NLJ selects ContractRoom as a change agent helping to change the way legal departments and law firms operate
ContractRoom, the world’s smartest contract lifecycle management platform, was named an Emerging Legal Technology in a special section of the February 2019 issue of The National Law Journal. The NLJ’s new Emerging Legal Technologies section highlights new legal technologies that are changing the way that legal departments and law firms operate.
As stated in Emerging Legal Technologies, “ContractRoom improves the way that agreements get done, which in turn is transformative for legal operations and the broader business processes, especially with sales and procurement.”
The National Law Journal cited ContractRoom as a change agent in part because the company believes that taking the whole life cycle online is the only way to obtain increased speed, control, and deeper insights. Therefore, the ContractRoom’s contract lifecycle management platform leverages online negotiation, automated document assembly, and AI-enhanced workflow management to allow legal professionals to close agreements faster.
“Business users are eager to embrace automation, and our customers are closing agreements 10 times faster and incurring less risk while they do it,” said ContractRoom COO Peter Thomson.
Starting with document assembly, ContractRoom’s AI-enhanced workflow management has built-in rules that enable it to learn and train through the process. ContractRoom can decentralize workflow and reduce the burden on the legal team with triggers that flag exceptions along the way. At the same time, it can centralize control of content throughout a contract negotiation with automatic triggers. “Lawyers become the central dispatchers,” added Thomson. “It’s highly configurable, and they don’t have to be dependent on template libraries because it’s all digitized and put into a platform that helps them keep it all in one place.”
By digitizing the contracting process end to end, ContractRoom also captures large data sets of transactional, behavioral and content data that are leveraged via AI to improve contracts and workflow while offering insight to improve overall decision-making. “Automation of the full contracting process is really what distinguishes a robust CLM solution from basic contract management,” Thomson concluded.
To learn more about how ContractRoom’s solution, contact firstname.lastname@example.org