The CLOC Legal Tech Conference is a must-attend event for anyone in legal operations. It’s packed with chances to network, learn, and check out the latest in legal tech. In a recent podcast, our experts shared their tips on how to get the most out of this event, especially if you’re interested in streamlining legal processes, diving into Contract Lifecycle Management (CLM) systems, or learning about AI in the legal world.
Getting Ready and Networking at CLOC
First off, our speakers really stressed how important it is to prepare and network. Marc started by talking about how, while many people have been to trade shows, CLOC is at a whole different level with sessions and vendors.
Navin took it a step further, reminding us that with so much going on, it’s just not possible to go to every session or see every vendor there. With that in mind, he pointed out how easy it is to see someone, say hello, and then never get a chance to talk with them at CLOC. He recommends planning meetings and networking opportunities prior to CLOC by days, or even weeks. His tip? Reach out to people on LinkedIn before the conference. By connecting with fellow attendees ahead of time, you can start building relationships before you even set foot at CLOC. Plus, by engaging with the CLOC community online, you can stay in the loop on any last-minute changes or impromptu meetups.
Navin also highlighted the importance of having a clear networking game plan. Identify the key people or companies you want to meet and set up meetings before you arrive. This way, you can avoid the last-minute scramble and focus on quality interactions.
Pepe then offered his advice to meet vendors and take time to get to know new people in the field. By meeting new people and hearing their experiences, attendees might just get exactly the information they need. Navin then pointed out that some vendors will have live demonstrations in order to get a feel for how systems work, instead of needing to rely on screenshots.
Streamlining Legal Processes and Tackling CLM Challenges
One of the hot topics was how to streamline legal processes and navigate the challenges of implementing CLM systems. Pepe pointed out that CLOC is the perfect place to network with legal ops directors and in-house teams to get real-world insights into CLM. Legal departments are often overwhelmed with managing the sheer volume of contracts, each with its own set of deadlines, obligations, and compliance requirements. Streamlining these processes isn’t just about making things run smoother—it’s about reducing risk, cutting costs, and freeing up your legal team to focus on more strategic work.
A well-implemented CLM system can automate many of the routine tasks associated with contracts, from drafting and negotiation to approval and renewal. This automation helps ensure that nothing falls through the cracks and that contracts are handled consistently and efficiently across the board. But getting to that point requires careful planning and execution..
CLM Implementation
Pepe highlighted that CLOC is the perfect venue for those looking to tackle CLM implementation because it offers the chance to learn from others who’ve been through the process. Legal ops directors and in-house teams at the conference bring real-world experience, providing invaluable insights into what works—and what doesn’t—when it comes to rolling out a CLM system.
One of the first steps in any CLM journey is doing your homework on the vendors. Navin stressed the importance of researching vendors thoroughly before the conference, so you know exactly which booths to hit up for live demos. These demos aren’t just a sales pitch; they’re your chance to see how the system functions in a real-world setting, ask questions, and assess whether it’s a good fit for your organization.
Pain Points
Navin also made an important point about understanding the actual pain points before jumping into a CLM system. Without a clear grasp of these issues, you risk a poor implementation that doesn’t really solve your problems. For example, if your contracts are constantly delayed because they’re stuck in the review stage, you need to understand why. Is it because there’s a lack of clarity in the approval process? Or maybe because key stakeholders are overloaded and can’t get to the contracts in a timely manner? Identifying these specific pain points will help you choose a CLM system that directly addresses them, rather than one that offers a lot of bells and whistles but doesn’t fix the core issues.
Once you’ve identified your pain points, you can look for a CLM system that offers the features you need. This might include automated workflows to streamline approvals, or better tracking and reporting tools to give you visibility into where contracts are in the process. The goal is to find a system that fits your needs, rather than trying to fit your needs into a system.
Best Practices for CLM Implementation
When it comes to implementing CLM, Pepe emphasized the need to clearly scope out the project and identify pain points before diving in. Navin shared experiences, underscoring the importance of proper scoping and getting stakeholders involved to ensure a smooth rollout.
They also discussed the importance of gathering requirements—this step is crucial to avoid delays and lost ROI. Aligning your processes with the system you choose is key. Budget and resources came up too, with Navin advising that organizations focus on the essential features and integrations to stay within budget.
Picking the Right CLM System
Choosing the right CLM system is about more than just picking the most popular or feature-rich option. It’s about finding a solution that integrates seamlessly with your existing processes and systems. Navin suggested that this often means focusing on the essential, baseline features rather than getting distracted by future roadmaps or AI-driven functionalities that might not be relevant to your immediate needs.
Another important aspect is integration. Your CLM system needs to work well with the other tools your legal team is already using, whether that’s your CRM, ERP, or document management system. Poor integration can lead to data silos, duplicate work, and other inefficiencies that could negate the benefits of the new system.
Navin also recommended considering a phased rollout rather than a big bang implementation. Starting small, perhaps with a pilot program, allows you to work out any kinks and make adjustments before scaling up. This approach can be especially helpful in managing costs and minimizing disruption to your team’s workflow.
CLM Requirements, Integrations, and AI’s Role
Navin stressed the importance of focusing on key data points for contract management instead of over-relying on AI for post-signature tasks. They warned that prioritizing unnecessary AI capabilities could make implementation more complicated.
Vendor assessment and contract organization are also critical, as they play a big role in determining the cost and accuracy of your CLM system. Navin highlighted the importance of integrations, especially with platforms like Salesforce, and suggested rolling out the system in stages to keep costs manageable.
Gen AI in the CLM World
The discussion wrapped up with a look at Gen AI in the legal tech space. Generative AI (GenAI) is rapidly making waves in the legal tech landscape, and one of its most promising applications is in Contract Lifecycle Management (CLM). As organizations look to streamline their contract processes and improve efficiency, GenAI offers new ways to automate, analyze, and optimize contract management from start to finish. But like any emerging technology, it comes with both opportunities and challenges.
Pepe was excited about its potential in CLM, but Navin was a bit more cautious. While Gen AI could simplify the contract lifecycle, Navin emphasized the importance of quality data and not over-relying on AI for contract analysis.
They also touched on using AI for tasks like NDA management and automating the intake process, with Navin mentioning that Gen AI bots could be a potential solution. GenAI has the potential to revolutionize CLM by automating many of the tasks that traditionally require significant time and human effort. For instance, drafting contracts often involves pulling together standard clauses, modifying language to fit specific situations, and ensuring compliance with relevant laws and regulations. GenAI can automate much of this process, generating contract drafts based on predefined templates and rules.
Moreover, GenAI can assist in contract negotiation by suggesting alternative language or flagging clauses that may be problematic. This capability allows legal teams to speed up negotiations without sacrificing accuracy or legal compliance. By leveraging machine learning, GenAI systems can also learn from past contracts and negotiations, becoming more effective over time.
Wrapping It Up
CLOC is packed with opportunities for legal pros to learn, network, and explore the latest in legal tech. By prepping ahead of time, focusing on real-world challenges, and carefully considering your CLM strategy, you can make the most of your experience and bring back some solid takeaways for your organization.
As the podcast wrapped up, Marc thanked the listeners and gave a shout out to the sponsor, Koho Consulting, for their expertise in helping organizations find and implement the right CLM tools.
This blog post sums up the key takeaways from the podcast and offers a handy guide for anyone planning to attend the CLOC Legal Tech Conference. Follow these tips, and you’ll be sure to get the most out of this valuable event.
