Reduce your contract review time by 50%: Malbek CLM ⏱️📑

In the fast-paced world of legal tech, Contract Lifecycle Management software (CLM) isn’t just useful; it’s essential.

Don’t believe us? Let the numbers speak: 65% of in-house legal departments embrace it, declaring it their most effective tool, a revelation reported by Lyle Moran.

But why the buzz surrounding CLM and why do we think Malbek is leading the charge?

We explore these questions and more in this week's edition of The Automated Lawyer, offering insights into the transformative impact of CLM and Malbek's unique approach.

What you need to know about CLM tools:

How does the technology work?

Generally, CLM software automates the creation, execution, and management of contractual agreements, from initiation to expiration or renewal. Let’s break it down:

• Automation: CLM automates standard contractual steps like initiation, authoring, negotiation, execution, management, and renewal.

• Standardization: It uses pre-approved templates and legal clauses for quick, consistent contract creation.

• Integration: Finally, CLM synchronizes with third-party systems for a unified workflow.

How can CLM benefit your firm and why do we like Malbek’s CLM?

Through the acceleration and standardization of contract management, CLM software enhances firms’ efficiency, accuracy, and compliance.

Malbek’s CLM solutions, according to their website and case studies, can produce notable results in just three months:

• 70% decrease in contract cycle times

• 36% increase in contract efficiency

• 20% elimination of potential revenue loss

• 50% reduced time to review contracts

It’s no surprise that Malbek was named a SoftwareReviews’ 2023 CLM Data Quadrant Award champion, placing it among industry leaders like DocuSign and LexisNexis.

Let's Deep-Dive What Malbek Has to Offer

Contrax, Malbek’s AI-powered CLM software, offers benefits such as:

• User-Driven Compliance & Risk Management: Self-service tools for easy setup and use, minimizing IT dependency. The system is highly configurable by users, putting compliance and risk mitigation in your control.

• Seamless Integrations: Contrax integrates with various platforms, including CRM systems like Salesforce, HubSpot, Microsoft Dynamics, and spend & supplier management tools. It also integrates with e-signature platforms like DocuSign and Adobe Sign, as well as popular document management systems.

• Intuitive Searches and Reports: Contract data and clauses can be searched as effortlessly as a Google search. Creating contract reports is as simple as using Amazon’s filtering system.

• User-Friendly: Contrax boasts a modern interface, efficient search capabilities, and a design philosophy centered on minimal clicks, ensuring ease of use.

In addition to Contrax, Malbek offers:

• Klix: A modern clickwrap solution streamlining online agreements.

• Lifecycle AI: Provides access to contract data, offering contextual insights and recommendations for enhanced business performance.

• Konnect: A user-friendly, no-code interface enabling easy integration with various business applications for streamlined connectivity.

Request a demo for any of their services here.

Beyond CLM: Malbek’s Legal Tech Insights

Contract management software only represents one aspect of the changing legal tech landscape. For lawyers, both in-house and in private practice, who have an interest in learning more about how legal tech will impact and enhance their work, we recommend you read Handbook of Legal Tech. 

Edited by Colin Levy, Director of Legal at Malbek, the book provides guidance from many legal tech figures on areas including automation, blockchain, AI, and legal analytics.

Furthermore, Malbek is offering a Zoom webinar on December 7th at 1pm EST, where the authors of the book discuss and bring to life key concepts from Handbook of Legal Tech.

The webinar’s speakers are: 

• Matt Patel: Malbek’s Co-Founder & COO

• Colin Levy: Malbek’s Director of Legal & Evangelist

• Tom Stephenson: VP of Community & Legal Operations at Legal.io

• Daniel Farris: Founder and CEO at NMBL Technologies

Levy is also the author of another book—The Legal Tech Ecosystem, where he explores how and why legal departments must undergo a fundamental digital transformation to truly capitalize on technology’s benefits.

We hope you enjoyed reading this edition of The Automated Lawyer. If you found it helpful, share the newsletter with a few friends or colleagues and follow our LinkedIn page to stay updated with the latest in legal tech. 

Until next time, 

Nima, Ian, and the JusticeArch team