New Year’s Considerations for Contract Management Software

 Admittedly, contract management software isn’t a topic that gets a lot of play on search engines and social media. But there are still articles broadcast on the Internet worth taking a read through. Consider one from Law.com published a few months ago: Contract Management Software Helps Lawyers Gain the Upper Hand, written by John Edwards.

Under the heading of Law Technology News, Edwards builds the case for why attorneys need to be using a contract management software (CMS) system. He also fairly points out the advantages and disadvantages of using such systems, including thoughtful views from practicing lawyers about their experiences.

Some notable considerations from the post include:

• “The myriad of benefits, such as return on investment, compliance, standardization of terms, contract life-cycle management, and system visibility, outweigh the perceived hurdles.” 

  The tasks of searching, evaluating, identifying, and implementing a contract management solution can feel daunting and overwhelming. But the end benefits justify the means! Plus, a quick web search will bring up tips and best practices for the selection process, including this list of eight steps. 

• Not all CMS products are suitable for law offices and legal departments. Many offerings are targeted at sales, marketing, human resources, and various other types of business users. 

  While this is true, many systems – including Contract Assistant – include the functions valuable for attorneys and corporate counsel departments. Read on for more information specific to these use cases and how other departments within an organization can also expect to benefitfrom contact management software. 

• CMS products can be delivered as a web-based service or traditional office server-based software. Most web-based CMS applications are sold on a subscription basis, offer anytime/anywhere access and include instant software updates. A drawback is the fact that web-based apps are highly vulnerable to internet service interruptions. 

  Keep in mind, we’re discussing critical contracts and other legal documents – these need to stay in the most secure location possible. Choosing a vendor delivering a web-based contract management system presents its own category of risk. The prime example: Mumboe shut down its SaaS application at the end of November and warned customers they had just two weeks to retrieve all of their stored data and documents. While a sizable trend in software is a move to the cloud, perhaps some categories are still safest delivered on-premise?

For the New Year, one of the best resolutions you can make for your organization is to get your contracts and obligations in order. Not only are you going to be more organized and prepared, but you also will increase your compliance and reduce your risk – all things necessary whether or not you are in the legal field.

If you’re currently in the market for a contract management software solution, consider Contract Assistant™. With Contract Assistant, users in organizations of all sizes can manage their contracts and negotiated agreements with confidence by quickly accessing information, generating reports, receiving automatic reminders of critical dates, and more. Contract Assistant is available in single-user Standard Edition, multi-user PRO Edition, and powerful, SQL-based Enterprise Edition.