The Contract Management Gap for Small Legal Teams

Legal teams at small and mid-market companies face a frustrating reality. Enterprise contract lifecycle management (CLM) platforms often price them out, starting at $20,000 or more annually. Manual processes using email and shared drives lead to version control nightmares and compliance headaches. Concord CLM entered this space in 2014 with a mission: to offer full-featured, affordable CLM at $499 monthly and the introduction of Horizon GenAI capabilities, Concord positions itself as an accessible alternative to costly enterprise CLM systems. This platform is worth examining for legal teams managing contracts without enterprise budgets.

Company Background and Market Position

CLM Platform Accessibility Gap:

Since 2014, Concord focused on the SMB contract management and mid-market segments, offering standardized processes that work out of the box instead of targeting Fortune 500 companies. By publishing costs on their website, Concord remains transparent, aiding legal departments with fixed budgets. The platform is ideal for startups and mid-market companies tired of piecing together separate tools.

Horizon GenAI: Contract Drafting and Analysis Capabilities

Concord launched Horizon GenAI to assist small legal teams in contract drafting and analysis between 2023 and 2024. For drafting, it integrates with Concord’s template system, suggesting clause variations and flagging sections needing review. For analysis, Horizon extracts key terms and highlights deviations from standard positions, reducing review time.

Horizon doesn’t replace attorney judgment on complex issues but excels with routine contracts. For startups and SMBs, this describes most of their contract volume.

Core Contract Management Features

Contract Management Workflow:

Beyond AI capabilities, Concord offers standard CLM functionality like centralized storage with metadata tagging and full-text search, crucial for companies storing contracts in email or shared drives. Drafting workflows integrate templates, approval routing, and collaboration, reducing back-and-forth. Concord’s native e-signature capabilities eliminate the need for third-party solutions.

Basic analytics offer visibility into contract volume, cycle times, and renewals. For SMB legal operations, this represents a significant upgrade.

Pricing Structure and Total Cost Considerations

Concord’s starting price of $499 per month is below enterprise CLM platforms, often starting at $1,500 monthly. Concord’s transparency aids budgeting without sales calls for basic pricing. The starting tier includes core functionality, with advanced analytics and API access costing extra. Horizon GenAI features require a higher tier.

For startups or mid-market companies, the cost is significant but justifiable, especially against poor contract management costs. Concord’s quick deployment is crucial when teams lack resources for lengthy implementations.

Target Use Cases: Startups and SMB Legal Operations

Concord caters to specific profiles. Startups face contract chaos scaling from founder-led contracting to their first legal hire. Concord provides structure without requiring dedicated expertise. Established small businesses and mid-market companies bumping against makeshift solutions also benefit as Concord consolidates tools into a singular affordable CLM solution.

Organizations needing extensive customization or deep integration with systems may quickly outgrow Concord.

Contract Collaboration and Workflow Management

For contract managers using email, Concord’s features address pain points. Stakeholders work on the same contract instance, eliminating coordination overhead and version control errors. Approval workflows define routing based on contract type and value, reducing manual tracking.

Horizon GenAI Contract Analysis Process: Concord integrates with business systems like Salesforce to enhance data flow, though large ERP or sophisticated system integrations are limited.

Implementation Considerations and Limitations

Implementing Concord requires minimal change management, with legal teams setting it up without consultants. The typical setup involves existing contract migration, template setup, configuring workflows, and training stakeholders, usually taking weeks. Concord handles thousands of contracts effectively, though feature depth may limit rapidly growing organizations.

Comparing Concord to Alternative Approaches

Affordable CLM alternatives include manual processes and point solutions, which require managing multiple systems. Enterprise CLM platforms offer deeper functionality at higher costs. Other SMB-focused platforms compete with Concord, but Horizon GenAI differentiates it for those valuing AI assistance.

Bottom Line

Concord makes contract lifecycle management accessible to organizations unable to justify enterprise expenses. Its pricing, transparency, and quick setup remove traditional barriers for startups and SMBs. The platform suits those with straightforward needs. Consider growth trajectories for future capability requirements. For many, Concord offers a practical solution for immediate challenges.

Frequently Asked Questions

What is Concord's pricing structure compared to enterprise CLM platforms?

Concord's subscription starts at $499 per month, significantly lower than many enterprise contract lifecycle management providers, which can begin at $1,500 monthly. This pricing transparency allows legal teams to manage budgets without needing to engage in lengthy sales calls.

How does Concord's Horizon GenAI improve contract drafting and analysis?

Horizon GenAI integrates with Concord's template system to suggest clause changes and highlight sections for review, streamlining the drafting process. It also extracts key terms and flags deviations for analysis, reducing the time needed for contract reviews, particularly for routine agreements.

Who are the ideal users for Concord's CLM platform?

Concord is designed for startups and small to mid-market companies experiencing contract management challenges, especially those transitioning from informal practices to more structured processes. It's also suitable for established businesses looking to consolidate tools without requiring extensive legal expertise.

What are the key features of Concord's contract management system?

Concord includes essential features such as centralized contract storage, metadata tagging, full-text search, and integrated e-signature capabilities. Additionally, it offers standard drafting workflows and approval routing to minimize delays and improve collaboration among stakeholders.

How long does it take to implement Concord's platform?

Implementation of Concord typically takes just a few weeks, including migrating existing contracts and setting up templates and workflows. The platform is designed for ease of use, allowing legal teams to set it up without the need for external consultants.

Are there any limitations to using Concord for growing organizations?

While Concord is effective for managing thousands of contracts, rapidly growing companies may find its feature depth insufficient as their needs evolve. Organizations requiring extensive customization or deep integrations with existing systems might quickly outgrow the platform.

What differentiates Concord from other CLM solutions?

Concord stands out due to its affordable pricing, transparency, and the unique integration of Horizon GenAI, which provides AI-driven contract drafting and analysis. Unlike many competitors, Concord focuses specifically on the needs of small and mid-market businesses, ensuring accessible functionality without excessive complexity.