Artificial Lawyer – “In all matters of law, every single detail of every legal document counts. But the sheer volume, velocity and complexity of information make it challenging to keep track of — let alone manage — the details that matter most. Legal technology is here to help lawyers manage those contract details in an automated and robust way — and with the legal and compliance rigor that legal teams require. This leaves lawyers more time to focus on their more strategic work. Over the next few years, legal technology budgets will grow three times as digital transformation and technology adoption increase at an accelerating pace, according to Gartner. In fact, more than 50 percent of all legal work today will be supported by one form of automation or another. Contract lifecycle management (CLM), in particular, is a growing pillar of the legal tech market. CLM systems let in-house corporate legal departments streamline the contracting process. They help alleviate manual workloads and improve turnaround times, in addition to reducing overall business risk via higher compliance and automated risk review. At its outset, a CLM search can feel overwhelming for corporate counsel. After all, legal tech is a relatively nascent industry, with a flurry of new vendors. And most legal teams have yet to take the lead on the evaluation of software for their organizations. So, when it is time to assess the different solutions in the market, it is useful to have a framework to review CLM vendors holistically. The framework below uses five distinct dimensions to support a complete review. Product functionality, of course, should be top of mind. But perhaps just as important is the implementation support vendors provide — not only regarding their software deployment, but also their legacy contract migration, legal AI engineering, and enterprise software integration. Given the nascency of the CLM space, other dimensions should include vendors’ value delivery and customer retention, as well as funding level and business history…”
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