The legal industry is changing, and with that comes the immediate need to abandon outdated and counterproductive practices. EY research published this month found that almost 90% of companies report challenges managing their legal entity data.
Too Many People Report Challenges with Entity Management
Using multiple providers to manage your entities leaves significant cracks to fall through. EY reports that 87% of General Counsel spend more time than necessary on repetitive tasks related to compliance and entity management, which significantly impacts business. Issues in data management alter the hierarchy of priorities and leave little time for non-administrative tasks.
And, of the 65% of legal teams who use a single-provider entity management systems, 96% report challenges, most likely due to outdated technology and clunky user interfaces.
96% is too much–it's time to switch to an intuitive entity management system that understands your needs and mitigates the stress of day-to-day operations.
In fact, EY recommends best-in-class technology and a dedicated support team of experts to reduce your organization's risk exposure and maximize operational efficiency.
Escape These Statistics with Athennian
Athennian understands your immediate needs, provides a structured methodology for organizing your intuitive, secure data, and leaves room for essential business operations. Get started with a demo today.
Key Statistics Reported by EY:
- "87% of General Counsel report their department spends too much time on repetitive tasks such as legal entity compliance."
- "89% of companies report facing challenges in managing their legal entities."
- "96% currently report challenges with their systems."
- "Two-thirds of organizations use multiple providers to manage their legal entities, which can lead to increased costs and lack of consistency."