a Culture of Legal Knowledge | AXDRAFT (an Onit company)

The far-reaching digital evolution has gripped every industry, and the legal industry is no exception. Legal teams are asked to do more for less. However, by implementing the the right tools and the right technology any domain can go drastically from unmanageable delays to smooth operations.

With the integration of technology, legal knowledge is no longer seen as “tribal” or reserved only for the inner circle. Today, it is part of comprehensive knowledge ecosystems. The days when best practices left the business to the employees are long gone and legal knowledge management has become a paradigm in its own right.

For those unfamiliar with the concept, legal knowledge management is a set of practices, methods and approaches applied across an enterprise. Legal expertise is natively contained in standard forms, tools, templates, and in the minds of individuals.

With the integration of technology, legal knowledge is no longer seen as “tribal” or reserved only for the inner circle.

To understand the importance of knowledge management, you need to delve into the essence of legal advice. Being an applied knowledge, legal expertise cannot be recovered except by practice. Therefore, the wisdom of employees is the most valuable and vital resource of any legal organization.

Legal advice practices are often case-specific: they sometimes contradict generally accepted guidelines, but work for a particular case and company. In the end, it’s the unique approach that makes a noticeable difference among legal services competitors.

For the reasons given, it is so important to preserve and multiply legal knowledge. Security must also be taken into account because information leaks compromise the stability of a company, so it is crucial to avoid any risk of a data breach.

Legal knowledge management involves several areas within the business, the largest component being document management. We’ve put together information and what to look for to keep your best practices intact by using the right contract management solution.

Procedural clarity

When new people join a company, they often feel confused by unorganized processes. To start delivering value, new hires need to clearly understand the workflow structure and grasp all the touchpoints of the document management flow. At the same time, the absence of an employee should not disrupt work processes – therefore, all employees should be replaceable.

The right workflow automation software covers different scenarios and members while creating a clear and simple contract path. It also allows to mmanage team member roles and define areas of responsibilityso employees know who to contact at any stage of the contract lifecycle.

Communication failure

Communication should be results-oriented, not distracting and overly complicated. And yet this is often the case. Without communication, there is no collaboration and therefore little progress.

Contract management software for the legal department is designed to solve the costly and painful problem of getting a contract in the first place. It serves as the foundation for all document-related communications, so there’s no need to think about channels to reach the right person or re-search for existing resources.

Communication should be results-oriented, not distracting and overly complicated. Without communication, there is no collaboration and therefore little progress.

The main objective of legal operations is to establish stable communication between departments without knocking on multiple doors. It is an unambiguous space where employees share their status, previous experience, cross-references and support on a case-by-case basis.

Project library

Strong client relationships are essential to the reputation of any legal business. Understanding the client’s expectations gives an edge in the process of meeting and exceeding their wishes. Without knowledge management, a company’s reputation can be at stake, especially if customer data is unavailable, outdated, or key takeaways are not stored in one place.

At AXDRAFT, we solved this problem by using projects containing batches of data for each client, leaving no room for errors or misinterpretations. These batches include the history of all contracts and all customer data which is always up to date.

Improved search and metadata

Research software plays a crucial role in the legal advice workflow. To provide cost-effective services, lawyers need to access information quickly and under tight deadlines. Manual searches add many redundant tasks, such as recreating missing documents or analyzing hundreds of records to retrieve contract data.

To provide cost-effective services, lawyers need to access information quickly and under tight deadlines.

Legal department contract management software solves this problem by breaking down key document components into searchable parts. Yesour legal and commercial teams can access relevant metadata from a growing and ever-changing body of information with ease and sufficiency.

Document template database

Although contract templates and other legal documents are vital business assets, they are often outdated. Keeping track of all versions of hundreds of models is hardly possible, but contract management software can do it for you. With this software in place, your team will always be working on the latest version of the document without spending extra hours updating older editions.

Summary

Contract management software coordinates and connects everyone at every stage of a contract’s lifecycle, establishing a digital hub for cross-departmental collaboration and document metadata. Thus, legal teams can build a cohesive knowledge ecosystem and increase their value in the business, enabling companies to meet their clients’ expectations.

Show original text here.