Generative AI turns spotlight on contract management

It is important business technology, yet most people have never heard of it. Contract lifecycle management software — which helps to draft, store, search and manage a company’s commercial agreements — is widely used by lawyers and also by procurement and finance departments. But, in spite of the technology’s steady growth, and its pioneering use of artificial intelligence to automate information-intensive legal tasks, the market for the software has generally had a low profile.

is legal,” argues Zach Posner, managing partner and co-founder of The LegalTech Fund, a venture capital firm that invests in legal tech start-ups. Expect further consolidation around larger suppliers of contract management software, experts say. “The space itself is very fragmented,” points out Ajay Agrawal, chief executive and founder of Sirion. “Right now there are roughly 150 200 players just in .

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