Create an efficient contract management workflow with strategies for reducing risk throughout the contract lifecycle.
Contract management is crucial for lawyers but also challenging and time intensive. Often, corporate counsel must manage a high volume of contracts and spend a significant percentage of their daily work on contract workflow tasks – specifically drafting, editing, and negotiating agreements.
A defined contract management process can help in-house counsel fulfill this critical responsibility more quickly. Bloomberg Law offers a smarter, faster approach to contract management – meaning few surprises and even fewer disputes.
Seamless integration with Microsoft Word provides a fast and easy starting point for drafting and revising contracts. Access everything you need without leaving your document.
Advanced semantic analysis tools accelerate your review of draft agreements and allow you to efficiently identify and incorporate preferred language to ensure favorable terms – all within MS Word.
AI-powered extraction of key contractual terms improves visibility into your final agreements, helping you identify and flag potential risks and obligations.
Simplify your contract management process with Bloomberg Law
The necessary tasks for each contract management stage can vary but adding structure to this labor-intensive process can take the research burden off attorneys, save time, and facilitate compliance with industry best practices. Our Contract Management Playbook breaks down how to streamline your contract management process to free up in-house counsel to deliver greater value, efficiency, and savings.
Software solutions can make contract workflows more efficient, but more than half of all contract workflow technology survey respondents aren’t using a single platform or use general document systems to manage contracts – and of those who are, 3 out of 4 in-house counsel are dissatisfied with their existing contract workflow technology. Having the right tool can keep the contract management process on track.
Bloomberg Law Contract Solutions can help solve in-house counsel’s most pressing workflow challenges, with minimal time and resources needed to onboard, implement, and use. Our platform combines the latest in AI-powered legal technology with workflow tools to provide a competitive edge to help attorneys be more productive and efficient.
Seamless integration with Microsoft Word provides a fast and easy starting point for drafting and revising contracts. Access everything you need without leaving your document:
- Find and open prior contracts from your library.
- Insert preferred language and favorited clauses.
- Leverage expert-drafted sample agreements and clauses, and millions of publicly filed documents.
Learn how Medi-Share’s corporate counsel saves eight hours per week on tedious contract review tasks with Bloomberg Law Contract Solutions.
Contract Solutions integrates advanced semantic analysis tools to accelerate your review of draft agreements and easily identify and incorporate preferred language to ensure favorable terms – all with seamless integration with Microsoft Word. It does this by allowing you to:
- Automatically compare clauses against your prior work, expert-drafted sample agreements and clauses, and millions of publicly available agreements.
- Quickly identify and review all internally defined terms.
- Instantly scan agreements for drafting errors.
Learn how VetCor uses Contract Solutions to speed up contract workflows and free up time to focus on negotiations.
Our platform enables AI-powered extraction of key contractual terms that improve visibility into your final agreements, helping you identify and flag potential risks and obligations by allowing lawyers to:
- Save and track key terms.
- Compare obligations, dates, trigger language, and more across multiple agreements.
Additionally, the Bloomberg Law Contract Solutions dashboard tracks the contract versions created during negotiations and stores them in a central repository, making it much easier to see who made changes, what they entail, any responses, and when they were made. This allows for greater version control, freeing lawyers up to focus more on counseling their clients than searching volumes of useless, outdated documents.
The secure, centralized repository turns contracts into usable data. Out of the box, the Contract Solutions platform can ingest all of an organization’s contracts, automatically extract key terms, and deliver an organized repository of agreements that can be filtered, sorted, and searched across – with little to no effort from users. Bloomberg Law’s proprietary natural language processing (NLP) engine rapidly identifies and automatically extracts all clauses, creating a clause library from prior agreements.
Not only does the repository enhance the ability to act on renewals or necessary changes, but it also enables lawyers to safeguard, organize, and track contracts, templates, clauses, key terms, and obligations in one place – to quickly find what you need.
Learn how the Contract Solutions automated clause library saves NovaQuest hours of drafting time per contract.
Request a demo to see how Contract Solutions simplifies and streamlines contract workflows for in-house legal teams.
Recommended for you
Manage your contract workflow with confidence
Save valuable time when you trust Bloomberg Law Contract Solutions to draft, manage, and execute contracts efficiently and effectively. Sign up for your Contract Solutions demo today.