Our Guide to the 7 Best Contract Management Software for Legal Departments

Contract management software isn’t just a tool for legal departments—it’s a strategic asset that can significantly enhance operational efficiency. It provides a centralized system for managing, tracking, and analyzing contracts, reducing the risk of non-compliance and improving productivity.

In this SignWell guide, we’re offering expert insight into the seven best contract management software solutions for legal departments. We’ve explored features, pricing, pros, and cons to help you make an informed decision that suits your unique business needs.

Let’s get started.

What Is Contract Management Software for Legal Departments?

Contract management software for legal departments is a tool that helps you manage contracts in an efficient, organized manner. It simplifies the process of creating, approving, and managing contracts by giving your team a centralized system for tracking contractual obligations. 

These tools do this with a range of features, including:

• E-signing
• Templates
• Workflow automation
• Reporting and risk analysis
• Collaboration tools
• Secure storage
• Clause libraries

This allows you to quickly and easily create contracts, track progress, and view analytics in one place—potentially reducing the time and effort it takes to manage contracts. That’s a big reason why nearly two-thirds of in-house legal departments are using contract management software.

Why Is Contract Management Software Important for Legal Departments?

Risk Management

Contract management software helps to identify, assess, and mitigate risks associated with contracts. Without proper contract management, KPMG warns that contract value may decrease by as much as 40%. By providing a clear overview of all contracts, legal departments can quickly identify risks and resolve any issues.

Centralize Your Contract Data

Contract management software provides a single platform where all contracts can be stored, accessed, and managed. This eliminates the need for multiple systems and reduces the risk of losing important contract documents. Research shows a searchable, central contract repository is in place at 78% of top-performing companies.

Automate Tasks

A global survey found a major challenge for about 65% of legal practitioners is the amount of time wasted on non-billable tasks. Contract management software can automate tasks like contract creation, approval, and renewal processes. Forrester and Aberdeen found that using contract management software can reduce contract approval time by 82% on average.

Factors to Consider When Choosing Contract Management Software for Legal Departments

Pricing

It’s important to find a solution that fits within your budget but also offers the features and functionality you need. And remember, the most expensive software isn’t necessarily the best.

SignWell provides an affordable contract management solution with excellent features, starting at just $8 per month. This extends to teams as well—you can add additional users at a flat rate of $8/user/month.

Security Features

Given the sensitive nature of the data handled by legal departments, security features are paramount. Make sure the software provides powerful security measures like data encryption, user authentication, and access controls.

Integration Options

Legal departments often need to integrate their software with data from other sources like Salesforce, QuickBooks, or Dropbox. Make sure that your contract management solution offers solid integration options, so you can make the most of all of your data sources.

SignWell excels in this area—our tool integrates with 5,000+ popular apps through Zapier and offers an intuitive API, so you can quickly and easily connect with all of your existing systems.

7 Best Contract Management Software for Legal Departments

1. SignWell
2. ContractWorks
3. Ironclad
4. Outlaw
5. CobbleStone Contract Insights 
6. Concord
7. ContractSafe

1. SignWell

SignWell is an e-signing solution that offers legal departments an intuitive way to collect signatures and manage contracts.

Features like signing orders, automated workflows, and reminders help reduce turnaround times and make contract management easier and faster. Plus, our software integrates with 5,000+ popular apps—including Salesforce, QuickBooks, and Dropbox—so you can easily integrate your contract management process with other data sources.

Relevant Features

• Electronic Signature API: Embed e-signing into other apps and automate legal workflows for seamless contract management.
• Security & Compliance: Contracts are stored securely and adhere to global legal standards like HIPAA, SOC 2 Type 2, and GDPR.
• Document Signing: Collect legally binding signatures with a few clicks, ensuring compliance with U.S. and international e-signature laws.

• Document Workflows: Track and prioritize unsigned documents, choose signers, and keep the process moving with automatic notifications.

• Audit Reports:  Track document history with detailed audit reports, including timestamps and full visibility into document activity.

• Custom Templates: Quickly reuse and resend popular documents by turning them into templates for easy access and guided recipient experience.
• Easy Integration: Seamlessly integrates with over 5,000 favorite apps, including Gmail, Dropbox, and Slack.

Pricing

The pricing plans for SignWell range from a free plan with limited features to three paid plans— Personal ($8/month), Business ($24/month), and Enterprise (custom).

The Business plan includes 3 users automatically, with the option to add additional users for $8/user/month.

API Pricing

SignWell offers a pay-as-you-go pricing model for its API, with 25 API documents free each month. 

For higher volumes, there are customizable enterprise plans available. We also offer a free developer account with unlimited API test usage.

Pros and Cons

Pros

• User-friendly interface
• Robust security measures
• Seamless signing and tracking of documents
• Constant platform improvements

Cons

• Free plan is limited

2. ContractWorks

ContractWorks is a contract lifecycle management software designed to provide users with control and visibility over their contracts. It offers simplicity, scalability, and efficiency in managing contract processes from drafting to renewal while ensuring compliance and security.

Relevant Features

• Contract Repository: Upgrade to a secure, searchable, and scalable repository for all your contracts with SOC 2, Type 2 compliance.
• Custom Reporting: Stay updated with tailored, scheduled reports to monitor every aspect of your contracts.
• OCR & Advanced Search: Quickly find contract details using OCR and advanced search features.
• Electronic Signature: Send, sign, and file documents from anywhere with built-in electronic signature capabilities.

Pricing

ContractWorks offers three pricing plans for contract management software. 

The Standard plan is priced at $700 per month when billed annually, while the Professional plan costs $900 per month. The Premium plan, which includes drafting, redlining, and workflows, is priced at $2,000 per month.

