On the last week of every month, Nexl releases three (3) new words that are commonly used in #LegalTech to help our Business of Law Community develop their understanding.
Contract Lifestyle Management (CLM) is designed to automate and streamline the lifecycles of contracts and agreements created and/or administered by an organisation. It commonly assists with executing the important stages and milestones of a contract.
Knowledge Management relates to how teams create and share information across their organisation. Over the years, this has become more popular as it helps saves time and resources, and increase collaboration between teams.
Practice Management Software assists lawyers to effectively manage legal operations and create more time for their legal work. It is commonly used for organising and tracking matters, client communication, billing and file storage.