The Best Contract Lifecycle Management Software — and How to Choose the Right One For Your Legal Team
Contract lifecycle management systems organize and automate your legal workflow. But which CLM is best? Here’s how to choose the right CLM for your tech company.
Whether your company does ten deals per month or 100, keeping contracts organized is complex and time-consuming for any legal team. Enter the contract lifecycle management (CLM) system: software that manages and centralizes inbound contract requests, automates the review process, and incorporates AI to identify or extract key terms.
But with dozens of CLM systems on the market, choosing the right one can be overwhelming.
To shortcut your research and buying journey, we’ve compiled a list of five CLM vendors recommended by GCs and CLOs at high-growth tech companies in The L Suite community. Read on for their picks — plus a step-by-step overview of the selection process to ensure you choose the right CLM for your company.
Key Takeaways
Ironclad, Lexion, LinkSquares, Pramata, and SpotDraft are all highly recommended by The L Suite community and are worth considering in your search.
The most important step in the CLM research process is defining your requirements. Focus on your current pain points, contract volume, need for scale, and stakeholders’ concerns about adoption.
Utilize a scorecard, like The L Suite CLM Scorecard, to rank vendors on areas like ease of use, capabilities, customizations and integrations, data security, training and support, and reputation.
For in-depth guidance about the buying process, including interactive worksheets and insights from GCs on each software, download The L Suite CLM Buyer’s Guide.
Best Contract Lifecycle Management Systems: Recommendations From The L Suite Community
No CLM is one-size-fits-all, and each has its own unique strengths and capabilities, so it’s worth exploring a few to see which system aligns with your needs. (We cover that process in detail in the next section.)
But first, consider these five CLM vendors, which are some of the most highly and frequently recommended contract lifecycle management systems on The L Suite's Braintrust platform.
Ironclad
Ironclad is regularly cited as one of the top CLM providers, offering a feature-rich tool suitable for enterprise clients with complex contracting needs. The platform provides customizable onboarding, implementation, and support options, with costs increasing with the level of vendor involvement.
Ironclad offers features such as automated workflows, contract templates, and AI analysis and is known for its collaboration functionality, customizability, and user-friendly interface.
Ironclad - Screenshot
Ironclad Reviews From The L Suite Community
“Ironclad offered more flexibility and customization than others, which enabled us to build and implement more of the exact solution we were looking for.”
“The main benefits for Ironclad: configuring and customizing contract templates is fairly intuitive (the lawyers in our team have been able to upskill relatively quickly), there's a great community around the platform (e.g. forums, tips, discussion — which can be really helpful), and their support team is quick to respond."
Lexion
Lexion’s comprehensive CLM system streamlines workflows from intake to post-signing management and reporting and uses AI to automate contract analysis and metadata extraction. Lexion is known for its intuitive platform, intending to make it easy for anyone using the system to find and do what they need. If your team prefers being hands-on with a CLM, Lexion could be a strong contender.
Lexion - Screenshot
Lexion Reviews From The L Suite Community
“Lexion’s robust SFDC integration was a key deciding factor, alongside the ability for sales folks to seamlessly kick off contract workflows from SFDC or email.”
“With Lexion, we were up and running in three days. We also use it to manage all legal tasks which gives me the data to present to my CEO on where we stand on legal resources/matters.”
LinkSquares
LinkSquares began as an AI-powered contract repository, and over time, expanded to an end-to-end CLM and added a legal project management solution. Today, LinkSquares is still known for its AI capabilities, offering contract analysis and data extraction features throughout the platform.
LinkSquares also offers project management tools to help track and manage all legal work, not just contracts — making it an interesting contender if your needs go beyond contract management.
LinkSquares - Screenshot
LinkSquares Reviews From The L Suite Community
“LinkSquares has a fast pace of technology innovation and continually releases new features. They also have a very client-focused product organization and closely listen to feedback from clients when creating their roadmap. The level of customer service and response times are also strong.”
“LinkSquares is a phenomenal app, has a highly responsive team, and is designed by transactional lawyers so relevant to real-world use.”
Pramata
Pramata is dedicated to a radically simple approach on everything from contracting insights, KPIs, and reporting to visibility across in-flight contracts, a centralized request portal, and automated renewal calculations.
One of Pramata’s differentiators is that contract migration is included for every customer. Most vendors either charge extra fees for migration support or require customers to do it themselves, which can be a huge undertaking.
Pramata - Screenshot
Pramata Reviews From The L Suite Community
“With Pramata, we can now easily search our contracts based on contracting entity and key terms (LOL, indemnity, products, etc); see contracts in context (the MSA is shown together with any amendments and orders); and run reports. We're finding it particularly helpful with integrations and due diligence.”
“What stands out with Pramata is their AI Assist program under which they have actual human beings providing quality assurance.”
SpotDraft
SpotDraft supports document automation, collaborative editing, and task management and is well-known for its extensive list of out-of-the-box integrations.
