Legal operations professionals no longer need to rely upon a contract negotiations system that hinges on back-and-forth communication and document redlining.

With robust legal operations technology available through leading-edge legal contract software solutions, document collaboration and version control are made easier with numbered version tracking and a full log of document versions. Collaborating parties can maintain version control with the ability to access the newest, most up-to-date document versions with efficiency. This process can be further optimized with a seamless cloud document integration with Google OneDrive and MS Office 365.

Clause ownership functionality improves legal department work by allowing organizations to assign clause owners. If a legal party attempts to edit a clause, a leading legal operations platform can add that clause’s owner onto the approval process.  As a result, only necessary parties are included in the negotiation process, according to rules-based clause ownership.

Contract negotiations between internal parties, external parties, and employee non-users of legal operations technology such as contract software are more efficient when teams are furnished to configure a rules-based contract process. A pre-configured contract workflow allows contract stakeholders to receive an alert that takes them to a user-friendly contract collaboration portal. There, relevant contract documents can be reviewed. A benefit of this process is that parties and employees without access to contract management software can still view and edit contracts that are assigned to them but cannot access unnecessary core system features and contracts that are not relevant to their legal operations

processes. Necessary documents are isolated so that stakeholders can view or edit them right from the portal. Additionally, parties can undergo approval collaboration in a unified location and receive notifications about the approval process – in the interest of cutting delays.

With such a helpful contract negotiation portal, legal department work and legal contract collaboration are made straightforward and efficient.

Obligations, Task Management, & Spend Management Excellence

On the post-execution side of in house legal operations and external collaboration, organizations can leverage legal operations technology such as contract lifecycle management software for a more unified, tight-knit, and punctual process. The life of a contract and its relationships can continue to be maximized post-execution with automated alerts, streamlined workflow processes, optimized spend management, and future-minded obligations management offered by a leading legal operations platform in contract software.

• Better Spend Management: Take advantage of easy contract pricing and budget tracking. Track and monitor costs, line items, and overall financial reporting, and receive advanced budget alerts.
• Modernize Obligation & Task Events: Workflow processes for obligations and tasks can be targeted to execute when certain criteria are met, prior to execution, after execution, or both. This flexibility virtually ensures that the proper approvals, notifications, and alerts will be initiated for contracts at precisely the right time.
• Advanced Notification & Alerts: Email and system calendar alerts can be configured and delivered by the system. Both of these are designed to alert key business users and stakeholders to process assignments, information, requirements, and deadlines.

Best-In-Class Compliance & Auditing Tools

Advanced auditing tools and compliance reporting give legal ops professionals greater visibility into contractual relationships across companies and entities. Legal compliance standards of legal department work can be easily maintained with user-friendly and robust reporting metrics, key dates oversight, and renewals.

Next-Level Legal Contract Management Reports

Ad-hoc reports equip legal operations professionals with user-friendly reports on incoming tasks, user-defined status reports, reports regarding financial commitments, and more. Reports can be emailed on a scheduled basis or rapidly exported into spreadsheet format to save locally and distribute.

With an online report designer on legal contract software, a legal operations manager and their team can use future-minded legal operations technology to establish highly configurable and flexible reports to demonstrate critical contract information at a

glance. These report designers include many file exportation options, such as PDF, MS Word, spreadsheets, various image formats, rich text, CSV, and more!

Executive graphical dashboards deliver a comprehensive overview of key dates, activities, and contract performance.

With the help of advanced financials tracking, better searching, and top-of-the-line reporting tools, legal ops professionals can track payments, spend, and contract data changes.

AI-Based Risk Management & Enhanced Risk Oversight

Meticulous risk management is crucial for successful legal contract management and legal operations. AI-based contract management software simplifies, centralizes, and automates risk assessment, analysis, and mitigation.

An easy-to-understand risk score can keep your legal operations team accountable by equipping them with an outline of how well (or, conversely, how poorly) they are utilizing their risk tools. From there, they can act accordingly and institute the best possible risk management procedures.

Advanced contract software for legal operations also features risk rating and risk mapping tools. Risk profile ratings can help legal ops professionals to visualize risk. Based on tracked risk, legal operations technology users are provided with a risk assessment matrix. From there they can view risk probability patterns for events within contracts, as well as risk exposure that can result as a consequence of those events.