Does Legal Service Delivery & Contract LifeCycle Management Compete or Complement or Co-exist with each other?
To help accelerate the transformation of your legal teams within the enterprise, ServiceNow has expanded its employee workflow portfolio to include a new Legal Service Management product. Legal Service Delivery & Contract Lifecycle Management strives to bring greater productivity and efficient collaboration while at the same time enabling legal to manage corporate risk. It has expanded user experience & mobile experience. LSD combined with CLM is proving to be the ultimate game-changer for legal.
Let us understand Legal Service Delivery with respect to Contract Lifecycle Management. This gives us a chance to explore the best of both worlds. Legal Service Delivery concentrates on providing legal services to the organization on activities like trademark requests, patent filing, IP review, and other regulations with a touch of digitization.
On the other hand, Contract Lifecycle Management focuses on making sure that the requests of these providers are assisted by drafting and standardization of contract templates, tracking workflow, simplifying approvals and execution, and analyzing performance, often under a centralized, intuitive user interface.
With Contract Lifecycle Management added to the Legal Service Management, the combined stack becomes a very potent game-changer for legal operations and a huge step towards legal tech transformation. Imagine a request coming into legal for drafting a new contract. Such requests would be routed in through the Legal Service Management ticket mechanism. Legal ops or Contract Management team, upon receiving the ticket, could respond to the request by creating the appropriate contract in the CLM tool.
Aavenir Contract Lifecycle Management is built natively on ServiceNow. The data is always stored in ServiceNow and in the same Contract table, provided by the NOW platform. This allows the contracts to be consumed seamlessly by the downstream applications for risk assessment, SLA tracking, IT asset management, etc.
Legal Service Delivery and Contract Lifecycle Management boosts productivity and increases legal response velocity by improving the workflow through:
1.Frictionless workflows across Legal practice areas and Standardized Contract lifecycle management
2.All the data is stored on ServiceNow and talk to each other seamlessly
3.Increase collaboration between cross-functional parties with modern CLM systems
4.Improve Visibility of the Contract requests and their resulting contract documents
5.Reduce Contractual Risks
