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Top 7 Ways How Law Firms Save Money with Contract Management Software

Creating an attorney representation agreement form (ARA) when you plan to take on a new client is tedious. Gathering client information, drafting the contract and finalizing the agreement is time consuming. Wouldn’t it be easiest to replicate the contract similar to an old one, using consistency format, language and terms? In some instances, you don’t have the time to do that, rather create a whole new one. Lastly, when the contract is set and some time has passed, your biggest fear becomes mismanaging or losing essential information pertaining to the contract. All of this accumulates to a loss of time and money.

Follow along as we discuss the top 7 ways how law firms save money with contract management software, making creating new attorney representation agreement forms more efficient, transparent with oversight and repeatable.

1. Optical Character Recognition (OCR)

Parsing contract document information is annoying, especially if it is an image or pdf. There’s no easy way to quickly find what you’re looking for. You can end up reading dozens upon dozens of pages before you find the correct information, or you can even accidentally skip reading it. What optical character recognition (OCR) does is it enables parsing contract document information easily as if you used the quick-find function in a Microsoft Word document or in Google Docs.

Take, for example, payroll comes and HR needs to find the correct billing statement you will issue your client. Whether you charge them hourly, a fixed fee or through a contingency-based plan, HR does not want the hassle of parsing the client’s contract to find that basic information for more than a few minutes. That’s where OCR comes into play, allowing HR to find how a client will be billed in a matter of seconds.

2. Contract Indexing

What is contract indexing? Contract indexing is the procedure for cataloguing long-term contracts that include clauses allowing for intermittent periods of negotiation. How, then, would contract indexing benefit a law firm?

In a class action lawsuit, a law firm will take on multiple clients with the same intent of suing a larger entity. These types of lawsuits can take years, and using contract indexing, when a law firm takes on a client that pertains to a class action lawsuit and as more information is being uncovered, how a contract is drafted and negotiated will change. You will need to adapt your and your client’s ARA accordingly. Overall, indexing will improve your contract management.

3. Granting Contract Access Rights and Contract Security