Contract Lifecycle Management

What is Contract Lifecycle Management?

Contract lifecycle management (CLM) products provide a suite of applications that handle all or many of the processes involved in end-to-end contract management, from contract generation, drafting and approval workflows, to contract database management, to post-execution contract review, analysis and performance monitoring.

The purpose of CLM software is to manage contracts from offer and acceptance to maintenance and renewal or expiration. The software handles contracts as agreements between two or more parties that create legal obligations enforceable at law and bring a risk of non-compliance with terms and conditions.

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Legal IT Insider
Workday acquires Evisort to surface insights for customers across HR and finance
Enterprise finance and HR platform Workday, Inc. announced today (17 September) that it has signed a definitive agreement to acquire AI contract management vendor Evisort for an undisclosed sum. More [...] The post Workday acquires Evisort to surface insights for customers across HR and finance appeared first on Legal IT Insider.
Caroline Hill - Editor-in-Chief
9/17/2024
Law.com's Legaltech News
Workday to Acquire Evisort, Bringing AI-Powered Document Intelligence to Finance and HR
The deal marks the second major acquisition of a CLM company by an enterprise software company in 2024.
Law.com's Legal Tech News
9/17/2024
Law.com's Legaltech News
Legaltech Rundown: Harvey Partners With Icertis, Flo Recruit Releases Legal Career Platform, and More
An update on the legal tech market’s past week, from product launches to new partnerships.
Law.com's Legal Tech News
8/30/2024
Legal IT Insider
Harvey unveils new integration with Icertis in CLM first
Harvey announces today (27 August) a new integration with contract lifecycle management leader Icertis, marking the first time that Harvey’s domain-specific models will be available to enterprise users via a third-party [...] The post Harvey unveils new integration with Icertis in CLM first appeared first on Legal IT Insider.
Caroline Hill - Editor-in-Chief
8/27/2024
LawSites
As KKR Acquires Majority Stake in Agiloft, An Interview with the CLM Company’s CEO Eric Laughlin
Last week, KKR, a major global investment firm, announced that it had entered into an agreement to acquire a majority stake in Agiloft, the contract lifecycle management company. As part of the deal, the growth equity firm FTV Capital, already an Agiloft investor, is making an additional investment, and another growth equity firm, JMI Equity,...
Bob Ambrogi
6/10/2024
Law.com's Legaltech News
In Contract Management, Standards Lag Behind Investment
Current research from Gartner and the Blickstein Group report both an increase in overall spend to improve core legal department processes and that more than 40% of in-house teams will update, evaluate or implement new tools within the next 12 months.
Law.com's Legal Tech News
6/4/2024
Above the Law Tech News
Investment Firm KKR Acquires Majority Ownership Of CLM Company Agiloft
KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments. The post Investment Firm KKR Acquires Majority Ownership Of CLM Company Agiloft appeared first on Above the Law.
Robert Ambrogi
6/3/2024
Law.com's Legaltech News
KKR Fund Acquires Majority Stake in CLM Provider Agiloft
As a part of the deal, FTV Capital will make an additional investment in the company, and JMI Equity, a growth equity firm focused on investing in software companies, will join on as a new investor.
Law.com's Legal Tech News
5/30/2024
Legal IT Insider
KKR acquires majority stake in CLM vendor Agiloft
Respected global investment firm KKR today (30 May) announced that it has acquired a majority stake in contract lifecycle management vendor Agiloft. Existing investor FTV Capital and new investor JMI [...] The post KKR acquires majority stake in CLM vendor Agiloft appeared first on Legal IT Insider.
Caroline Hill - Editor-in-Chief
5/30/2024
LawSites
Breaking: Investment Firm KKR Acquires Majority Ownership of CLM Company Agiloft
I am running out the door, but this news just broke. Here is the unedited announcement: KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As...
Bob Ambrogi
5/30/2024
Law.com's Legaltech News
Agiloft Releases Prompt Lab With 'Bring Your Own Gen AI Model' Approach
Alongside its Prompt Lab release, contract life cycle management provider Agiloft also unveiled enhanced capabilities in its ConvoAI product and Google Docs app.
Law.com's Legal Tech News
5/2/2024
Legal IT Insider
Agiloft launches Gen AI Prompt Lab including ‘bring your own LLM’ capability 
Contract lifecycle management vendor Agiloft today (2 May) announced the launch of its Generative AI Prompt Lab, which includes pre-configured prompt templates that can leverage customer’s own data – and [...] The post Agiloft launches Gen AI Prompt Lab including ‘bring your own LLM’ capability  appeared first on Legal IT Insider.