There’s also a 14-day free trial.

Pros and Cons

Pros

• Comes with a generous amount of storage
• Easy to use and navigate
• Get alerted about renewals and expirations

Cons

• Some users find the AI functionality to be limited
• Users have reported compatibility issues with other software
• Users have found the signature process to be confusing

3. Ironclad 

Ironclad is a contract management software that offers AI-powered solutions to increase contracting efficiency. It provides tools for contract creation, collaboration, knowledge management, analytics, and integrations, catering to the needs of legal teams and businesses.

Relevant Features

• Ironclad AI: Speeds up contract turnaround time with automatic data tagging, redline suggestions, and unapproved clause flagging.
• Ironclad Workflow Designer: Enables centralized contract processes like intake, review, and approval routing with customizable Playbooks.
• Ironclad Editor: Allows for collaborative drafting, editing, and redlining of documents in Word or PDF formats, all tracked in one place.
• Ironclad Repository: Provides knowledge management through fully text-searchable document uploading and automatic contract data ingestion.

Pricing

Contact the Ironclad team to request for a quote.

Pros and Cons

Pros

• Great customer service
• User-requested features regularly added
• Designed for enterprise-level contracts

Cons

• Limited customization options

4. Outlaw 

Outlaw is a comprehensive platform designed to streamline the process of reaching agreements. It prioritizes security and privacy to ensure the protection of sensitive data, and it offers adaptable solutions for a wide range of industries.

Relevant Features

• Draft: Outlaw’s legal template management system enables high-volume contract generation with zero error, streamlining the contract creation process.
• Flow: The end-to-end deal UI delivers a seamless negotiation and e-signing experience, enhancing the efficiency of the deal-making process.
• Vault: A secure cloud-based data repository serves as a single source of truth for all contracts, ensuring easy access and management.
• Connect: Outlaw’s suite of web-standards-based APIs allows seamless integrations with thousands of other SaaS services, enhancing connectivity and workflow efficiency.

Pricing

Contact sales for a quote.

Pros and Cons

Pros

• Easy to learn and use
• Solid set of tools and features
• Supports a streamlined contracts process

Cons

• Missing crucial features (notifications, reminders, address book, etc.)
• Limited functionality accessible through Zapier

5. CobbleStone Contract Insights 

CobbleStone Contract Insights is designed to streamline contract lifecycle management processes and can be deployed as SaaS or as an on-premise solution. Its dashboard offers a centralized view of all contracts, giving you quick access to important data.

Relevant Features

• Custom Reports: Users can generate personalized and on-demand reports for contract management.
• Workflow Automation: Simplifies Contract Lifecycle Management (CLM) with smart contract workflow automation.
• Financial Tracking: Monitors contract financials to manage contract spending and budget.
• Contract Drafting: Accelerate contract drafting with approved templates and clauses.

Pricing

Contact the sales team for a quote.

Pros and Cons

Pros

• Customer service offers live training
• User-friendly UI
• Tracks contract statuses and provides reminders

Cons

• Video tutorials can be difficult to follow
• Document collaboration can be challenging

6. Concord

Concord is a comprehensive contract management platform. It offers a seamless and efficient solution for drafting, signing, and tracking agreements, catering to the needs of both fast-growing startups and large legal departments.

Relevant Features

• Contract Management: Draft, sign, send, and track agreements all in one place.
• Integrations: Works effortlessly with everyday tools, allowing for easy access to customer data and bulk agreement generation.
• Reporting and Analytics: Provides insights on all contracts through a customizable dashboard, enabling easy tracking of parameters of choice.

Pricing 

Concord offers three pricing plans: Standard, Pro, and Enterprise. 

The pricing ranges from $23 to $109 per user per month. Each plan comes with a set of features and integrations.

Pros and Cons

Pros

• Sends automated reminders
• Responsive customer service
• Provides training

Cons

• Will not accept forms if they’re missing information
• Negotiation history is lost when importing Word or PDF documents

7. ContractSafe 

ContractSafe is a contract management software designed to simplify the process of organizing, storing, and managing contracts securely. It offers robust security measures and integrates with popular business solutions for a seamless experience.

Relevant Features

• Search & Reporting: Quickly find contracts using Google-like keyword searching, making it easy to locate specific documents.
• Intelligent Alerts: Set reminders for important contract dates and receive automated email reminders to stay on top of upcoming events.
• Secure and Scannable Repository: Keep all documents safe in one place and track a contract’s status throughout its lifecycle.
• Integration With Existing Platforms: Seamlessly integrate with solutions like DocuSign, Okta/SAML 2.0, Active Directory, and Salesforce for enhanced functionality.

Pricing

The pricing for ContractSafe’s contract management software ranges from $329 per month for the Basic plan to $999 per month for the Enterprise plan.

Additionally, there is a productivity package that can be added to any plan for an additional 35% of the plan’s cost.

Pros and Cons

Pros

• User-friendly
• Integration with DocuSign makes contract storage simple
• Responsive and helpful customer service team

Cons

• Salesforce integration is an Enterprise feature
• Custom fields are not available on the Basic plan

Conclusion

Contract management software is a game-changer for legal departments looking to streamline workflows, minimize risks, and boost collaboration. It empowers lawyers to effortlessly handle contracts from creation to execution, keep track of changes and approvals, and ensure compliance with regulations and policies.

Among the top contract management solutions available, SignWell stands out by offering a simple and secure way to sign and manage contracts online. You can create, send, and sign contracts in minutes, track their status, and store them in the cloud. You can also integrate SignWell with your favorite tools like Google Drive, Dropbox, and Salesforce. 

Sign up for free and see how SignWell can transform your contract management process.