Legal technology has gained a secure foothold in the legal industry and has now reached a critical tipping point. Lawyers can no longer be distracted by the bells and whistles, and instead must be focused on identifying and implementing meaningful tools that enable in-house legal leaders to be true catalysts for change across the business. Selling the Dream is a monthly series that separates what is hype from what is real and provides tips for using technology to elevate the status of the in-house legal function.
Every business unit in the entire organization can benefit from the unique capabilities of contract lifecycle management (CLM). A well-implemented CLM system streamlines and improves the contracting processes, strengthens partnerships, and increases transparency and productivity. Adoption of legal technology, such as CLM, is rapidly increasing across all stages of businesses, and the benefits to the legal teams and the businesses as a whole are elevating the status of the legal function from merely a cost center to a driver of the business.