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Discover how to better manage the process of extension of a contract and drafting and executing contract extension agreements with CLM software.

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There is nothing wrong with having high expectations! In fact, here are 10 Contract Management system requirements your Contract Lifecycle Management solution needs and why.

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The fervor for the latest subjective technologies and qualitative insights dominated the spotlight at Legalweek 2024. Virtually every provider seemed to incorporate ChatGPT into their sales spiel or presentation.

Well, that’s not true. I’ll confess, I couldn’t resist purchasing a massager kit for my wife. There was a certain satisfaction for me in connecting with a fellow quick-minded sensory human amidst the whirlwind of futuristic virtual offerings.

Responsible Use of AI was a pivotal theme at Legalweek 2024, reflecting the evolving landscape where AI technologies are increasingly integrated into legal workflows. It was difficult to pick which session had the most knowledgeable AI expert. I, most often, found the best conversations in the halls and at the various networking events. Experts stressed the significance of accountability in AI deployment, emphasizing the need for AI models to provide transparent sourcing of data summaries. This transparency ensures reliability and ethical usage, which is particularly crucial in legal contexts where the accuracy of information is paramount. Legal professionals were urged to prioritize AI solutions that uphold standards of accountability, enabling them to leverage AI for informed decision-making and strategy development confidently.

Case Management Solutions emerged as a pressing concern, echoing the difficulties faced by law firms inundated with vast amounts of data. Most firms I spoke with shed light on the challenges of managing diverse data types and formats, often exacerbated by outdated project and matter management software. IT directors disclosed their increasing frustrations with the administrative burden imposed by legacy systems, highlighting the need for modern communication and classification tools. Moreover, the increasing volume of data storage necessitates comprehensive solutions capable of auto-classifying content and providing actionable insights into matter status and budget analysis. The call for streamlined workflows resonated strongly in my conversations, underscoring the urgency for integrated platforms that optimize efficiency and productivity while ensuring compliance with data retention policies.

Controlling Risk with Workflow also arose as a central theme, reflecting the growing awareness of data management challenges and associated threats. I engaged in post-conference conversations, which unveiled the prevalence of data mismanagement, particularly in sensitive sectors such as public agencies. The real-life use cases uncovered the potential dangers of inadequate workflow management, emphasizing the need for proactive risk mitigation strategies. Technology was identified as a fundamental tool in preserving content integrity and trust, enabling organizations to implement robust workflow solutions that uphold data governance standards. By leveraging advanced technologies tailored to their specific needs, legal professionals can navigate regulatory complexities with confidence, safeguard sensitive information, and mitigate potential liabilities.

Overall, my discussions with stakeholders during Legalweek 2024 consistently highlighted the remarkable capabilities of AI and its potential to enhance our efficiency as legal and technology professionals. We must diligently and meticulously construct and enforce the essential frameworks necessary for the optimal deployment of AI to ensure that its application propels the industry forward with integrity and responsibility at its core.

Important Note: The article is originally published on Knovos website. Article Link: https://www.knovos.com/blog/legalweek-2024-recap-empowering-legal-tech-innovation-with-responsible-ai-workflow-optimization/

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ILTA Product briefing webinar!

Get a live demo of how the imDocShare One Teams app enables you to experience the real-time co-authoring of iManage content in Microsoft Teams.

Register now>   https://www.imdocshare.com/co-author-imanage/

In this 30-minute webinar, we’ll show a live demo of how the imDocShare One Teams app enables you to experience the real-time co-authoring of iManage content in Microsoft Teams.
  • How to seamlessly co-author Microsoft Office documents (Word, Excel, or PowerPoint) stored in iManage without ever leaving Microsoft Teams

  • How does the co-authoring capability of the imDocShare One Teams app reduce document creation and review times by allowing multiple users to collaborate simultaneously?

  • As a bonus, learn how the imDocShare Sync app helps to synchronize documents between Microsoft Teams and iManage and securely share iManage document links within a 1-1 or group chat.

#Automation for the win!

Discover how contract lifecycle automation can streamline CLM processes with the help of leading contract lifecycle management software tools.

Learn more: https://www.cobblestonesoftware.com/blog/contract-lifecycle-automation-end-to-end-clm-efficiency

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