CounselLink Introduces CLM and Enhanced Work Intake Features to its ELM Solution

Global News

01
Mar
2023

Editor

LexisNexis^® CounselLink^® today announced it has added new Contract Lifecycle Management (CLM) capabilities and an enhanced work intake system into its cloud-based Enterprise Legal Management (ELM) solution.

The new capabilities will enable corporate law departments to better optimize and prioritize legal requests, collaborate with internal and external stakeholders, streamline the entire contracts process, and enhance strategic resource planning and decision-making – all from one centralized platform.

Designed specifically for corporate legal departments, CounselLink CLM enables customers to expedite authoring, streamline negotiation and analyze executed contracts. Building upon LexisNexis’ acquisition of Parley Pro, CounselLink’s CLM has real-time collaboration, workflow automation, and integrated data streams that improve contracting efficiency, save time and money, and deliver actionable analytics. Its centralized platform makes it easy to search, share, view and edit documents and contracts while improving security and regulatory compliance. With these updates, corporate legal professionals have greater visibility, enabling them to efficiently manage their department’s legal operations from one application with a single sign-on.

“For many legal departments, managing contracts means spending countless hours switching between CLM and ELM applications to manage resources and workloads, or manually compiling and analyzing contracts data to gain the insights they need to make decisions and run efficient legal operations,” said Aaron Pierce, CounselLink’s Vice President of Product Management. “The addition of CounselLink CLM provides a comprehensive, transparent platform for managing the entire contracts process while helping legal departments control costs, maximize productivity and deliver better outcomes.”

“Our acquisition of Parley Pro and ongoing integration of its CLM capabilities into CounselLink have laid the foundation for an entirely new legal solutions ecosystem aimed at improving the knowledge, capabilities and performance of corporate legal professionals,” said Sean Fitzpatrick, CEO of LexisNexis North America, UK and Ireland. “CounselLink’s integrated approach to CLM and ELM demonstrates our vision and commitment to creating a ‘connected world’ for corporate legal, delivering significant workflow and cost efficiencies and impactful insights through the thoughtful application of our data, content, and technology.”

In addition, CounselLink’s enhanced work intake system provides a central location for legal departments to collect, organize, manage, track progress, audit, and report on internal and external work requests – including contracts – from inception to completion. The accompanying Intake Analytics Dashboard gives corporate legal leaders a holistic view of department workload, requests, and resources, enabling them to make more informed business and legal decisions – such as whether to use outside counsel or escalate a request to a matter. The automated system is fully configurable based on request type, required tasks or other criteria, and gives users the tools they need to collaborate, request information and documents, and ensure task completion.

“The ever-increasing volume of legal requests, and evolving types of requests coming from both internal and external sources, underscores the need for a robust system to help corporate legal departments support their organization’s legal needs and demonstrate their value as a business partner,” said Pierce. “CounselLink’s enhanced work intake system gives legal departments unprecedented visibility and control of this critical process while streamlining workflows for more efficient operations. With these new features, CounselLink becomes the ultimate legal productivity solution for corporate legal departments.”

CounselLink’s advanced legal work management capabilities – including rich collaboration, effective workflow management and automation tools, and robust analytics and reporting capabilities optimize corporate legal operations and provide data-driven insights that can save organizations an average of 8-10% on legal costs each year.