If you’ve invested time, energy, money, and maybe even some blood, sweat and tears into setting up the contract lifecycle management (CLM) system you’ve got today, the thought of switching can be scary.

With increased budget scrutiny and CLM initiatives tied to top company goals, the stakes for getting it wrong have increased dramatically. Legal buyers must reframe the “why” behind their purchase, look beyond legal efficiency and adjust their evaluations accordingly.

Generative AI is everywhere these days. And, while some of what you see and hear is hype, the truth is generative AI is here to stay and there are a lot of very real use cases, especially for legal professionals like in-house counsel. 

Pramata CEO Praful Saklani explains why clean contract data is a critical component of effective generative AI implementations and shares his thoughts on how the groundbreaking technology is changing the game for legal professionals.

A surprising number of tech implementations fail. Whatever the reason, it’s rare for customers to report a truly positive and uneventful implementation experience. Rare, that is, unless you have the Pramata platform. Nick Schultz, Pramata Customer Success Manager shares 5 ways Pramata makes it radically simple to get up and running fast!

There’s a lot to learn when it comes to contract management systems, especially if you’re a beginner. When you’re working with contracts, you likely don’t have a lot of time or mental energy to devote to learning a new technology. We understand how complex the world of contract management systems can be. Here, we’re going to break down the basics and provide you with a solid foundation of best contract management practices.

If you work in legal ops, you’ve got your hands full. Likely, more than full. You’re charged with everything from managing budgets and controlling costs to finding and implementing a legal tech stack. You live in a world of processes, workflows, and efficiency improvements. So why don’t traditional CLMs deliver on their promises to make your life easier?

When Catholic Health faced a significant price jump with the contract management system it had been using since 2006, the search for a new solution began. End users at the company were ready for a modern contract management solution, but worried about the complicated process and down time required to migrate the contracts from their legacy CLM system. 

For lean legal teams and solo general counsel, navigating the contract management system procurement process can be daunting.

Simplifying and getting control of manual contract management can be overwhelming. Legal teams big and small are spread thin between reviewing and drafting contracts, helping sales teams with renewals, new contract requests, and all the ad-hoc questions thrown at you daily. 

Layoffs are an unfortunate reality in the business world. Throughout 2022, a perfect storm of factors — from inflation to supply chain disruptions to global conflicts — have pushed businesses to reduce operating expenses, often resulting in dramatic reductions in headcount. 

Legal teams large and small struggle with one universal issue: your reputation within your own company. It doesn’t matter how hard you work or how many hours you slave away serving the needs of every internal department, legal is often seen as an adversary, not an ally. What if there was a way you could turn that reputation around and ensure your legal team is a valued partner of the business? 

In part three of our blog series covering Forrester Consulting’s study commissioned on behalf of Pramata, we dig into the opportunities available to contract management teams that realize the full strategic value of their CLM solution and are able to maximize their contract management technology investments.

Legal Week is fast approaching (it’s March 20-23, 2023 in case you don’t already have it on your calendar) – and I’m excited to be presenting a CLE-eligible emerging technology session along with my friend, and “Contracts Queen,” Roma Khan of Crush Contracts. 

If your current contract management process (either manual or an existing CLM) has you or your staff at your breaking point, look for a solution designed with small legal teams in mind. 

At a time when companies are required to do more with less, contract management technology is becoming increasingly more expensive and taking an alarming amount of time to deploy while failing to deliver on key business goals.

Pramata Founder and CEO Praful Saklani shares his insight on the contract management landscape and why it’s time our industry focuses on the things that matter most. 

A contract management system should make your job easier, not harder. But when you’re shopping for a solution it’s easy to get distracted by fancy features and focus on the wrong things.