LegalTech Breakthrough, a number one unbiased market intelligence group that evaluates and acknowledges standout authorized know-how corporations, services and products across the globe, just lately introduced that LexisNexis® CounselLink+™ is “Contract Lifecycle Management Platform of the Year.” The contract lifecycle administration award enhances different awards given in different classes for this system that’s now in its fifth yr. In 2023, CounselLink was named Enterprise Legal Management Platform of the 12 months by LegalTech Breakthrough.
CounselLink+ Contract Lifecycle Administration Options
Inside the final yr, LexisNexis CounselLink® launched the subsequent era of its product, referred to as CounselLink+. This superior, cloud-based enterprise authorized administration resolution streamlines your complete authorized division with wealthy options that unite contract lifecycle management with enterprise legal management in a single workspace.
This integration gives the next advantages (and extra) for authorized and legislation operations groups alike:
Streamlined Contract Administration
CounselLink+ options an intuitive interface with sturdy integration capabilities and options to assist authorized professionals create, assessment, negotiate, and execute contracts. The doc administration system ensures all contract-related paperwork are securely saved, accessible and version-controlled.
Environment friendly Contract Drafting
Some of the useful options of CounselLink+ includes contract drafting. Customers can draft contracts from the CounselLink+ atmosphere that integrates a Microsoft Phrase add-in into the platform for a seamless and environment friendly expertise. Every contract could be drafted from begin to end straight within the streamlined atmosphere seen inside Microsoft 365. Anybody liable for managing contract execution can keep in a single software for looking out, sharing or redlining contracts.
Issues Combine with Contracts
A brand new characteristic most popular by CounselLink+ purchasers is the direct linking of contracts to corresponding issues. This enhances compliance and ease of oversight, whereas precisely aligning all documentation with related authorized actions. There’s a “linked issues” part throughout the contract administration dashboard. A number of issues can hyperlink with a single contract, as effectively. If a matter is accomplished, attorneys can select to unlink the matter from the contract panel.
LexisNexis Sensible Steerage® Templates
CounselLink+ gives consumer entry to lots of of LexisNexis Sensible Steerage contract templates. Alongside the seamless integration with Microsoft Phrase, the contract templates cowl 9 key apply areas. These integrations facilitate contract standardization and customization. The Microsoft Phrase add-in ensures seamless creation and administration of authorized paperwork.
Extra CounselLink+ Options for Authorized Departments
Constructing on the contract lifecycle administration options in CounselLink, authorized departments can entry varied award-winning capabilities that contribute to legislation division productiveness, efficiency, collaboration, and effectivity.
AI-Pushed “Ask Authorized” Work Consumption
Authorized groups, particularly, profit from AI-driven work consumption. “Ask Authorized,” accessible on Microsoft Groups, presents AI-generated responses to easy authorized questions and automates requests to the authorized division. This complete course of allows extra environment friendly dealing with of higher-volume requests by enterprise stakeholders, and repair high quality is maintained. The advantage of streamlined work consumption for authorized groups provides worth throughout the enterprise.
Superior Monetary Instruments
Each superior enterprise authorized administration resolution requires clever monetary administration instruments to trace and analyze authorized spend, optimize budgets, measure vendor efficiency and billing charges, guarantee authorized billing is correct, forecast anticipated matter budgets, and extra.
Authorized Operations Hub
CounselLink+ delivers one-click entry to your complete LexisNexis ecosystem. is taken into account a unified workspace and authorized operations hub. It integrates work consumption, contract administration, vendor relations, and outdoors counsel spend right into a singular, customizable platform. The CounselLink+ unified workspace and integrations with unique sources (with future integrations deliberate) function a centralized authorized platform.
The mission of the annual LegalTech Breakthrough Awards program and the contract lifecycle administration award is to conduct the business’s most complete evaluation and analysis of the highest know-how corporations, options and merchandise within the authorized know-how business at present.
“CounselLink+ empowers authorized groups to work extra successfully and helps authorized departments with enhanced instruments and unique options that aren’t accessible wherever else. When managing contracts, authorized groups require seamless communication and clear entry to vital data and paperwork. Inefficient workflows and guide methods can complicate the contract lifecycle,” mentioned Bryan Vaughn, Managing Director, LegalTech Breakthrough. “By combining workflow enhancements with contract administration, CounselLink+ presents a single authorized operations hub that integrates contract and monetary instruments with LexisNexis content material to ship better effectivity for company authorized departments. CounselLink+ is our choose for ‘Contract Life Cycle Administration Platform of the 12 months!’”
