time management is a very essential skill for any test taker.
in the last two editions of CLAT, time was not a factor at all. this was because half the paper consisted of gk questions. however, as no legal gk and static gk is expected this time, it is safe to predict that there will be many more reasoning/comprehension questions - which will make time management a very important skill once again.
think of this: there are two aspirants - both with same knowledge. there is a time crunch, and one works fine under pressure while the other simply gets nervous. who's going to do better? apart from managing time, it is also very important to manage your emotions and temperament throughout the paper.