Law Firms Must Prepare For Contract Tech Co. Consolidation

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By Naseeha Machingal (December 16, 2021, 5:22 PM EST) — Business in the legal technology segment known as contract lifecycle management, or CLM, heated up this year as prolonged office closures exposed the inefficiencies and bottlenecks in the contracting process.

Also known as contract tech, firms found CLM particularly useful for routine but essential tasks such as locating force majeure clauses, identifying inconsistencies and streamlining contract workflows.

As contract tech has evolved, lawyers have gained the ability to leverage artificial intelligence to abstract contract language, build clause libraries and schedule reports and alerts for renewals and conduct redline analysis to reveal hidden risk, and with proper use, streamline workflow.

With this evolution…

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