For bustling law offices, finding the balance with heavy volumes of client demands can be challenging. With the right software tools in place, a law firm can streamline its internal workflow and processes which can greatly positively impact the productivity of the team. By having the right software, you can spend less on administrative duties and use your precious time supporting existing clients or soliciting new business.
What is Entity Management Software?
According to the Legal Trends Report, legal professionals spend 29% of each workday on billable hours. This translates roughly to less than 3 hours a day which means that the remaining 5 hours of an 8-hour workday are spent on non-billable tasks like administrative and maintenance tasks.
An entity management software can help with eliminating archaic processes and automating paperwork which allows you to spend more time with your clients and doing more important things to grow your firm.
If your law firm is experiencing tremendous growth and has high volumes of client demands, keeping on top of all deals and requests is crucial to equip your business to handle all its demands. With the right entity management software, you can keep track of your law firm’s progress, map out deadlines, and have a one-stop-shop where you can document everything which will make it easy to manage your firm.
One of the main benefits of using an entity management software system is that it promotes collaboration within your workspace.
You can also automate a lot of repetitive tasks that you do regularly and you can collaborate with other team members in real-time. The software can also help you with tasks and keep on top of your deadlines.
How Can Entity Management Software Help You?
The primary benefit of using entity management software is to help save time and money. For Corporate Paralegals, automating processes can free up billable hours which can lead to increased productivity and customer satisfaction.
The security of the documents is also essential in keeping the client-lawyer confidentiality. Since your documents are stored in the cloud which is a secure portal, you are maintaining your client’s privacy and holding your accountability high.
Software needs constant updating which means that you are getting a technology advantage and competitive edge against your competitors. The technology is seamless and provides continued support which means your law firm can get work done more efficiently.
With a cloud-based system in place, your clients can have peace of mind when it comes to the handling of private information.
Entity Management Assets
There are numerous benefits of entity management software. The primary goal of any business is to increase productivity and revenues. Here are the different benefits that you can enjoy:
- Virtual Minute Book
Minute books are essential in any law firm and business but they can be an unnecessary expense. Because it is cloud-based, it can be retrieved, downloaded, and shared at any time. You can send read-only minute books to your clients so that they can find real value in the information you are sharing.
- Corporate electronic filings
You don’t have to deal with the hassle of mailing a piece of document or physically getting in line to file a document when there are states that can accept electronic filings. Documents that are transferred through electronic filings are uploaded through a secure portal and you can get a confirmation when the government entity receives and processes your document.
- Document and forms creation
You can automate this transactions by creating templates for specific documents so that you need not start from scratch every time.
- Use of E-signatures
Since the documents can be sent electronically, it makes sense that clients can also sign them electronically. By accepting the use of eSignatures, law firms can cut the lead time when it comes to getting the documents back which leads to expedited document processing.
- Improved record-keeping and retention
Having one central place where you keep all your documents is beneficial and can help improve your record-keeping and document retention strategies. Gone are the days when you have to keep all physical documentation when you can just scan it and turn it into an electronic document that can be kept forever.
- Software support
Most entity management software is easy to use but it is unavoidable to have issues and questions along the way. Software support is usually easy to get, either through a chat function or a customer technical support line where you can get real-time walkthroughs on how you can solve your issue.
Using entity management that is cloud-based is important in a law firm especially if you are dealing with a heavy volume of client demand. Time is essential especially if you are dealing with time-sensitive issues and customer demands that need to be met right away. Using entity management software entails a cost but this is justifiable by the numerous benefits that you can get from it.
If you want to learn more about utilizing entity management software to help your law firm, contact Athennian and speak to a digital entity management expert today!