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3 Myths of Document and Contract Management Systems Busted!

by PracticeLeague

The legal industry is a very document intensive one, so it’s only important to make sure all the legal documents and papers are properly filed and securely stored. While originally this process was painstakingly done by hand, now, there are a number of different document management systems available in the market that help in categorically storing your documents and contracts.

Unfortunately, there are few myths attached to using such software, so let’s see if they’re true or not.

MYTH 1 – Small businesses don’t need a document and contract management software.

On the contrary, having a system to manage documents and automate contracts is extremely important for small businesses since they are already short on resources. In a smaller set-up, people wear multiple hats and being a librarian should not be one of them.

With a cloud-based Document Management system you don’t have to invest in a large infrastructure or have tens of people set-up a software for you.

MYTHS 2 – Documents need to be re-organized into the new document system categorically.

When implementing a new system in your department, it is quite cumbersome to ask everyone to assemble and organize their documents and contacts into the new system categorically. Not only will it be extremely time consuming, it will also make the work confusing.

A new-age software doesn’t really require this attention to detail and lawyers can feed their data in a flexible manner. A quick and powerful search can easily get any data they are looking for.

MYTH 3 – Contract management is the same as document management.

While a lot of the softwares available now come with document as well as contract management, the two are not the same. Contract management is concerned with the complete lifecycle of a contract from request management to approvals, contract generation, versioning, electronic signatures, management of key obligations, renewals, amendments, et al. While document management maintains the integrity of a document and is concerned with its processes post creation e.g. document control, access rights, structured storage, easy access, quick searches, security, sharing, etc.

To know more about Document and Contract management softwares, read about PracticeLeague’ s Corporate Legal Department solutions.

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