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Contract Lifecycle Management in Legal Consulting

This presentation outlines the essentials of Contract Lifecycle Management (CLM) and its critical role in legal consulting. It starts with a definition of CLM and explains its importance in avoiding compliance issues, missed obligations, and financial loss. The second slide details the seven key stages of the contract lifecycleu2014from initiation to termination. Common challenges like manual workflows, compliance risks, and data silos are addressed in the third slide. The final slide highlights how LDM Global supports businesses with contract drafting, CLM software integration, compliance monitor

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Contract Lifecycle Management in Legal Consulting

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  1. Contract Lifecycle Management in Legal Consulting Presented by LDM Global

  2. Introduction to Contract Lifecycle Management (CLM) ● Definition: CLM refers to the process of managing a contract from initiation through execution, performance, and renewal/expiration. Why it Matters: Poor contract management can lead to missed obligations, compliance failures, and revenue loss. LDM Global Role: Providing legal consulting services to streamline, monitor, and optimize contract lifecycles for businesses. ● ●

  3. Key Stages of the Contract Lifecycle 1. 2. 3. 4. 5. 6. 7. Initiation – Identifying the need and outlining key terms. Authoring – Drafting contract language and legal terms. Negotiation – Collaborating with stakeholders to finalize terms. Approval & Execution – Gaining sign-offs and formalizing the contract. Obligation Management – Tracking deliverables and milestones. Amendments & Renewals – Updating or extending agreements. Expiration or Termination – Closing the contract and archiving.

  4. Common CLM Challenges & Risks ● ● ● ● ● Lack of Standardization – Inconsistent templates and processes. Manual Workflows – Increased errors and delays. Missed Deadlines – Failure to track renewals or obligations. Compliance Issues – Difficulty ensuring adherence to regulations. Data Silos – Limited visibility across departments.

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