In-House Attorneys Struggle to Differentiate Providers in Crowded CLM Software Market
While legal departments welcome the variety of options in the contract lifecycle management (CLM) market, they're less than pleased with providers' marketing or the software implementation process.
April 16, 2021 at 11:00 AM
4 minute read
The contract life cycle management (CLM) market is robust and varied enough that most in-house legal departments say they can purchase a useful tool without buyer's remorse. But many are still struggling with a crowded market that struggles to differentiate itself and a software implementation process that is anything but streamlined.
Major, Lindsey & Africa managing director of client services Christine Kennedy, who consults corporate legal departments about their CLM needs, said most clients find useful CLM software. "There's enough on the market for a client to have their core needs met. I think you will find a set of folks that aren't satisfied with anything and will want more [but] CLM [providers] continue to upgrade and innovate," she said.
|Differentiation Struggles
Indeed, in recent years the CLM market has consolidated and debuted features to tackle the entire contract life cycle with significant investment funding its growth. The sector's accelerated maturation has been so significant, however, that it's difficult for some legal tech buyers to keep track of. Leah Yadegar, in-house counsel at marketing services company Material, said she was "shocked at how little I knew about the industry" when evaluating potential CLM software to adopt.
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