LexisNexis Legal & Professional has acquired contract lifecycle management vendor Parley Pro, which will form part of LexisNexis’ enterprise legal management (ELM) platform CounselLink.
Founded in 2015, Parley Pro provides an end-to-end contract process automation offering from contract request, drafting, negotiation, signature, and post-signature management.
“Parley Pro’s CLM capabilities provide the critical third pillar—in addition to Legal Spend and Matter Management—to strengthen our already robust CounselLink platform,” said Sean Fitzpatrick, CEO, LexisNexis UK and North America. “Together, CounselLink and Parley Pro will deliver greater overall value to ELM customers seeking CLM solutions by enabling more effective negotiation workflows and providing the right contextual insights to inform better decisions and create value for the organization.”
“We’re excited to join the LexisNexis team,” said Olga V. Mack, CEO of Parley Pro. “By seamlessly integrating Parley Pro’s best-in-class contract automation and workflow tools with CounselLink’s market-leading features, innovation and capabilities, customers will benefit from the industry’s all-in-one, premier legal operations platform.”
Parley Pro’s current leadership team will continue leading the Parley Pro business and will be supported by and will collaborate closely with the CounselLink and broader LexisNexis Legal and Professional teams.
Why is CLM + Work Management so important to CLDs?
- A recent industry survey showed that Workload/Resource Bandwidth is the #1 challenge facing CLDs, and that Legal Service Request/Intake technologies are second only to A.I. in terms of planned CLD implementations over the next two years.
- According to the 2022 ACC Chief Legal Officer Survey, 60% anticipate an increase in work volume just due to privacy and regulatory enforcement.
- In addition, pandemic-related litigation is expected to steadily increase throughout 2022, centered around business interruption and breach of contract suits, insurance claims, employment disputes, bankruptcy, and real estate litigation.
caroline@legaltechnology.com