SpotDraft also differentiates itself with 24/7 customer support. If you expect to need dedicated customer support, then SpotDraft could be a strong contender. It is often popular among small and mid-sized legal teams.
Pramata - Screenshot
SpotDraft Reviews From The L Suite Community
“The service and responsiveness sets them apart. They don't require a third party implementation team, which was important to me. The team is exceptionally thoughtful and has made a difficult process genuinely pleasant.”
“We have been using SpotDraft for about a year and are very happy with it. We chose it because of integration with Google Drive and Slack. They are very responsive when we have given feedback on product.”
For a full comparison between each CLM system, including product features and more reviews from GCs, download The L Suite CLM Buyer’s Guide.
Choosing the Best Contract Lifecycle Management System for Your Company
With a list of CLM vendor recommendations in hand, it’s time to narrow down the right option for your company’s unique needs. Follow the steps below to thoughtfully identify stakeholders, outline requirements, evaluate vendors, and ultimately set your team up for success.
Step 1: Identify Key Stakeholders
The legal team won’t be the only user of the CLM system, so you’ll need buy-in and collaboration across various departments throughout the process. Assemble a key stakeholder group, including legal ops, business users, IT, finance, and senior executives, and determine what roles everyone should play throughout the buying journey.
The L Suite CLM Buyer’s Guide includes a RACI Matrix that is helpful for outlining stakeholder roles.
Step 2: Define Your Requirements
Before you meet with vendors, prepare a short, specific list of priorities of what you are looking for from a CLM system. Include:
Pain Points and Bottlenecks: Pinpoint the challenges your team currently faces in the contract review process. For example: Does legal have trouble identifying and tracking business approvals for high-risk deals? Do your business teams lack visibility into the contracting process?
Contract Types and Volumes: The number of different contract types your company deals with and the total number of contracts you will need to store in a CLM system will affect your overall costs. Your numbers don’t need to be exact, but the more information you provide, the more tailored vendors can be around pricing and implementation timelines.
Scalability: Many CLM companies base their pricing on contract volumes and number of users. Share your company’s growth goals, especially any planned M&A activity, so vendors can speak to how their product will support your changing needs and the cost fluctuation to expect.
Adoption: The best CLM tool is one that your company will actually use, so discuss and document any reservations stakeholders have about adopting a new system.
Step 3: Evaluate CLMs
Once you have your requirements, select the vendors whose products may match your need and set up demos. Send them your requirements in advance and ask that their demo cater to your specific needs. Seeing that a vendor has listened to you, taken your asks seriously, and thoughtfully addressed your questions can help you feel more confident in partnering with them.
Step 4: Select a CLM
When determining whether a product is a serious contender, your organization’s requirements should be your North Star. Download The L Suite CLM Buyer’s Guide for a scorecard you can use to compare vendors on the metrics that matter most.
Factor 1: Ease of Use: Evaluate the CLM’s user interface and overall intuitiveness. A user-friendly system will increase adoption among your legal and business teams.
Factor 2: The Contract Lifecycle: Focus on the stages of the contract lifecycle that matter most to your company, whether that’s automated workflows, intuitive collaboration tools, AI analysis and extraction, or reporting functionality.
Factor 3: Customization and Integrations: A CLM that seamlessly integrates with your existing tools and allows for customization to match your workflows can greatly enhance efficiency.
Factor 4: Data Security and Compliance: Any CLM you choose should meet your organization’s security and compliance requirements.
Factor 5: Team Training and Support: A robust training program and ongoing support can ensure your team can leverage the CLM's full potential.
Factor 6: Vendor Reputation: Don’t go into business with any CLM vendor until you have asked for feedback and references from existing or past customers.
Ready to Get Started?
Choosing the right CLM system is more than just a procurement decision — it's a strategic step toward optimizing your efficiency. As you approach the final decision, remember that a CLM system should not only solve current pain points but also integrate with your existing workflows, foster seamless collaboration, and scale with your future growth and needs.
For more guidance, download The L Suite’s CLM Buyer’s Guide, which includes:
Vendor Spotlights: Review five highly recommended CLM solutions, including their offerings, pricing models, and key features.
Vendor Comparison Guides: See side-by-side comparisons of features, integrations, onboarding processes, and more.
Comprehensive Process Overview: Get expert guidance for every step of the CLM research, evaluation, and selection process.
Interactive Tools: Utilize custom tools to guide your search, including a RACI Matrix for key stakeholders, a Contract Volume Worksheet, and a CLM Vendor Scorecard.
GC-to-GC Insights: Get advice, recommendations, and best practices on the CLM evaluation process from members of The L Suite.
About The L Suite
Called “the gold standard for legal peer groups” and “one of the best professional growth investments an in-house attorney can make,” The L Suite is an invitation-only community for in-house legal executives. Over 2,000 members have access to 300+ world-class events per year, a robust online platform where leaders ask and answer pressing questions and share exclusive resources, and industry- and location-based salary survey data.
For more information, visit lsuite.co.