Last week, legal professionals from all over the country gathered in Las Vegas for the 2023 Corporate Legal Operations Consortium (CLOC) Global Institute, the organization’s flagship event dedicated to bringing together the entire legal ecosystem to focus on legal innovation and transformation.
Delegates from Agiloft attended the conference to help spread the message of CLM and how a solution like Agiloft can help unlock revenue, create a “single source of truth” for contract data, and enable strategic decision-making across the organization.
Here are the top five highlights from our time in Las Vegas:
1. CLM & ELM: New match made for Legal Ops
What happens when you integrate best-in-class Contract Lifecycle Management (CLM) and Enterprise Legal Management (ELM) technologies? Truly unparalleled legal team performance.
At the conference on Tuesday, Agiloft was thrilled to announce its technology partnership with Mitratech, the leading global provider of legal, compliance, and HR software. By joining forces, Agiloft and Mitratech are simplifying the legal technology stacks for legal users. Together we are enabling increased consistency, efficiency, and collaboration across legal teams and between legal and broader business teams. To learn more about this exciting CLM-ELM connection, click here.
2. How to build a masterpiece, not a monster
When approaching CLM, how can organizations prevent building an unwieldy monster?
On Wednesday morning, Agiloft’s Prashant Dubey and Intel’s Donovan Bell presented a joint session titled: “How to Build a Masterpiece, Not a Monster.”
In the last decade or more, CLM has become a business-critical tool for corporate legal teams to enable visibility, increase productivity, and enforce standard language and policies to reduce risk.
But in an industry with explosive growth, more and more systems are being built quickly without long-term business goals in mind, with limited connections, and with no easy way for the system to evolve as needs and economics change.
In this case study session, attendees learned:
- How to develop a thoughtful approach to CLM implementation and adjust plans regularly based on new opportunities and constraints
- How to cultivate organizational interest in participating in the effort by determining the readiness of different business units from an emotional as well as budgetary perspective
- How to remain flexible in terms of the order that will be used to roll out the system
- Why to tackle repository first followed by workflow. This enables the right change management to occur and creates a data and metrics foundation to support efficient workflow automation.
To hear more from Donovan and Prashant, be sure to check out their recent episode of our podcast, Contract Insights.
3. Human-centric messaging meets technology head-on
Ask anyone who attended, and they will tell you: There was a deliberate human centricity to the keynotes this year. Strip away the technology, and success boils down to human connections between people, especially when implementing CLM. Yet as attendees exited the keynote presentations, they were thrust onto the vendor floor where every company showed off some newfangled solution based on artificial intelligence. There is a clear dichotomy between humans and machines.
Agiloft reconciles this contradiction by focusing on ensuring that workflow automations representing human-based processes are easy to configure and easy to implement. We believe that our customers need to focus on the human dynamics associated with technology implementation even more so than the technology itself. That’s why we make it easy for people to configure and deploy our no-code technology, so they can put most of their focus on helping their human colleagues achieve success with CLM.
4. The future of Legal Operations is here
GenO, or Generation Operations, is what we are calling the new era of legal operations professionals dedicated to leading programs that impact the entire corporation, not just the legal department.
GenO leaders are proactive, driving commercially-oriented measures such as time-to-revenue recognition, risk and compliance metrics, and direct and indirect spend as a percent of revenue. In addition to these measures, they also focus on documenting, optimizing, and facilitating business-critical processes, including contract management technologies like CLM.
The spirit of GenO was alive and well at this year’s conference, where attendees exemplified the concepts of GenO and the elevation of legal operations professionals to become strategic business enablers.
In fact, one of the main tenets of GenO is to follow the CLOC model.
With 12 core competencies, including financial management, vendor management, and data analytics, CLOC’s framework is helping legal operations professionals optimize their legal processes, enabling more lawyers to practice more law and better manage the budgetary and technical aspects of their departments.
5. Everyone loves a good party!
GenO and Tonic, anyone?
On Wednesday, we gathered to celebrate our time at this year’s CLOC Global Institute with our second-annual Party on the PRIME Patio with views of the iconic Bellagio fountains.
Agiloft partners, customers, and others new to Agiloft came together to network, chat, and sip Agiloft-themed libations after an action-packed week full of insightful sessions and roundtables. It was a great opportunity to bring everyone together, reflect on what works, brainstorm new solutions, and push the legal ops profession forward in tangible ways.
Thank you to all who attended. It was a memorable night and the perfect way to finish out an amazing week in Las Vegas. We look forward to seeing you next year!