Quick FAQ!
We’re now one-month in to our Substack experiment. We’re thrilled with the progress and your contributions. I hope you’re having fun and enjoying the process so far.
I’ll be following up with each of you individually this weekend, but I did want to send a global thank you! You’re helping to shape what we believe will be the industry leader in CLM. THANK YOU!
Now… to the FAQ. Today I’m going to list and number 10 quick questions relating to CLM. Answer those you can, skip the others. Short answers are great. We love long answers, too.
How many vendors did you evaluate when selecting a CLM?
What was the primary one or two deciding factors for you in selecting the winning vendor?
Did you conduct a formal RFP process?
Did the CLM budget come entirely from the legal department or was it spread across other departments?
Did you use an outside firm to assist with your CLM implementation?
How long did your implementation take?
How many CLM integrations do you currently utilize?
What elements of the evaluation were most influential to your decisions (e.g. AI bake-off, live product demo, technical review, etc)?
We’re there specific assets or resources offered by your CLM vendor that helped you make your decisions (e.g. ROI calculator, case studies, etc)?
What one piece of advice would you give us when selling CLM to in-house attorneys?
1. How many vendors did you evaluate when selecting a CLM?
We evaluated three vendors.
2. What was the primary one or two deciding factors for you in selecting the winning vendor?
They set up a committee of lawyers to revie before selecting. They selected the tool which the committee liked the most.
3. Did you conduct a formal RFP process?
No.
4. Did the CLM budget come entirely from the legal department or was it spread across other departments?
Entirely from the legal department.
5. Did you use an outside firm to assist with your CLM implementation?
No.
6. How long did your implementation take?
From start to finish about 4-6 months
7. How many CLM integrations do you currently utilize?
1
8. What elements of the evaluation were most influential to your decisions (e.g. AI bake-off, live product demo, technical review, etc)?
Interrogation with e-mail to simplify the process of using the CLM
9. We’re there specific assets or resources offered by your CLM vendor that helped you make your decisions (e.g. ROI calculator, case studies, etc)?
If you are selling to seasoned in house staff they all already know how important it is to have a CLM program so you don’t need to convince them of the need but sale them on why your program is better than the next CLM program. So no resources were used.
10. What one piece of advice would you give us when selling CLM to in-house attorneys?
Need to show clearly how it will ease organization of files.
1. We evaluated 3 vendors.
2. Feature set and price.
3. No formal RFP.
4. Mostly Legal but some budget from IT.
5. None other than the CLM vendor itself.
6. Around 3 months for Go Live but still ongoing on refinement.
7. 0 (the CLM we chose has its own e-Sign, which would otherwise be the main integration need).
8. Live product demo.
9. There were attempts to quantify savings of time etc., but these were not particularly influential because we already understood that any good CLM will do this.
10. Be honest and transparent with what the CLM can and can't do. If things are still in development, say so and follow through.