The Factor team just wrapped up a fantastic week at the 2022 Corporate Legal Operations Consortium (CLOC) Global Institute in Las Vegas. It was energizing to see so many people back in person (2,500+!) after years apart to discuss the state of the industry in legal operations, share best practices and network.
With a jam-packed agenda and dozens of conversations with legal ops leaders, these three key themes jumped out to us:
1. There’s a new generation of legal ops professionals out there. More and more companies are building out their legal operations functions and drawing from various areas of experience. Legal ops is a necessity, and we’re seeing lawyers or even business operations folks wear multiple hats in order to ensure that someone is providing legal ops coverage. Defining the legal operations function for the business is still a challenge. To get to an ideal state, think about how legal ops can empower the business to achieve its overarching goals, beyond legal. How can legal be the engine of growth?
2. We know technology isn’t a silver bullet, but can one Contract Lifecycle Management (CLM) software be a one-stop shop? We were impressed with many of the demos and new feature roadmaps we saw from many of the technology providers. Most were familiar to us because we have clients using them and have tested them through our own sandbox here at Factor, but there were impressive roadmaps and niche feature demos that surprised us, nonetheless. One takeaway for our team was that while CLM tech selection requires nuance and input from various stakeholders, it’s also unlikely that one system is the best at everything or solves all your needs. The point solutions – technologies that focus on one stage or aspect of the contract lifecycle management journey – are impressive ways to supplement the primary CLM software that you choose.
3. Securing a shiny new CLM, but what about your data? “When you implement your new CLM, you might not be able to use it as a central repository as you thought,” said one attendee. In one sentence, they quite succinctly summarized the breakout group discussion. While the importance of CLM data was unsurprising, it was quite shocking to hear aloud in front of 200+ people. To us, this was like hearing “when you get that new Lamborghini, you might not actually be able to drive it.” Well, of course, you can’t, if you do not have any gas in it! In the CLM context, your contract data is the gas.
"When you implement your new CLM, you might not be able to use it as a central repository as you thought."
What were your key takeaways? Let us know!
Thank you to the CLOC team for organizing a fabulous event. The Factor team is looking forward to the next one! If you’re considering a CLM implementation, get in touch. We can help you get your house in order and select the best tool for your needs.