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Entity Management
Entity management offers a centralized repository of accurate information concerning group members, including shareholders, directors, and filing deadlines. Certain tools can even automate corporate actions, such as drafting resolutions, streamlining administrative processes.
Contract Lifecycle Management
End-to-end contract management streamlines workflows, reducing the legal team's involvement and freeing up time. It encompasses automated creation from templates (using algorithms instead of rules-based systems), editing with version control, electronic signatures, review, and analytics to extract specific contract clauses, identify gaps, and gain insights. Additionally, it offers a centralized document repository, manages obligations under contracts or licenses, and provides contract communication with visual representations of contract components.
Matter Management
Matter management encompasses collaborative and workflow tools that provide real-time status reports and centralized document storage. It also includes tools for ongoing case management, facilitating effective litigation management, budgeting, and reporting.
Knowledge Management
Knowledge management involves statutes, precedents, court decisions, opinions obtained for the organization, and relevant regulations for the business. Effective tools in this area include search and analytics capabilities, along with web scraping to track changes in regulations.
E-discovery
E-discovery tools are utilized for due diligence exercises and the disclosure phase of litigation. They are also employed for document review, analysis, and data segmentation.
Global risk and Compliance
Global Risk & Compliance (GRC) tooling integrates knowledge management systems with matter management functionalities. GRC's responsibility often lies outside the Legal domain, which may not strictly fit the definition of legal technology.
