Why Your Corporate Legal Department Needs to Adopt Legal Forms Software

published on Contract Management, General Counsel, Legal Technology
The creation and execution of legal contracts is time-consuming and riddled with risk. By adopting legal workflow software for contracts and agreements, your corporate legal department can save time, money, and minimize liability exposure. Currently, thousands of companies save time by managing their contracts and other legal matters with Legisway. Still not convinced? Here are five reasons why you should adopt legal forms automation software. Effacts-Blog-Why-Your-Corporate-Lega-Department-Needs-to-Adopt-Legal-Forms-Software 1) Mitigate Risk One of the biggest pitfalls of companies dealing with legal forms and contracts is exposure to risk. A poorly worded agreement or an omission of a crucial contract clause can needlessly open up a company to liability. Legal forms software can mitigate this risk by providing users with a variety of subject matter specific templates and checklists during the creation process, guaranteeing your completed agreements incorporate all necessary and essential contract provisions. 2) Centralized Contract Management By employing legal forms software, companies can ensure that all facets and events related to a legal contract’s life cycle are located and managed in one place. Centralized contract management promotes organization and efficiency by condensing contract formation, revision, and execution into a single, easy-to-use dashboard. The centralized nature of legal forms software makes it easy to keep track of and manage a large volume of legal agreements. 3) Ensure Best Practices Innovators in legal tech, such as Legisway, offer legal forms workflows that conform to subject matter and industry-specific best practices. Whether its intellectual property, mergers and acquisitions, or real estate, Legisway offers customizable modules that incorporate current industry standards and contractual provisions into contract creation and management. 4) Provide Secure Access Oftentimes multiple parties are collaborating on a single legal contract. This can lead to logistical nightmare when different individuals are simultaneously drafting provisions and making changes. Legal forms software eliminates duplicate work and confusion by providing a single portal where a variety parties can view and make changes to legal agreements. Customizable permissions and required user authentication make sure that while highly accessible to authorized persons, your agreements are secure. 5) Save Time and Money Every business wants to eliminate wasted time and money. Legal forms platforms, like Legisway, offer a plethora of time-saving management tools, such as dashboards, reports, alerts, workflows, and more. Accordingly, adopting legal forms software is an easy, quick, and affordable way to maximize efficiency in legal process flows. In addition to these benefits, by digitally managing and storing contracts, companies can cut costs on the necessary physical storage requirements of hard copy agreements. Get your FREE demo