This news follows the launch of another new tool from Xakia to help legal teams overhaul external spend tracking, as reported by Lawyers Weekly last month.

According to the legal tech company, the new contract management tool is a response to the pressing need for a more streamlined approach to contract management. It can be set up and live in just a few short hours, cutting months off implementation time.

The tool has a variety of features that cater to the end-to-end needs of contract management – from the initial stages of drafting to the final phases of execution, according to chief product officer Richard Conway.

“Our objective was to alleviate the common pressures faced by in-house lawyers,” he said.

“By focusing on simplicity and utility at every step, we’ve made comprehensive contract management accessible to all teams, regardless of size or resource allocation.”

Key offerings of the platform include matter-centric contract management, which integrates contract management within broader matters, a contract homepage and contract document centre and the ability to create interconnected contract portfolios.

The solution also keeps track of important contract milestones, with reminders to ensure timely action, and allows for the detailed organisation of contract terms to align with organisational goals and priorities.

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Xakia North America chief executive Anne Post said that the solution came from understanding the time, budget, and resourcing constraints that legal teams face.

“We’re committed to delivering solutions that don’t just promise efficiency but actively deliver it without implementation headaches,” she said.

“Our tool’s design reflects our commitment to simple, powerful and affordable software tools, featuring an intuitive interface that allows users to grasp and utilise its features quickly.”