According to The Legisway Benchmark for Legal Departments 2024, just 26% of in-house legal professionals say their department has improved the way they manage documents and contracts. When documents are stored in spreadsheets, inboxes, and shared drives, it becomes a logical nightmare. With limited features for organizing documents and generating reports, these generic solutions cause legal teams to waste valuable time searching for documents.
Examine your processes
Instead of a complete overhaul of your processes, examine the processes your legal department has currently, and which can become more efficient along with the challenges you want to address. A good place to start is with high-priority, persistent challenges, such as missed contracts deadlines, or contract turnaround time.
Map out the process
Once you know what processes you want to address, you should map out the process step-by-step and indicate the stakeholders involved at each step. For example, the sales department handles a lot of contracts. What are they responsible for, and what is the legal department responsible for?
Leverage legal software
The most cost-effective way to centralize your documents is to leverage legal software. The advantage of using legal software is that it’s more intuitive, organized and efficient, especially when dealing with large volumes of documents. You avoid having multiple logins and costs associated with multiple solutions or having to move data between various tools.
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