Caroline Hill - Editor-in-Chief
5/2/2024
LawSites
Despite All the Hype Over CLM Software, Most Companies Don’t Use It to Manage their Contracts, Survey Finds
One of the most talked-about legal technologies of the last few years is contract lifecycle management software. But a survey released today finds that the majority of companies do not use CLM software at all, and of those that do have a dedicated CLM system, most use it only on a limited basis. Instead of...
Bob Ambrogi
3/5/2024
Legal IT Insider
Software giant Epicor selects Agiloft’s CLM platform
Global enterprise software provider Epicor has selected US-headquartered contract lifecycle management vendor Agiloft to help digitally transform its contract-driven processes globally. We’re told that Agiloft’s platform will be closely integrated [...] The post Software giant Epicor selects Agiloft’s CLM platform appeared first on Legal IT Insider.
Caroline Hill - Editor-in-Chief
1/23/2024
Law.com's Legaltech News
CLM Provider Evisort Launches Document X-Ray, a Gen AI Custom Model Builder
Evisort’s Document X-Ray turns users’ natural language questions about their contracts into custom, artificial intelligence models that can automatically populate data fields for any agreements.
Law.com's Legal Tech News
1/23/2024
Legal IT Insider
Exclusive: Panoram launches contract lifecycle management application in M365 
Panoram, the enterprise legal software solutions company founded by former Neota Logic managing directors Rick Seabrook and Greg Wildisen and Epiq Systems’ president Chris Olofson, has launched its own contract ... Exclusive: Panoram launches contract lifecycle management application in M365  Read More » The post Exclusive: Panoram launches contract lifecycle management application in M365  appeared...
Caroline Hill - Editor-in-Chief
1/23/2024
Legal IT Insider
Guest post: The five reasons CLM implementations fail, and how to avoid them
By Simon McCarthy, vice president of enterprise transformation at ContractPodAi Streamlining processes, ensuring compliance, and driving operational efficiencies are becoming increasingly important for organisations, which gives some reasoning as to ... Guest post: The five reasons CLM implementations fail, and how to avoid them Read More » The post Guest post: The five reasons CLM...
Caroline Hill - Editor-in-Chief
1/8/2024
LawSites
On LawNext – The Founders of Two Legal Tech Startups: Nicole Clark of Trellis and Kevin Walker and Bryan Davis of Centari
Today on LawNext, we feature two brief, back-to-back interviews with the founders of two separate legal tech startups, both recorded live during the inaugural Knowledge Management & Innovation for Legal Conference held recently in New York City.  First up is Nicole Clark, cofounder and CEO of Trellis, an AI-powered state court research and analytics platform....
Bob Ambrogi
1/3/2024
Legal IT Insider
Robin AI raises $26m to drive expansion in US and APAC
Robin AI has raised $26m Series B funding led by Temasek, a global investment company headquartered in Singapore, as it looks to grow in the United States and Asia Pacific. ... Robin AI raises $26m to drive expansion in US and APAC Read More » The post Robin AI raises $26m to drive expansion in...
Caroline Hill - Editor-in-Chief
1/3/2024
Law.com's Legaltech News
Robin AI, a Gen AI Assistant for Contracts, Raises $26 Million
Amid its growing expansion in the U.S., Robin AI, which closed on a series B funding round, is also setting its sights on the Asia legal market.
Law.com's Legal Tech News
1/3/2024
Law.com's Legaltech News
Many CLM Providers Claim to Be End-To-End. Only Few Actually Are
The 2023 InnoLaw CLM Market Study from the InnoLaw Group includes an index of a hundred CLM vendors for in-house counsel—and only ten of the providers featured were true end-to-end systems.
Law.com's Legal Tech News
12/11/2023
LawSites
How It Works: VerifAI from SpotDraft, Using AI in Word To Help Lawyers Review Contracts Faster
Today in the LawSites video series How It Works, we get a demonstration of VerifAI, a Microsoft Word add-in from the contract lifecycle management company SpotDraft that uses generative AI to help lawyers review contracts up to 15 times faster. VerifAI uses generative AI to review contracts against your personal guidelines, and answer your open-ended questions....
Bob Ambrogi
12/5/2023
Legal IT Insider
Integreon selects Leah Legal Copilot from ContractPodAi
Global alternative legal services provider Integreon has selected Leah Legal Copilot from contract lifecycle management vendor ContractPodAi in a move that Integreon’s CEO Subroto Mukerji says will enable it to ... Integreon selects Leah Legal Copilot from ContractPodAi Read More » The post Integreon selects Leah Legal Copilot from ContractPodAi appeared first on Legal IT...
