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How to Choose the Right Contract Management Software for You

Reading time: 6 minutes

Written by Alison Wilkinson

Contracts are an essential part of any legal office. If your law practice drafts contracts, conducts due diligence or does compliance work on behalf of your clients, you likely process hundreds, if not thousands, of contracts per year.

If they lack contract management software, many legal offices will instead store their contracts on secured shared drives like Google or Sharepoint. Using a secured shared drive is a step up from storing contracts in filing cabinets, but it’s inefficient. Contracts remain hard to access by multiple people, and it’s cumbersome to assign management and authorship duties.

With inefficiencies and management issues come errors. The International Association for Contract and Commercial Management estimates that the average company loses more than 9 percent of its revenue annually due to contract-related issues. Further, firms can lose up to 40 percent of the value of a given deal due to inefficient contracting, according to an estimate by the professional services firm KPMG.

Contract management software helps eliminate value leaks and inefficiencies by providing centralized, organized access to all your firm’s contracts. The software can give your group the tools it needs to share contracts among coworkers securely, assign and manage assignments, analyze key terms, review contracts quickly and accurately, streamline and process results and keep track of important deadlines. It also frees up time for attorneys to do more strategic, high-value work and allows them to update contracts more regularly.

Staying in the loop about Lupl

Reading time: 5 minutes

Written by Lenon Ong and Elizaveta Shesterneva | Edited by Utsav Rakshit, Ong Chin Ngee and Josh Lee

An introduction to Lupl

In the last decade, the world has seen an explosion of legal technology products. However, hopes that these products would spur a new era of significantly increased productivity for law firms have not panned out. Across legal industries, the adoption of these product leaves much to be desired. 

The problem, as discovered by the founders of Lupl, lies in the digital fragmentation of these legal technology products. 

TechLaw.Fest 2020 Quick Chats: Mark A. Cohen, Executive Chairman of Digital Legal Exchange, CEO and Founder of Legal Mosaic, LIFTED Catalyst-in-Residence

Reading time: 6 minutes

Interview by Ong Chin Ngee, Lenon Ong and Elizaveta Shesterneva | Edited by Ong Chin Ngee

TechLaw.Fest 2020 (“TLF”) will take place online from 28 September to 2 October 2020, becoming the virtual focal point for leading thinkers, leaders and pioneers in law, business and technology. In the weeks leading up to TLF, the LawTech.Asia team will be bringing you regular interviews and shout-outs covering some of TLF’s most prominent speakers and the topics they will be speaking about.

This week, LawTech.Asia received the exclusive opportunity to interview Mark A. Cohen, Executive Chairman of the Digital Legal Exchange, CEO of Legal Mosaic, and the Singapore Academy of Law’s LIFTED “Catalyst-in-Residence.” Mark will be sharing the stage with Richard Susskind for a special session of their “Uncertain Decade” series. They will be discussing  “The Future of the Legal World.”

TechLaw.Fest 2020 Quick Chats: Wong Meng Weng, Principal Investigator of Singapore Management University Centre for Computational Law; Co-Founder of Legalese

Reading time: 8 minutes

Interview by Tristan Koh and Ong Chin Ngee | Edited by Tristan Koh, Ong Chin Ngee and Josh Lee

TechLaw.Fest 2020 (“TLF”) will take place online from 28 September – 2 October 2020, becoming the virtual focal point for leading thinkers, leaders and pioneers in law and technology. In the weeks leading up to TLF, the LawTech.Asia team will be bringing you regular interviews and shout-outs covering some of TLF’s most prominent speakers and the topics they will be speaking about.

This week, LawTech.Asia received the exclusive opportunity to interview Wong Meng Weng, Principal Investigator of Singapore Management University Centre for Computational Law and Co-Founder of Legalese. Meng Weng will be speaking at the Knowledge Cafe on “What Computational Law Can Do For You” on the third day of TLF (30 September 2020).

LawTech.Asia: Media Partner for TechLaw.Fest 2020!

Reading time: 2 minutes

We are proud to be recognised by the Singapore Academy of Law as an official media partner for TechLaw.Fest 2020!

TechLaw.Fest 2020 (held from 28 September to 2 October 2020) is a signature convention in Singapore that will be the focal point for leading thinkers, leaders and pioneers in law and technology.

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