Top Contract Management Software for Legal Teams

Agiloft stands out with a 4.5 Outstanding rating in contract management. It’s not the only top player, though. Updraft, Concord, and Onit Contract Management have also garnered a solid 4.0 Excellent rating. They bring unique features to the table. The world of contract administration software is full of cutting-edge solutions. These tools are changing how legal teams work, boosting efficiency and teamwork in new ways.

Surprisingly, only half of all legal teams use contract management software. They can greatly improve how legal documents are handled. As companies get bigger and make more contracts, these tools help handle the load. They allow growth without needing more people.

The best contract management software does more than just organize contracts. It speeds up work with AI, has easy-to-use designs, and shows helpful data on dashboards. For fast-growing companies, these solutions are a big help. They save time and money while making sure everything is done right.

Key Takeaways

• Agiloft is at the top with a 4.5 Outstanding rating, thanks to deep customization and advanced features.
• More than half of legal teams don’t use contract management software yet.
• Platforms like Updraft and Concord, with a 4.0 Excellent rating, provide special tools for making and working on contracts.
• Fast-growing businesses see great benefits from efficient contract management software.
• These systems boost how contracts are handled, making work more efficient, accurate, and scalable.

Introduction to Contract Management Software

The way law is practiced is changing fast with new technology. To keep up, legal departments must start using contract management software. This tech helps them handle everything about contracts better than the old ways.

It’s not just about making contracts. It helps with negotiating, signing, and keeping track of when contracts need to be renewed. Using this software can make legal teams work more efficiently and take less risk.

What is Contract Management Software?

This software makes working with contracts easier from start to finish. It helps with everything: making the contract, talking about it, signing it, and even renewing it. By using this technology, companies can make lots of tasks automatic, cut down on mistakes that need to be fixed by hand, and see all their contracts in one place.

For example, it can lower the number of payment mistakes by a lot, between 75% and 90%, showing how well it works.

Why Legal Teams Need Contract Management Software

Legal teams are choosing technology that puts everything about their contracts in one spot. They’re doing this for several important reasons:

• Efficiency Gains: Using systems that work by themselves can make talking about contracts take up to half the usual time.
• Cost Reduction: With tech that helps with contracts, companies can spend 10-30% less, saving money and work hours.
• Risk Mitigation: Sometimes, contracts get renewed without the buyer knowing, says the Gartner Group. Technology can send reminders, to stop this from happening.
• Centralized Data: The best companies all keep their contracts in one easy-to-reach place, say 78% of them.
• Technology Integration: The best contract systems work with the tools people already use, like Microsoft Office. This makes mistakes and bad communication less likely.

Adding contract technology to legal teams is a smart choice. It makes work smoother and joins in with the general move towards using technology to make businesses work better.

Key Features to Look for in Contract Management Software

Finding the right contract software is key for legal teams who want to work more efficiently. It should offer features that make handling contracts easier. Let’s look at some vital features.

AI Assistant

AI technology is changing the game. It helps with drafting, reviewing, and analyzing contracts faster and more accurately. This saves time and cuts down on mistakes.

Template Editor

A good Template Editor makes contract writing easier. It lets you set a standard form, use if-then logic, and lets teams make their own contracts. This brings consistency and ensures everyone follows the rules.

Approval Workflows

Having clear steps for contract approval is important. It ensures that each contract is checked and okayed by the right people. This keeps the process smooth and avoids delays.

Browser-based Redlining

Editing contracts together online is handy. With Browser-based Redlining, you can make changes, leave comments, and see updates in real-time. This makes negotiations faster and more straightforward.

Native eSignature

Using eSignatures makes signing contracts fast and secure. It cuts down signing time from weeks to hours, no matter where you are.

Renewal Reminders

Renewal alerts keep your team from missing contract dates. This ensures no contract is forgotten, and it helps with renegotiations by giving a heads-up when renewals are near.

Smart Storage

Smart Storage offers a safe spot for all your contracts. It makes them easier to find, helps with decision-making, and meets legal requirements. This way, you stay organized and up to date.

In conclusion, these features make a top-notch contract management system. They help legal teams work better and more accurately. Using them saves a lot of time and money, making your team more productive and compliant.

