NEXL spoke with Lucy Bassli to extract the foundational aspects of the hottest buzz word in the legal industry today – CLM, otherwise known as Contract Lifecycle Management.

What?

CLM is all about managing the whole lifecycle of a contract.

It allows the lawyer and user to understand how their transaction/business relationship is being dictated.

CLM’s allow the lawyer to stay informed, get all the information and help the client achieve the best outcome.

Why?

Whilst somewhat mentioned above, CLM’s are super critical because they look after one of the most important things for lawyers – contracts.

By managing a contract closely and following through various steps, you can ensure everything is being addressed.

It is really important that as lawyers, you empower the beholder of the contract to be able to apply it with the right knowledge and for it to be designed properly.

How?

Essentially, CLM is all about a methodical approach.

It involves asking yourself lots of questions, being structured and not wasting any time on things that don’t matter.