2022 TECHNOLOGY REVIEW
Crossing Legal’s Digital Divide With Contract Data Tim Donaghy, Contract Logix
CCBJ: Tim, can you tell me a little about Contract Logix and what you do?
Tim Donaghy Tim Donaghy has been with Contract Logix since 2006 and was on the founding team during the initial product concept phase. As the CTO, Tim leads all Product and Technology direction for the company. He has crafted the vision for what has become an industry leading SaaS platform. Tim is a wellknown industry expert, speaker, and author in the field of contract lifecycle management.
Tim Donaghy: Yes, absolutely. Contract Logix is a leading provider of contract management software. We were founded in 2006 and our goal since the beginning has been to help our customers uncover and mitigate hidden risk in their contracts. We work very closely with corporate legal and legal operations teams across several different industries, especially highly regulated ones, like healthcare, energy, and pharmaceutical. They use our platform to simplify, automate, and digitize the way they manage all phases of the buy-side and sell-side contracting process. This includes everything from a contract request, the creation, negotiation, and electronic signature of an agreement, as well as the ongoing post-award management including things like obligation tracking, amendments, you name it. We are a full contract lifecycle management solution, and we pride ourselves on being a very data-driven, customer-centric, and security-first company. You talked about helping organizations uncover hidden risk in their contracts. Can you elaborate on how you are helping legal teams do that? Uncovering contractual risk is part of our DNA at Contract Logix and there are many ways our software helps make that possible. Our belief is that risk is inherent in every legal agreement and to effectively manage risk, you must identify and assess it before you can mitigate it. We also believe that data is key to effective risk management. Unfortunately, many organizations don’t have the ability to leverage their contract data because it’s stuck in shared drives, spreadsheets, and other obsolete or document-centric contract management tools. That’s where we can help. You need a data-driven approach to contract management and we’ve built our platform from the ground up to be data-centric. Our software gives our customers the ability to harness the wealth of data in their contracts like names, dates, terms, values, even legal language. Our platform then takes that data and transforms it into actionable business insights using capabilities like real-time reports, dashboards, automated alerts, and more that can be used to uncover and minimize legal, financial and security risks like missed obligations, unfavorable terms, slow approvals that might cause a deal to be lost, 2022 TECHNOLOGY REVIEW | 75
