Law firms need contract management software to automate mundane and time-consuming activities that distract from the central task of practicing law. The legal profession is already under stress, beginning with recent changes in demographics and economics. Many lawyers feel like they are drowning in data: emails, paper files, court documents, and deadlines.
Technology can help firms alleviate this burden by providing an easier way to manage client relationships and information. By using contract management software, “the busy individual or organization will have at their fingertips all relevant information needed for the execution of draft agreements”.
The following reasons illustrate why contract management software is integral for any law firm:
Easily Track Open Contracts
Without a good contract management system, a law firm can be bogged down with having to keep paper copies of every contract they have ever dealt with. Having them stored in an electronic document makes it much easier for lawyers to find the files they need quickly and easily without wasting time flipping through huge stacks of papers searching for what they need.
Access from Anywhere
Having access from anywhere means that your clients can see their contract anytime, from any device that has an internet connection! This also helps the team at the law office, so everyone has access whenever they may need it! The ability to pull up a contract from a client on a mobile device while out of the office helps them close the deal more quickly and easily.
Track Project Due Dates
Having deadlines for projects is key to staying on schedule, but keeping track of those deadlines can be difficult when you’re constantly juggling multiple cases. A contract management system allows you to set up task lists that track everything that needs to get done before a certain deadline, so you can stay focused on your work rather than trying to keep track of it all in your head.
Project Progress Tracking
Keeping track of who is working on what contracts and what progress has been made helps both the attorney and their clients know where they stand at any given time with any particular case or project. This allows you to see which projects are close to being finished and any that may be falling behind, so you can offer the client the best service possible.
Estimates for Clients
When a client comes in, they need to know how much their case will cost them and when they can expect all of it back. That is why lawyers use estimates on legal fees, so the client knows exactly what they are paying for and when all of the money will be coming back! With contract management software, attorneys can quickly give their clients an estimate of how long everything will take and how much it will cost.
Less Time Searching through Document Folders
Having your documents stored electronically makes finding things way easier than physically digging through boxes or file folders. The search function on most contract management software allows you to find the exact document or section of a contract that you are looking for in just seconds, which saves both time and money!
Easily Assign Contracts to employees
The biggest benefit of having contract management software is being able to take each case and break it into smaller tasks, then assign those tasks to your team members depending on their expertise or area of focus. This way everyone knows what they are responsible for and no one falls through the cracks! This helps the firm run smoothly and allows everyone to focus on their area of expertise rather than doing tasks they aren’t comfortable with or familiar with.
The Ability to Share Documents Electronically
Not only does document management software save space in your office, but it also makes sharing things so much easier! No more having to send out mass emails about changes you made to a contract or running back and forth between different offices or even across the country so someone can have access to what they need when they need it! With electronic sharing, everything is done automatically making everyone’s lives easier!
Without good contract management software, you risk creating an unorganized mess of documents that no one knows how or where to find anything. Contract management software organizes everything in a logical way that makes it much easier to find the exact thing you are looking for in no time at all.
Without contract management software, having your documents organized or not will have little impact on quality assurance. But when you have everything well organized and accessible at any time, you can rest easy knowing that everything is well taken care of and nothing is left out. This allows everyone involved to feel confident in their work because they know all of the proper steps are being taken to ensure success!
Contract management software provides many amazing benefits that can be used by an entire firm or just one person depending on what features are needed. It makes organizing files so much easier which saves countless hours of searching and digging. It also has a ton of added benefits like automated document sharing and quality assurance tools that make everyone’s lives easier and the work they produce better.
Contract management software is a must-have for any law firm that wants to run smoothly. It ensures everyone knows what their responsibilities are, which helps them get more focused on the tasks they know how to do best and less time spent doing things they aren’t comfortable with or don’t have experience in.
The benefits of contract management software are numerous – it saves space by storing documents electronically rather than physically; it improves organization by providing an easy way to find anything you need quickly without digging through piles of paper; it provides quality assurance tools so nothing falls through the cracks, etc. With all these benefits combined, there’s no question why every law firm needs this essential tool!