Salesforce: Legal Contract Management Software

Nikita R.

Media-savvy content creator, with a curiosity for all Salesforce experiences.

Updated: Oct 23rd, 2023

Legal contracts outline the rights and responsibilities of individuals or entities involved in a transaction. All businesses have legal agreements and, therefore, turn to legal contract management systems, principles, strategies, and even software to ensure these documents are correctly created and executed.

The Importance of Legal Contract Management

Since legal contracts are still contracts, many organizations use the contract lifecycle management (CLM) approach to streamline and optimize tasks and processes. Here are a few real-life examples of why contract management is so important.

CLM Mitigates Risks in Legal Contracts

When creating contracts, you can use contract management tasks to ensure that documents contain clear terms and conditions so that all parties involved understand the agreement they are committing to. Proper contract management strategies should also help your contracts comply with your country’s laws so that the agreement can hold parties accountable if required.

Accurate and precise legal documents created with contract management will reduce the number of disputes your company could face with customers or partners, saving you from any litigations and financial losses.

Adapt to Evolving Legal Compliance

Since the specific laws and regulations of countries or industries constantly change, it’s crucial to have a contract management system to modify legal contracts simultaneously.

By keeping up to date with regulation changes using contract management strategies, companies avoid legal issues, penalties, or fines.

Control Company Costs with CLM

Without a proper contract management system or software, your company can miss deadlines, a renewal, or create contracts with incorrect information. As you can imagine, these failures lead to added costs and time.

When organizations use contract management, they can evade any added costs arising from amending and terminating legal contracts.

Transparent Legal Contracts that Can Enforce Accountability

Legal contracts that clearly state the roles, responsibilities, fees, and deadlines of all individuals involved in an agreement will be transparent and understandable and let each person know what they are accountable for. Contract management strategies are great for controlling this aspect and can be used to track legal contract edits, revisions, and approvals.

Salesforce for Legal Contracts

Salesforce can be used to transform how your company works with legal contracts. As the world’s leading CRM platform, they are a great option to store customer data and automate processes related to marketing, customer services, and sales initiatives.

So, since Salesforce is a premium platform, it does offer many tools and features that can help work efficiently with legal contracts. However, Salesforce for contract management does not have an out-of-the-box CLM solution. If your company is looking for custom Salesforce solutions to manage contracts throughout the CLM journey, you must seek a third-party application.

Third-Party Apps for Salesforce Contract Lifecycle Management

If you are one of those companies searching for a third-party app that can integrate with Salesforce to help manage legal contracts, let us help you with a short list below. Legal agreements are critical and contain sensitive information, so you need to ensure that the application you install into your software stack is legit. Many third-party apps claim to help with CLM processes. Let’s take a look at the ones that are good options to integrate with Salesforce.

ContractWorks

First up on the list is ContractWorks, which is a cloud-based contract management software solution. Businesses of all sizes and across many industries choose ContractWorks to manage contracts throughout the contract lifecycle. Here are a few pros and cons for choosing ContractWorks and Salesforce for managing legal agreements.

Pros

ContractWorks can speed up the processes of creating, storing, tracking, and reporting on contracts.

The platform has a digital repository to securely upload, store, categorize, and tag contracts.

ContractWorks provides advanced search functions to let employees find contracts fast or specific information found in documents.

Cons

Integrating ContractWorks with Salesforce is complex and needs the ContractWorks Connector app.

The extra ContractWorks Connector app to get Salesforce to connect with ContractWorks will cost your company $500.

You will need to hire an IT professional or external consultant to maintain the integration between Salesforce and ContractWorks to ensure any updates to both platforms continue functioning as intended for your business needs.

PandaDoc

Up next is the document management and eSignature platform, PandaDoc. Many organizations choose PandaDoc for managing contracts in Salesforce as it integrates well with CRM systems. PandaDoc can add to the success of your contact lifecycle management strategies, but is it the right software for your business? Let’s take a look at a few pros and cons of a PandaDoc and Salesforce integration:

Pros

You can create, send, electronically sign, and track contracts, proposals, and agreements with PandaDoc.

PandaDoc is a Salesforce native integration. Therefore, you can work directly in your CRM platform while getting all the benefits of PandaDoc’s features and tools.

You can pull Salesforce record data into PandaDoc contracts and documents.

Cons

Adding a PandaDoc Documents component in Salesforce can throw errors.

Online reviews complain about needing proper onboarding support.

Canceling a billing subscription takes longer than expected.

DocHub

Like PandaDoc, DocHub is another CLM solution that offers eSignature and document management features that integrate with Salesforce. They make it onto our list as a popular online PDF editor for using salesforce for contract management. Let’s check out a few of their pros and cons.

Pros

Eliminate switching between multiple platforms, as you can access and work with your customer-related documents from DocHub directly in Salesforce.

Employees can collaborate on editing and sharing legal contracts in Salesforce.

Legal contracts and customer documents can be found quickly under Salesforce records.

Cons

Their application cannot be found on the Salesforce AppExchange marketplace.

Integrating Salesforce and DocHub is complicated and takes time to set up.

Technical expertise is needed to successfully configure the integration, map fields, and set up data synchronization.

Titan CLM

The last third-party Salesforce app to make it onto our list is our favorite. Titan CLM is a Salesforce solution to help businesses with contracts. Companies choose Titan CLM to redline, edit, and comment on any document while tracking every step inside Salesforce. Let’s take a look at why this product beats the competitors out of the market:

Pros

Users can manage and review legal contract changes directly in Salesforce for a 360-degree view of the contract lifecycle.

Contract owners can approve or reject changes to agreements.

Employees can collaborate on contracts and add new participants at any stage of the CLM journey.

Titan CLM supports Word documents using redlining and commenting tools.

Track the entire CLM journey in Salesforce from start to finish.

Titan CLM is more competitively priced than other alternatives with a powerful 100% Salesforce integration.

Cons

The implementation times will depend on your unique Salesforce solution requirements.

Software Verdict on Contract Management for Salesforce

As great as ContractWorks, PandaDoc, Conga, and DocHub sound, we can see from their multiple cons that there are significant issues when integrating with Salesforce. We suggest Titan CLM as your option for managing legal contracts and optimizing contract lifecycle management processes in Salesforce.

We hope to see you soon! 

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Disclaimer: The comparisons listed in this article are based on information provided by the companies online and online reviews from users. If you found a mistake, please contact us.