Since 2019, the world has seen disruption after disruption, and legal is no stranger to them. To make matters worse, a recession is on the horizon, forcing legal to plan ahead to weather the storm. Resources including contract lifecycle management (CLM) technology may be able to help legal tide through an economic downturn. Find out more in this article.
Today’s General Counsel says that “modernizing and digitizing the contract process can be part of the solution,” which includes CLM strategies, as one of many ways to recession-proof legal departments. When the pandemic hit and remote work was the only way forward, there was a renewed interest in leveraging CLM. A remote work model was the ideal platform to spark an interest in digital contract management software, which proved its usefulness in a remote-first model.
Hitting resources hard, the pandemic showcased the benefits of CLM. A recession will also either minimize resources, or force legal departments to make do with their existing resources, often spreading them too thin. CLM is a great fit when budgets are tight, in-house teams are reduced, and time is a luxury. Solutions like CLM stretch dollars, saving time and lightening the burden of contract management and execution on legal departments.
Affordable, Yet Saves Costs
An iCertis article notes that CLM offers savings upfront and in indirect ways. With insights into the hows and wheres of contracts, legal departments can help their organizations identify any discrepancies. CLM also shows legal departments potential discounts and incentives, allowing them to make the most out of every dollar. A dollar saved is a dollar earned, especially when they’re billable hour dollars during an economic downturn.
Automation Saves Time
During a recession, money, time, and resources are stretched to their limit. CLM offers legal departments contract task automation such as auto-renewal of contracts, flagging contracts about to expire, and more. This allows legal departments possibly running with fewer people the leeway to focus on other pressing matters to save their time, and money when they need it most – during a recession.
LegalEase Solutions provides CLM solutions for every legal department, whether there’s a recession or not. Find out how to maximize the potential of CLM for your legal department with our CLM solutions.
In our CLM webinar on “How to Propel Your CLM Transformation Journey”, you’ll find out how CLM can be a means to recession-proof your legal department. The webinar happens on February 8, 2023 from 11:30 AM to 12:30 PM EST.