Home Equity Lending Company Revamps Contracting With Innovative Contract Renewal Services

Challenge

The client needed to migrate a large volume of legacy data to their CLM platform. Their technology provider did not have the capability to migrate this legacy data.

In addition, the client realized 1 year into their implementation that executed contracts were not auto-renewing, and those that were not on auto-renewal had no mechanism to alert the team members or appreciate next actions, some needed auto renewal, while others required more intervention.

The client was also undergoing an M&A and needed all data and docs extracted from the CLM for auditing purposes.

Solution

• LegalEase mobilized a team of dedicated CLM expert attorneys to tackle the client’s challenges.
• The LegalEase team identified and migrated the client’s legacy data to the new CLM platform.
• The LegalEase team set up automatic notifications for expiring contracts when a member of the legal team needed to be involved.
• The LegalEase Team created processes around all types of renewals, automatic and otherwise.
• LegalEase provided the client with an auto-renewal solution by integrating their CRM with the client’s custom e-signature system.
• LegalEase also leveraged the CRMs API to create a bespoke method through which a Sales User could select the contracts and documents for signature, and send this data to their outside system, while also gathering the finalized document back into the CRM.
• LegalEase was able to provide methods through which all required data and docs were extracted, within 48 hours, for a very important audit.

Results

• LegalEase successfully migrated all of the client’s legacy data to the new CLM platform.
• LegalEase assisted the client with their contract auto-renewal process.
• LegalEase built a custom eSign “bridge” so contracts from the CRM got signed in accordance with the rest of their contracts living outside the sales side CRM.
• LegalEase provided emergency assistance in meeting audit compliance needs through data and document extraction.