Top 7 Ways How Law Firms Save Money with Contract Management Software
Creating an attorney representation agreement form (ARA) when you plan to take on a new client is tedious. Gathering client information, drafting the contract and finalizing the agreement is time consuming. Wouldn’t it be easiest to replicate the contract similar to an old one, using consistency format, language and terms? In some instances, you don’t have the time to do that, rather create a whole new one. Lastly, when the contract is set and some time has passed, your biggest fear becomes mismanaging or losing essential information pertaining to the contract. All of this accumulates to a loss of time and money.
Follow along as we discuss the top 7 ways how law firms save money with contract management software, making creating new attorney representation agreement forms more efficient, transparent with oversight and repeatable.
1. Optical Character Recognition (OCR)
Parsing contract document information is annoying, especially if it is an image or pdf. There’s no easy way to quickly find what you’re looking for. You can end up reading dozens upon dozens of pages before you find the correct information, or you can even accidentally skip reading it. What optical character recognition (OCR) does is it enables parsing contract document information easily as if you used the quick-find function in a Microsoft Word document or in Google Docs.
Take, for example, payroll comes and HR needs to find the correct billing statement you will issue your client. Whether you charge them hourly, a fixed fee or through a contingency-based plan, HR does not want the hassle of parsing the client’s contract to find that basic information for more than a few minutes. That’s where OCR comes into play, allowing HR to find how a client will be billed in a matter of seconds.
2. Contract Indexing
What is contract indexing? Contract indexing is the procedure for cataloguing long-term contracts that include clauses allowing for intermittent periods of negotiation. How, then, would contract indexing benefit a law firm?
In a class action lawsuit, a law firm will take on multiple clients with the same intent of suing a larger entity. These types of lawsuits can take years, and using contract indexing, when a law firm takes on a client that pertains to a class action lawsuit and as more information is being uncovered, how a contract is drafted and negotiated will change. You will need to adapt your and your client’s ARA accordingly. Overall, indexing will improve your contract management.
3. Granting Contract Access Rights and Contract Security
Granting certain roles access to a contract is vital for controlling the use of, and visibility of, a contract’s information. Whether you are the managing partner at your law firm, are in HR and need financial oversight of an ARA, or need to review a contract with a client, your business will benefit from the ability to better manage contract access rights.
The ability to control contract access rights also helps with security. Persons responsible for making changes to a control show up in a history of the document, and only qualified users can make those changes.
4. Contract Authoring and Creating Clauses
Contract management software enables seamless authoring of contracts as well as the creation of terms and clauses, such as the extent of client representation and ending the attorney-client relationship.
How can this feature save money for your law firm? It makes writing contracts more efficient by using smart tags, standard legal language and AI-suggested clauses and terms, so you can quickly create contracts and finish other tasks faster.
Terms and clauses that this feature benefits in law firm contract creation include client file sharing clauses, when you specify to what extent the client can obtain a copy of their client file from the authoring attorney. During the contract negotiation stage in your contract management lifecycle, another clause that would benefit from this feature would be if a client and law firm specify and agree upon who in the firm would be representing the client in terms of research and litigation.
5. Contract Templates
Hassling over writing and rewriting contracts is a thing of the past. With contract template integration as part of your contract management system, you can create, duplicate and edit pre-existing contracts. Templates accelerate your work ethic, making contract writing easier and faster. Templated contracts save time and money with the addition of smart tags and text, metadata tags and authoring in document creation software, such as Microsoft Word and Google Docs.
6. Unlimited Contract Profiles
OpenSourceCM prides itself on offering unlimited contract profile templates (or term sheets) to those that use our software. This feature is tailored to match your specific business processes as well as the requirements and jargon used within your industry.
Contract profiles track start and end dates of contracts between you and your client, award dates as well as the value of the contract, milestone reminders, stakeholders and more. Contract profiles exist as a way for you to report on the performance of a contract, whether you want to use it to control or monitor risk, enable better business management and improve your bottom line.
7. Monitoring, Alerts and Calendar
Monitor any number of your contracts through a calendarized alert system, tracking and keeping up to date with commitments and obligations. Assign alerts to any contract or supporting document and they will show up in your calendar as well as the contract’s profile. Syncing with other calendars, like Google Calendar, in order to manage and prioritize tasks in the most efficient way possible. Additionally, use the contract alert calendar to avoid creating overlapping deadlines when managing multiple client contracts. Any scalable number of persons or entities can be assigned alerts.
Simplify your contract management with OpenSourceCM’s contract management software. We help improve every stage of a contract’s life cycle by enabling efficiency and better contract management.
Try a FREE DEMO today!
Additionally, as a precautionary method for you, we offer the option to schedule a demo with us before you make up your mind on a solution. We work with you to tailor our software to best fit your company’s needs.
Try a FREE DEMO of our contract management software today to see how it will extensively save you time while writing out legitimate, groundbreaking contracts. Pricing includes three separate contract management software options, scalable to your business.
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API (application processes interface) uses to connect to company applications, added a secured Deal-Room/Data-room, bidding system, and allow external users to log in to their dedicated data-room.
Now the company can have (BI) Business Intelligence processes with Reports and AI (artificial Intelligence) integration for document analysis and data extraction processes.
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opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also has the capacity to find words, values, phrases, terms of art, or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign-on), and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library like office 365, BOX.COM, Salesforce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.
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