Not wanting to be outdone by rival LexisNexis’s purchase of CLM company ParleyPro, fellow legal tech giant Thomson Reuters has announced ‘new features and capabilities to HighQ [that] simplify CLM workflows and [give] 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,’ they added.
Now, whether this offering will attract new clients remains to be seen. The bigger picture is the battle for CLM market share and also TR’s constant battle with LexisNexis.
And although the two often compete intensely on legal research, it’s interesting to see them now do this with CLM as well. Just shows that they believe they may be missing out…..Looks like CLM fever is getting to everyone now….!
But back to the TR CLM capability.
‘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,’ they explain.
Kriti Sharma, chief product officer for the Thomson Reuters Legal Tech portfolio, said: ‘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.’
So, there you go. CLM fever is still growing…
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