June 28, 2022
Thomson Reuters Introduces Contract Lifecycle Management, New HighQ Features
New CLM capabilities leverage automation to strengthen workflow efficiencies, streamline contractual processes, and mitigate risk
TORONTO, June 28, 2022 – Thomson Reuters announced new features and capabilities to HighQ, led by contract lifecycle management (CLM) enhancements to help legal professionals better connect and simplify CLM workflows and gain full visibility across a contract portfolio. The developments add to recent enhancements on HighQ, giving users more powerful document automation capabilities to select and create documents, better handling of third-party paper contracts, and improved tracking of signatures against files.
Leveraging AI-powered tools, the CLM capabilities tackle repetitive, labor-intensive tasks to enable legal professionals to focus on higher-level strategic work to support clients and stakeholders. The adoption of these workflow solutions provides legal professionals with complete visibility over contract portfolios so they can proactively manage risk and obligations by being more responsive and agile, helping save time and resources.
The CLM capabilities will enable better management of contract processes during key stages including initiation, authoring, negotiation, approval, execution, ongoing management and compliance, and contract renewal – improving efficiencies and driving business outcomes.
“The legal industry is facing increasing complexity, from heightened efficiency expectations to constant cost-saving pressures,” said Kriti Sharma, chief product officer for the Thomson Reuters Legal Tech portfolio. “Lawyers often work in environments where finding certain documents, surfacing specific content, and ensuring nothing is missed are crucial. This kind of arduous work takes up time and energy. Fortunately, legal technology – like HighQ with expanded CLM capabilities – has advanced substantially in recent years, supporting legal professionals through workflow automation, and making success achievable in this challenging environment.”
Legal professionals – as well as C-Suite executives – are increasingly tapping into software and data analytics that address end-to-end CLM to understand how certain implications impact corporate financial results and business risks.
“The 2022 State of Corporate Law Departments report found a sizable 15% increase in CLM usage since 2018. Technology adoption trends across the legal sector are evident and reinforce a data-driven approach to CLM. We’re excited to continue supporting the next generation of tech-savvy legal professionals, helping them more effectively problem-solve, optimize contracting resources, and accommodate internal and external collaboration,” said Sharma.
Further core platform improvements include continued enhancements to document automation capabilities, further connecting the end-to-end contract lifecycle management workflows to enable lawyers to select from numerous templates and create a collection of documents with a single click, all within the platform. Additionally, a deeper integration allows users to effectively track the status of signatures against each file, directly from the home page with eSignature dashboards.
HighQ, a leading cloud-based collaboration platform for the legal and regulatory market, is core to Thomson Reuters strategic push to accelerate digital transformation and legal technology innovation for professionals. The new CLM capability is the company’s latest investment in the platform following recent integrations with other Thomson Reuters products like Practical Law, 3E, Legal Tracker, Contract Express and Contract Analysis, as well as outside technologies like Microsoft Teams®. This also follows the acquisition of ThoughtTrace, a document understanding and contract analysis platform that strengthens the AI and analytics capabilities across Thomson Reuters.
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