Reinvigorated by the promise of large language models and other types of artificial intelligence, legal departments are increasing their technology spend and investing heavily in new tools and processes to improve contract lifecycle management workflows. Current research from Gartner and the Blickstein Group report both an increase in overall spend to improve core legal department processes and that more than 40% of in-house teams will update, evaluate or implement new tools within the next 12 months.
Directing these investments to CLM makes sense, given that more than two-thirds of corporate legal professionals manage a high volume of contracts, 43% say contracts-related tasks represent at least half of their daily work (Bloomberg Law) and the cost that can result from inefficient contracting workflows is estimated at an average of 9% of annual revenue (World Commerce & Contracting).
