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InnoLaw 2023 CLM Market Study

We’re excited to release the InnoLaw 2023 CLM Market Study: the first-of-its-kind vendor-agnostic, independent and FREE CLM market study! Why? The CLM marketplace is extremely noisy, confusing and growing at a ferocious pace. So, we thought let’s put our collective knowledge and experience together in this study to help others with their CLM journey.

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In this InnoLaw 2023 CLM Market Study you will find:

  • Economic pressures impacting in-house legal professionals and how these are affecting CLM priorities and progress.

  • Our framework for making sense of the CLM market and where you fit in.

  • Our vendor index of 100 CLM systems and our take on which parts of the contract lifecycle they automate.

  • Our insights and framework for understanding AI in CLM automation.

  • Unique insights gathered and verified from our team’s experiences and those of our clients.

  • Lots of practical guidance on how to assess people, processes and automation solutions to make contracting more efficient.

What are the key takeaways: 

The CLMS market is overwhelming. Making sense of the best CLMS solution for your context requires:

  • Balancing prevailing economic pressures with your current requirements and practical limitations.

  • Preparing properly for CLMS selection and implementation.

  • Using a consistent framework and taxonomy to compare CLMS vendors, to end up with a shortlist that is right for you.

  • Leveraging the experience and support of CLM experts to cut through the noise and fast track your CLM goals.

  • CLMSs are not magic solutions, but with the right knowledge, preparation and automation of your priority contracting requirements they will result in efficiencies.

Key stats from the InnoLaw 2023 CLM Market Study:

(Sources: InnoLaw client insights and InnoLaw CLM Launchpad data)

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  • 54% of organizations have a CLM system today.

  • 67% of organizations that do not currently have a CLMS are looking to buy one.

  • Despite tight budgets, 75% of InnoLaw’s clients report being less price-sensitive when it comes to selecting a CLMS than one would imagine in the current economic climate. They are weighing features and fit more heavily than pricing, as they are banking on long-term efficiencies and significant ROI from their chosen CLMS. In-house legal teams want effective, quality CLM solutions that deliver long-term value. 

  • 90% of InnoLaw’s clients report being unable to keep up with the speed, complexity and volume of available technologies. This lack of clarity often results in either stalled progress or a rushed selection of a solution that is a “bad fit” for the organization.

  • On average, Legal teams are reporting that completing purchases rarely takes less than 3 months and more often takes anywhere from 6-12 months.

  • 48% of organizations have foundational improvements to make before implementing CLMS.

  • 39% of organizations are dissatisfied with their current CLM system.

  • 11% of organizations don’t use eSignature.

  • 53% of organizations are considering switching CLM system.

  • 60% of Legal teams would like to leverage AI-powered contract features in the next 1-2 years, with focus on post-signature possibilities.

  • Only 20% of Legal teams that have implemented a CLMS, have implemented related AI solutions.

  • 70% of Legal teams believe that AI has the potential to positively impact their contracting processes.

  • 65% of In-house Legal teams surveyed say that their primary motivation to adopt AI solutions, is to find a short cut to increased speed and efficiency. 

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