Caroline Hill - Editor-in-Chief
12/5/2023
Law.com's Legaltech News
LTN Startup Spotlight: Ontra Co-Founder Ben Levi on Leveraging Competition, Finding Best Talent
Legaltech News caught up with Ben Levi, co-founder of Ontra, to look back on the company’s decade in the legal tech industry, from changes in competitors to investors’ evolving appetites.
Law.com's Legal Tech News
11/28/2023
Law.com's Legaltech News
Onit Launches Generative AI-Powered Contract Management Tool 'Catalyst for Contracts'
The contract solution comes with a chat feature designed to let users have conversations with their contracts and ask questions about clauses, draft language or find inconsistent terms, among other use cases.
Law.com's Legal Tech News
11/9/2023
Legal IT Insider
Kroll joins Agiloft’s global service partner network
Contract lifecycle management vendor Agiloft announced today (7 November) that Kroll has joined its global network of service partners. Kroll’s corporate legal solutions team has experience in legal operations, data ... Kroll joins Agiloft’s global service partner network Read More » The post Kroll joins Agiloft’s global service partner network appeared first on Legal IT...
Caroline Hill - Editor-in-Chief
11/7/2023
Law.com's Legaltech News
CLM Provider Evisort Announces Custom Large Language Model Built Specifically for Contracts
While Evisort still plans on leveraging third-party large language models like OpenAI’s GPT-4 for appropriate use cases, the company will turn to its bespoke LLM to enhance control, security and accuracy.
Law.com's Legal Tech News
10/10/2023
Law.com's Legaltech News
CLM Provider ContractPodAi Grows Generative AI Offerings for Noncontract Teams
Contract life-cycle management (CLM) provider ContractPodAi added five new generative AI powered tools for non-contract asks into its Leah Legal Copilot offering, including Leah Discovery.
Law.com's Legal Tech News
10/4/2023
Law.com's Legaltech News
Tokyo-Based Contract Review Startup Expands Into Contract Drafting With LegalOn Templates
Tokyo-based legal technology startup LegalOn Technologies is expanding its product line to support contract drafting with LegalOn Templates, which will offer over a hundred contract templates for in-house teams.
Law.com's Legal Tech News
9/21/2023
LawSites
LegalOn Expands from Contract Review to Drafting with Addition of 100+ Lawyer-Drafted Contract Templates
LegalOn, a company that was already one of Japan’s largest providers of AI contract review technology when it launched into the U.S. market last December, today is announcing its expansion into contract drafting with the release of LegalOn Templates, a collection of more than 100 market-standard templates created and kept current by attorneys experienced in...
Bob Ambrogi
9/21/2023
LawSites
Ironclad Opens A Window Into the Black Box of AI with New Chat Interface for Complex Contract Analysis
The contract management company Ironclad today announced plans to launch a chat interface for complex contract analysis that it says will open a window into the black box of artificial intelligence by showing users the steps it took to come to a conclusion. Ironclad also today introduced an open-source visual programming environment for building with...
Bob Ambrogi
9/7/2023
Law.com's Legaltech News
Ironclad Launches Gen AI Offering That 'Shows Its Work': Ironclad Contract AI
The backend technology that allows Ironclad Contract AI to visually explain its reasoning, called Rivet, is also being offered as an open-source product by the company.
Law.com's Legal Tech News
9/7/2023
LawSites
Agiloft’s New ‘AI Trainer’ Is Designed To Empower Non-Technical Users To Create Custom AI Models
One of the challenges of using artificial intelligence software for contract review is training the AI to conform to a company’s unique preferences regarding clauses and key terms. A new product from the contract lifecycle management company Agiloft aims to help companies overcome that challenge by enabling non-technical legal and business professionals to train its...
Bob Ambrogi
8/16/2023
Law.com's Legaltech News
Agiloft Launches AI Trainer, Allowing Legal Teams to Customize AI Models for Contract Analysis
Agiloft seeks to empower legal teams with no IT or coding experience to customize their own artificial intelligence models for a more bespoke approach to contract review and analysis.
Law.com's Legal Tech News
8/15/2023
Legal IT Insider
Agiloft launches AI Trainer to deliver “fully individualised AI contract analysis”
Legal IT Insider speaks to Agiloft’s chief product officer Andy Wishart about the new release Contract lifecycle management vendor Agiloft today (15 August) announced the release of AI Trainer, which ... Agiloft launches AI Trainer to deliver “fully individualised AI contract analysis” Read More » The post Agiloft launches AI Trainer to deliver “fully individualised...
Caroline Hill - Editor-in-Chief
8/15/2023