Ways to reduce spending are always being sought by businesses, which often results in more tasks and processes being brought in house. As well as helping to lower expenditures, doing this also means things can be managed internally rather than relying on external services. The bad news is that this can increase the workload of the members as they work tirelessly to manage internal tasks and processes correctly. However, enough time also needs to be invested in initiatives that are of high value. Specific responsibilities and tasks need to be streamlined. As part of this, software is being increasingly used to manage many tasks better, such as matter management and contract management. How they differ is what we will discuss in this post.
How do Contract Management and Matter Management Differ?
Within the document life cycle, contract management deals with the tracking of corporate agreements. Specifically ensuring that terms and conditions featured in a contract are complied with by all parties involved. Once a contract begins, key dates, deadlines and other critical information is tracked and monitored. Communication takes place between all stakeholders, allowing full transparency and making sure that deliverables and obligations are being fulfilled. Reporting on each active task and agreement ensures performances can be continually assessed and how they are affecting the business. Contract management also makes certain other actions take place, like termination or renewal. When contracts are closed, a post-mortem analysis must also take place, to allow for a smoother contracting process in the future.
Matter management is dealing with information that is connected with corporate legal matters, whether this is claims, disputes or litigation. Matter management deals with legal issues both inside and outside an organisation. This could be the gathering of information related to a particular matter, or the assigning of a task to the best person either within or outside the organisation. Matter management can also include the tracking of tasks and legal reporting. For example, providing reports on resourcing or how much money is being spent in house.
What Role does Software Play in Contract and Matter Management?
Both contract management and matter management contain many different moving parts. Additionally, they both require attention to detail to produce the desired results.
Contract management and matter management can both be painful to execute correctly without using the right tools and systems. To arrange important details and project information more quickly, dedicated contract management and matter management software is a worthwhile investment. But which one is right for you?
Contract Management Software
Legal departments can access and easily navigate the contracting process by using contract management software. In the middle of most contract management solutions lies a secure repository where all agreements are organised and stored. An advantage of this is that finding information becomes quicker and more easily accessible. No longer do staff have to trawl through e-mail inboxes, filing cabinets or shared drives to see what they’re looking for. However, this isn’t the only advantage. Most tasks, like searching clauses and terms or reporting, are automated. Longer tasks take less time to complete, and agreements become more visible. Risk is lowered thanks to things like alerts and notifications, meaning there is less a chance of essential deadlines passing you by.
Matter Management Software
This allows better organisation, reporting and collaboration, resulting in less work and lower costs for legal departments. In house teams have better management and control of various legal matters. Information can be centralised by corporate legal teams, like legal research and supporting documentation. Issues become trackable and as such can be more readily resolved. Tasks and assignments can also be easily delegated, better communication and collaboration with outside counsel can be achieved, and staff are able to analyse and compare internal data far more easily.
Why You Should Use Contract and Matter Management in Tandem
By using contract management software with matter management software at the same time, legal teams can operate better. Particularly, teams become more efficient and transparent, and performance, spending and trends can be better analysed and reported on. Furthermore, software for legal teams isn’t generic. Instead, it can be specified for certain duties. Using both platforms together, slow manual processes and techniques that negatively interfere with your business activities can be eliminated.