In the conventional sense, contract management has historically been a labor-intensive undertaking, fraught with administrative duties that devour precious time and resources of legal experts. The intricacies of crafting, negotiating, and overseeing contracts frequently inundate legal teams, deflecting their focus from strategic pursuits. This situation has emerged due to the disparity between the legal and technological realms, resulting in inefficiencies, escalated risks, and obstacles to sound strategic decision- making.

In light of this discrepancy, visionary entrepreneurs have recognized the latent potential of technology to bridge this divide and institute revolutionary remedies. One such visionary is Leena Tibrewal who recognized the burden faced by legal professionals and embarked on a journey to revolutionize contract management through her innovative platform, "my-Contracts." It is a pioneering Contract Lifecycle Management (CLM) platform that seamlessly integrates legal expertise with cutting-edge technology.

Leena's expertise lies in digitizing and optimizing the contract management process using technology. As a trailblazer in the legal tech landscape, Leena continues to inspire and lead, shaping the way legal professionals interact with technology and transforming  the efficiency of contract management for businesses worldwide. Delve into the conversation with Leena to gain deeper insights into her journey and the establishment of "my-Contracts".

What are some important facets of your life and professional journey?

It all began with my pursuit of a law degree at Goa University, which laid the groundwork for my subsequent legal career. Professionally, I commenced my journey as an in-house lawyer at Vedanta in 2009. During this time, I had the privilege of managing litigations and gaining valuable insights from Supreme Court cases and entity matters. Leading one of Vedanta's plants further provided me with invaluable operational experience. Over my five-year tenure, I took on responsibilities such as overseeing compliance, contracts, and notably, litigation aspects, including National Green Tribunal cases in Delhi.

It was around ten years ago, that I embarked on my entrepreneurial journey by launching my-Contracts. The aim was to enhance the efficiency of legal associates' day-to-day tasks through innovative web-based business applications.

Share insights on your leadership expertise and how your past industry experience strengthens your role as a business leader today.

From a business leader's perspective, understanding future vision is crucial. When "my-Contracts" entered the market in 2014, CLM providers were scarce. This allowed us to establish ourselves as one of the few players in the CLM industry. As a thought leader, my legal background enabled me to create a solution benefiting both legal teams and key management. Our system uses AI to analyze contracts, identifying clauses in favour or against the company. This analytical approach, combined with AI, aids in contract management and risk assessment, benefitting both legal and managerial perspectives.

What inspired the creation of MYCONTRACTS? Detail the venture's core concept and specialized focus.

During my time as an in-house counsel, I identified the challenges in-house counsels face due to administrative tasks consuming a considerable portion of their time, leaving less room for strategic and drafting aspects. I embarked on the legal tech journey and in 2014 I founded "my-Contracts". Over the past decade, our commitment to addressing these challenges has led us to evolve into a renowned contract management solution provider.

my-Contracts is an end-to-end Contract Lifecycle Management platform, offering functionalities beyond simple repository services. At my-Contracts, our mission is to support businesses throughout the entire contract lifecycle. From initiating Contract Requests and conducting Legal Reviews to Negotiations, e-Stamping, e-Signings, Uploads, Monitoring Contract obligations, and handling Renewals and Amendments, we offer comprehensive assistance. By centralizing all contracts in one accessible location, my-Contracts platform enhances contract performance, fortifies security, and standardizes processes for routine agreements. This allows clients to channel their efforts towards vital high-value contracts, driving impactful outcomes.

What key challenges do legal leaders face? How do you navigate them?

Being a leader in the legal landscape poses several challenges, encompassing complex regulations, rapidly changing laws, managing specialized teams, ethical decision-making, fostering innovation in a conservative industry, and maintaining client trust. To overcome these hurdles, two strategies stand out. First, continuous learning is essential to remain informed about legal trends, regulations, and technological advancements, enabling effective adaptation. Secondly, a client-centric approach is paramount. Prioritizing the best user-friendly solutions for clients helps build trust and goodwill, sustaining success in this ever-evolving industry.

Share your major career milestones and your leadership success mantra.

My career has been shaped by significant milestones, including the development and launch of my-Contracts. The solution has been adopted by over 100 Indian and global companies, including Mercedes- Benz, Mahindra & Mahindra, Abbott Healthcare, STTelemedia, JSW Steel, Quess Corp, Pidilite Industries, Ashok Leyland, NDTV, Razorpay Solutions, Sify Technologies, Lightstorm, Bajaj Auto, Yokohama, Deepak Fertilizers, Metropolis, JetSynthesys, Xpressbees, Max Life Insurance etc. The platform has received industry recognition, including winning the "Best Use of Technology and Innovation in the Legal Sphere" at IDEX Legal Awards 2019, being a finalist for the “Shamnad Basheer Award” 2022, being listed as a ”Top 10 legal technology service providers” by CIO Review India in 2019, and also being recognized with “Women in Law Excellence Award” at the Annual LegalEra Conclave 2023. As a leader, my success mantra revolves around a client-centric approach, embracing innovation and adaptability, and building a skilled team while seeking regular feedback.

"From my beginnings as a lawyer to founding "my-contracts," each step has been motivated by a desire to fill gaps, enhance processes, and empower legal professionals with cutting-edge solutions"

How will the Indian legal contract management landscape evolve?

Indian legal contract management is set to undergo significant changes due to regulations like the Personal Data Protection Bill, focusing on data privacy and security. Remote work will drive demand for digital tools for collaborative contract drafting and review. Contract analytics will identify patterns, risks, and opportunities for better decision-making. Automating compliance checks and utilizing AI-powered review tools will expedite key terms and risks. Adopting e-signatures, digital contract acceptance, and digital stamping will become standard practices in the evolving legal landscape.

Advice for aspiring women entrepreneurs/ business leaders

My advice for budding women entrepreneurs, or anyone aspiring to be an entrepreneur, would be to believe in yourself and pursue your dreams passionately. Find something you genuinely love and are passionate about, as this will make your work feel more like a fulfilling journey than a job. Following your passion and staying committed to your goals will drive you to achieve success and make a meaningful impact in your chosen field.

Leena Tibrewal, CEO, My-Contracts

With a strong commitment to customer satisfaction, Leena specializes in providing end-to-end techno-legal solutions for businesses seeking to streamline and automate their contract management processes. Leena's expertise lies in digitizing and optimizing the contract management process using technology. As a trailblazer in the legal tech landscape, Leena continues to inspire and lead, shaping the way legal professionals interact with technology and transforming the efficiency of contract management for businesses worldwide.