In this special installment of the Contract Heroes podcast, we had the pleasure of chatting with Justin Silverman of Mitratech and Andy Wishart of Agiloft about an exciting new partnership between the two companies that will no doubt be a gamechanger in the legal tech space.
In one corner, you have Mitratech, the leading ELM software that helps organizations drive efficiency, manage risk, and deliver exceptional outcomes in their core corporate functions. In the other, you have Agiloft, the first choice among businesses for CLM software and solutions that consistently supplies contract professionals with the tools they need to generate the most efficient contract processes.
Read on to learn how these two legal tech powerhouses plan to create even better contract solutions through their collaboration.
Q: How do Mitratech and Agiloft align with each other’s strategic plans?
According to Andy, the partnership between Mitratech and Agiloft is a natural part of creating the most connected CLM. Agiloft has a vision for the future of contracting in which contract processes will be more connected and intelligent while making greater use of automation. These superior contract processes will drive value and efficiency within organizations.
In order to make that vision of contracting a reality, they need to define a strategy that allows them to build “the most connected CLM in the marketplace.” This interconnected system establishes a seamless flow of data across the enterprise and between all the stakeholders involved in contracting. It only makes sense to create that system by integrating the leading CLM solution with the leading ELM solution.
Justin also believes that the collaboration is a natural step forward. He stated that the main features that pulled Mitratech in the direction of Agiloft were:
- Their cutting edge focus on new technology like AI.
- Their alignment with Mitratech’s goals and strengths.
- The configurability of the system that allowed it to scale to both complex and midsize organizations.
- The presence of existing integration capabilities.
- Agiloft’s customer-driven mindset.
- The numerous success stories surrounding Agiloft.
Q: Are there specific goals you hope to achieve through this partnership?
There is no singular CLM or ELM solution that can provide everything an organization needs. However, the collaboration between Agiloft and Mitratech could make it easier for legal ops professionals to find what they’re looking for in the vast legal tech landscape.
Customers who do not yet have one of the two systems in place can hit the ground running with a roadmap that will help them launch and integrate both platforms. Meanwhile, customers that do have one or both systems already in place can connect them seamlessly and advance each system to a new level.
As the partnership progresses, both companies hope to:
- Drive the adoption of integration capabilities in co-customers who already have both systems.
- Learn from customers by determining which areas in the workflows are most valuable to them.
- Develop new use cases for the integrated systems.
Q: How will the collaboration impact the daily lives of a legal department and other contract professionals?
Visibility and connection are the driving factors for this collaboration. The integrated systems hope to provide better visibility into the contract process both within the legal department and for stakeholders operating in departments outside of legal.
One of the main ways they plan to accomplish this feat is through the establishment of a legal intake portal. Mitratech currently offers the leading platform for legal departments to provide a portal through which all employees in the organization can request assistance. By connecting that portal with the Agiloft system, they will be able to automatically route inquiries where they need to go, drastically reducing bottlenecks on both the legal and non-legal sides of contracting.
This visibility will also extend outside the organization. For contracts that require the legal department to outsource to another law firm, the interconnected systems will allow lawyers to streamline what was once a complex, manual billing process by assigning a law firm to a contract and tracking the bill according to that assignment.
On the unfortunate chance that an agreement could lead to litigation, the two companies hope that the connection between Agiloft and Mitratech will provide a source of truth as well. The systems can connect documents together to find out where the risks occur within the agreements and reduce the potential for those same risks to happen in the future.
Are you as excited as we are to watch the collaboration between Agiloft and Mitratech unfold? Check out Justin and Andy on LinkedIn to follow along with every update as they work to roll out this revolutionary integration. And don’t forget to subscribe to the Contract Heroes Podcast to keep up with the latest developments in all things legal tech!
