Today, firms are seeking to automate contracts as a driver of productivity and efficiency. There is clear evidence that the contract lifecycle can be streamlined with improved collaboration between law firms and their clients.
Any lawyer in a busy law firm will attest to the fact that they spend as much as half their time drafting contracts. A survey revealed drafting a non-disclosure agreement can take up to a week. In three simple steps, you can cut down the amount of time spent on drafting contracts.
This process may take the longest because you want to achieve the perfect template that will be used when you are generating the contract. Contract automation tools will make it easier. Using these tools like the document automation software, you can transform an existing contract into a template and you do not have to do it in an unfamiliar environment since the best docgen software allow you to use Microsoft Word and other familiar software. The template will then be saved in the system for future use.
Once you have completed creating the contract, you can forward it to the concerned parties and signatories for review and negotiation. If the contract is acceptable to all, they can sign it. This can be done using any mobile device (phone, tablet, laptop) or even a desktop. The contract automation software usually provides for e-signatures. Once the signatures are collected, the document is automatically saved as PDF and every signatory will receive a copy of the final contract in PDF.
The signed contract can be stored within the DMS. The contract lifecycle however does not end with the storage. You can continue to review it to see if any clauses may be outdated and need to be updated. Contract management continues throughout the use of the template.
Thanks to contract automation, you and your team can be even more productive. Time spent drafting, approving, and delivering contracts can be cut drastically once you implement contract automation technology.