Building on its acquisition last year of the contract lifecycle management (CLM) platform Parley Pro, LexisNexis is today announcing the integration of Parley Pro’s CLM capabilities to its cloud-based CounselLink enterprise legal management solution for corporate legal departments.
CounselLink is also today introducing work intake features designed to facilitate the submission and management of legal requests coming in to the legal department from anyone within the company.
Together, these new capabilities will enable corporate law departments to better prioritize legal requests, collaborate with internal and external stakeholders, streamline the entire contracts process, and enhance strategic resource planning and decision-making, LexisNexis says.
During a preview last week, Aaron Pierce, CounselLink’s vice president of product management, and Amy Nelson, sales solution architect, gave me a demonstration of the new capabilities.
Contract Lifecycle Management
LexisNexis® says that its goal with the CLM integration is to enable CounselLink customers to expedite contract authoring, streamline contract negotiation, and analyze executed contracts.
“A number of other ELM providers in the marketplace have different levels of contract lifecycle capabilities,” Pierce said, “but one of our goals was to be able to build out an integrated CLM technology that really provides a tighter connection and a more seamless experience than what we’ve seen with other ELM providers that tend to have more of a bolt-on feel to them.”
To take advantage of the integration, a legal department will need to have subscriptions to both CounselLink and Parley Pro. Those who do will now see a “Contracts” tab within their CounselLink dashboard. Clicking that tab takes the user seamlessly into Parley Pro, and switching back to CounselLink is as easy as clicking a different tab.
To continue, read more here.
Ambrogi, B. (2023, March 1). Building On Its Acquisition of Parley Pro, LexisNexis Adds Contract Lifecycle Management to CounselLink. LawSites By: Robert Ambrogi. Retrieved March 2023, from https://www.lawnext.com/2023/03/building-on-its-acquisition-of-parley-pro-lexisnexis-adds-contract-lifecycle-management-to-counsellink.html