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General counsels looking to implement CLM as part of their legal transformation need to research appropriate providers. Prior planning and research is crucial in determining the success of the CLM implementation strategy. GCs hold a position of influence and can positively direct their organization’s CLM selection process. With business goals in mind, GCs and their companies can utilize CLM technology for success.
Deloitte notes that CLM implementation is now a need rather than a want at companies. With CLM, companies can improve efficiency, reduce contract cycle times and the workload on legal teams, as well as other business functions.
How to Create a Successful CLM Implementation Strategy
1. Evaluate CLM Readiness
GCs will need to determine their company’s current contract capacity, along with template status, and whether their organization requires CLM technology. Keeping their company’s needs and goals, along with stakeholders’ concerns should be a priority throughout the CLM implementation decision making process. An investment of this scale requires approval across the organization.
2. Create Internal CLM & Legal Transformation Team
A dedicated legal transformation team with the goal of setting down CLM needs, implementation, and monitoring will have to be set up. This team should ideally be made up of legal operations professionals, and traditional stakeholders, including department heads.
What the legal transformation team should do:
- Create efficient processes
- Introduce contract automation
- Optimize use of CLM tech
3. Assess Company’s Pain Points
What are the ongoing issues around contracts and their management? A PWC article states that “managing contracts has been a challenge due to the contextual nature of contracts that require expert legal understanding and the difficulties in extracting information from legal language”. GCs should identify what inadequacies their organization has, gaps in processes, and what hampers workflows with current contract management operations. This will help in making the most of their future CLM implementation.
4. Find Out Provider’s Track Record
Ideally, working with providers who have a proven track record of success when it comes to CLM solutions is what GCs should look for. Asking providers for their success stories, case studies, and track record can establish whether organizations should go ahead with chosen providers.
Post-Implementation Success
According to a Law.com article, the transformation team’s involvement does not stop after implementation. The internal legal transformation team should ideally hold frequent internal check-ins, usually monthly, with the CLM service provider’s representatives. These checks should center on how the CLM technology is being used, how best to use it, and further utilization.
We have been providing CLM solutions for legal departments and general counsel for over 16 years. Our CLM experts offer services for every step of the contract lifecycle process. Want to implement a CLM solution in your organization?
