The CLM Simplified Workbook
It’s back! The InnoLaw 2024 CLM Market Study contains the latest research, experience and assessment of CLM vendors to help in-house counsel understand the CLM market and their place in it. We’re also excited to let you know that our latest report is still vendor-agnostic, independent and FREE!
In this InnoLaw 2024 CLM Market Study you will find:
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Economic pressures impacting in-house legal professionals and how these are affecting CLM priorities and progress.
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Our framework for making sense of the CLM market and where you fit in.
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Our vendor index of 141 CLM systems and our take on which parts of the contract lifecycle they automate.
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Our insights and framework for understanding AI in CLM automation.
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Unique insights gathered and verified from our team’s experiences and research.
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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:
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Balancing prevailing economic pressures with your current requirements and practical limitations.
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Preparing properly for CLMS selection and implementation.
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Using a consistent framework and taxonomy to compare CLMS vendors, to end up with a shortlist that is right for you.
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Leveraging the experience and support of CLM experts to cut through the noise and fast track your CLM goals.
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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 2024 CLM Market Study:
(Sources: InnoLaw research and data)
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The Request, Store and Manage phases of contract lifecycle management still cause in-house legal teams the most difficulty
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There is an increase in the number of CLMS vendors; InnoLaw’s 2024 CLM vendor index for in-house counsel is 40% larger this year
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85% of vendors include some AI features
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25% of vendors in the index use AI to automate document creation
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43% of vendors in the index feature AI-supported negotiation
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Roughly 60% of vendors apply AI to their customers’ contract repositories
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22% of the vendors help customers track and manage contract requests (A 72% increase from last year!)
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80% of vendors let customers create contracts in their CLMS
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77% of vendors include negotiation functionality in their CLMS
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Roughly 20% of the vendors listed do not allow you to Store your contracts in their