Contract Management Tool

Contract Management Tool Success Stories [2024]

Pat Walls

•

Updated: October 10th, 2024

Every business deals with contracts, but not everyone does it efficiently. That's where a contract management tool can make a difference.

In simple terms, this business idea revolves around developing software that helps companies draft, manage, and monitor contracts seamlessly. Imagine automating contract creation, tracking important deadlines, and avoiding costly errors, all from one central hub.

The need for such a tool is evident in industries inundated with paperwork and legalities. By providing a streamlined, digital solution, you can relieve businesses of administrative burdens and reduce risks associated with contract mismanagement.

Starting this venture demands a robust understanding of legal documentation and software development. Moreover, your focus on user-friendliness will be key in gaining traction. This isn't an overnight project, but the potential to offer undeniable value to countless businesses makes it a worthy endeavor.

In this list, you'll find real-world contract management tool success stories and very profitable examples of starting a contract management tool that makes money.

1. Legislate ($60K/year)

Charles Brecque, the founder of Legislate, came up with the idea for his legal tech company after experiencing the slow and painful process of creating, negotiating, and tracking contracts in his previous startup role. He realized that making contracts machine-readable through knowledge graphs would be a more efficient solution and secured initial funding to start building the platform. Legislate has since gained over 120 paying clients and raised £1M in funding.

How much money it makes: $60K/year
How much did it cost to start: $150K
How many people on the team: 12

How I Raised £1M And Built A Contract Software For Non-Lawyers

A legal tech company, Legislate, founded by Charles Brecque, makes it easy for non-lawyers to safely create lawyer-approved contracts and track the data they contain, with a team of 12 and over 120 paying clients split between property and employment.

Read this case study

Read by 1,993 founders