Top Contract Management Software for Legal Teams

It’s key to pick the right contract management software for smooth document handling. Based on rankings, here are leading choices:

SignWell

SignWell excels in being user-friendly while offering strong security. It makes handling contract submissions and approvals easy. With its simple design, legal teams can save time and work more efficiently.

ContractWorks

ContractWorks combines ease of use with strong contract oversight. It’s especially good for businesses seeking a simple, yet effective document management tool. This platform aims to make managing contracts a hassle-free process.

Ironclad

Ironclad, a top legal tech solution, focuses on managing large contracts using AI. It aims to boost legal teams’ efficiency in handling many contracts. Its advanced tools shorten contract times and improve risk and compliance work.

Outlaw

Outlaw offers an intuitive platform for contract management. It focuses on making the entire contract process, from creation to signing, easy for legal professionals. Its tools are meant to speed up the contract process and lessen admin work.

CobbleStone Contract Insights

CobbleStone provides a detailed contract management system. With its smart storage, it helps handle more contracts without chaos. This means better contract examination and clearer contract data.

Concord

Concord is known for simplifying the lifecycle of contracts. It works well with other legal tech, making end-to-end management streamlined. This makes managing contracts from start to finish much simpler.

ContractSafe

ContractSafe focuses on making contract organization easy and affordable. It’s great for smaller businesses seeking an efficient tool. With its smart search and alerts, you won’t miss important contract dates.

Choosing one of these top-rated tools can really refine how you manage legal documents. They offer a wide variety of features, from AI to analytics, serving the different needs of today’s legal teams.

Benefits of Using Contract Management Software

Contract management software boosts efficiency and value for legal teams. It brings many advantages. Now, let’s look closer at these key benefits.

Enhanced Efficiency

Contract management software makes contracts easier to handle. It speeds up how fast contracts are approved by 82%. This quickens processes and cuts back on unnecessary spending, making a smoother way of work.

Improved Accuracy

Accurate contract management is key in reducing risks. With this software, legal teams can manage risks better. They can find and fix problems before they get too big. Deloitte shows that most top procurement officers say this software makes contracts more reliable and helps them keep their promises.

Centralized Data

A central place for all contracts makes it easier to see and use the data. It boosts how well documents are handled. This is vital for meeting rules and looking up contract dates easily. Missing chances for renewals can be avoided. The ACC 2023 Legal Technology Report found that many professionals face connectivity issues. A central location for files can solve this problem.

SignWell

SignWell is a trusted platform famous for its *SignWell contract management*. It has many tools to make signing documents easy. Over 61,000 companies use it, improving document work in legal, education, HR, and IT sectors.

Key Features

SignWell offers tools that help with *Document Automation* and managing contracts smoothly. Its key features include:

• Automated workflows: Simplifies repetitive tasks with minimal manual intervention.
• Built-in templates: Pre-designed templates suited for diverse business needs.
• Document tracking: Provides transparent tracking of documents throughout the signing process.
• Reminders: Automatically reminds signatories about pending documents, ensuring timely completion.
• Integration capabilities: Connects with over 5,000 apps, enhancing flexibility.

Pricing

SignWell has a range of plans to fit different business sizes and needs, starting with a free option:

Pros and Cons

There are many good things about SignWell, but also a couple of downsides:

1. Pros:

• It’s easy to use, so getting started is simple.
• Its *electronic signature API* makes things a lot more efficient.
• It’s secure, with great access control for all users.
• People like it for its good value and helpful customer service.

• The free plan limits how many documents you can send.
• To get all the features, you might need to pay more for a better plan.

ContractWorks

ContractWorks is a top choice for managing contracts. It’s all about making things easy to find, storing lots of information, and offering the latest features. These help you work on contracts smoothly, making sure things are done safely and correctly.

Key Features

• AI Smart Document Tagging: Find contracts easily and keep track of what needs to be done.
• Seamless Electronic Signatures: Sign contracts online, making everything faster.
• Advanced Search Functionalities: Find any document quickly with powerful search tools.
• Multi-User Access: Work together with others on storing and using documents, without delays.
• Custom Reporting Automation: Get reports automatically, saving time and making better choices.

Pricing

ContractWorks starts at $700 a month for all your team to use, with a 14-day trial. There’s also a $500 one-time fee for connecting to Salesforce.

Pros and Cons

ContractWorks is praised for top-notch security, clear prices, and an easy-to-use system. But, it might not be the best for AI use, and linking it to other software can sometimes be hard.

Ironclad

Ironclad is changing how we deal with legal contracts by using AI. It offers big solutions for big companies. With digital contracts, it makes doing business easier and follows the law closely.

Key Features

Ironclad’s many great features include a special tool called the Ironclad Workflow Designer. It makes handling contracts easy and clear. Plus, its AI system makes sure all documents are well-organized and easy to find.

• Ironclad Clickwrap: Transformed NDA signature turnaround time from 26 days to just 2 minutes.
• Ironclad Insights: Provides actionable analytics for effective time and budget management.
• Ironclad Workflow Designer: Facilitates automated, AI-driven workflow creation.
• Compliance Integration: Bakes compliance into contracting processes, as seen with Branch.

Pricing

Getting Ironclad’s top-notch services needs a special request for prices. This way, companies get what they need and nothing less.

Pros and Cons

Ironclad’s strengths and weaknesses give people a balanced view to make decisions.

• Pros:

1. AI-powered features for contract efficiency
2. Fast, controlled, and collaborative management (as experienced by Intercom)
3. High customer satisfaction with continuous feature updates

1. Higher cost compared to some competitors
2. Customization options can be somewhat limited

Outlaw

Outlaw, created by Filevine, changes the game in managing contracts. It uses a top-notch deal UI, a safe cloud for data, and a smart legal template system. It’s made for legal teams to speed up how they make deals happen, getting them right the first time.

Key Features

Outlaw has special tools that make contract management better:

• Dynamic templates and live connected variables for repeatability and precision
• Error-free batch contract generation maintaining document integrity through workflows
• AI-powered full-text and parametric search for enhanced data retrieval and insights
• Audit logging, version controls, and customizable reports for increased visibility and control
• Custom alerts based on variables like expiry and renewal dates to mitigate risks

Pricing

Outlaw’s pricing starts at $50.00 a month per user. There’s no free trial, but people interested can request a quote. This helps see how it fits the budget for its rich set of features.

Pros and Cons

Outlaw’s platform has great features for managing contracts in the cloud. It’s perfect for legal teams looking for a complete and easy-to-use system.

CobbleStone Contract Insights

CobbleStone Contract Insights is a powerful tool for managing contracts throughout their life. It’s widely loved for being strong yet easy to use. It helps legal teams with advanced features and works well with other systems.

Key Features

The system, CobbleStone Contract Insight®, brings many valuable tools together. These include making contracts, a clause library, and tools that use AI for better contract evaluation. It also makes it easy to see contracts as PDFs, plus a way to view them alongside emails.

• Contract creation and templates
• Clause library
• Integration to CPQ
• VISDOM AI® for advanced contract analysis
• PDF generator and contract attachments
• Automated approval processes
• Compliance checks
• Customizable reports

People like how it keeps all IT contracts in one place and warns them before contracts end. They also find it simple to move around in.

Pricing

The online version starts at $59 each month for every user. This makes it a good choice for many kinds of groups. For specific prices, it’s best to get in touch with CobbleStone.

Pros and Cons

Conclusion

The best contract management software helps legal teams work more effectively. They use smart AI, easy customization, and simple design to make handling contracts easier. This technology is changing how legal work happens. It’s not just about making deals. It’s about managing contracts with employees and suppliers smoothly.

This software fixes common contract problems. For example, it stops deals from being forgotten and left unsigned. It has tools like reminders for when contracts need to be renewed. It also makes it easy to sign with a digital signature. Security is a big focus too. And, having all contract info at a glance helps teams work ahead, managing lots of contracts quickly.

Choosing the right system means looking at what your team really needs. Thinking about the budget is important too. Key features to consider are making contracts, working on documents together, and using AI for better insights. Good software not only makes work move faster. It also gives a better impression to those you work with. And it helps keep all your important paperwork organized. Picking the best software is key to running a top-notch legal team.

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