The digital revolution has profoundly impacted virtually every industry, including the legal field. Both private law firms and in-house corporate legal teams face greater challenges than ever before in terms of data management and client demands.
As manual document management processes continue to be replaced by digital alternatives, it is essential that legal organizations evolve their entity management practices. Otherwise, they will experience shrinking profit margins, increased paralegal turnover due to low job satisfaction, and rising data management costs.
Below, our experts examine the three biggest challenges that legal professionals will face both now and in the future. We’ll also identify proven solutions to help legal organizations future-proof their entity management capabilities and remain competitive in an increasingly crowded industry.
Challenges Faced by Legal Professionals
While modern law firms and in-house legal teams face many challenges, three pose the most significant risk to business continuity and profitability. These barriers to long-term success include:
Increased Competition
While the entire legal industry has become more crowded over the last two decades, the realm of corporate law has undergone some of the most significant changes. If attorneys want to demonstrate their value to top clients and retain lucrative accounts, they must increase transparency and standardize data documentation practices.
Data Management
While legacy entity management applications can control a firm’s data, this information is often disjointed. As a result, it can be challenging to gain an accurate 360-degree view of a legal team’s performance, profitability, and productivity.
Outdated minute book documentation practices are of particular concern. Many legal organizations are forced to chase down documents scattered across desks, siloed in file cabinets, and email inboxes.
Digital Security
Cyber-attacks have risen sharply over the last five years and are likely to continue following this concerning trend well into the next decade. Legacy entity management software requires on-site servers that are not only costly to maintain but also highly susceptible to data breaches and other acts of cybercrime.
Even a single breach can expose a legal team’s confidential client data and permanently ruin their reputation.
The Solution: Cloud-Based Entity Management Software
While the challenges outlined above pose a genuine threat to your law firm or in-house legal team, there is a clear pathway to mitigating these risks, enhancing ROI, and future-proofing your entity management processes.
The answer lies in cloud-based entity management software. This innovative legal technology offers:
Virtual Minute Book
The virtual minute book eliminates one of the most significant pain points facing most legal teams. This user-friendly tool allows authorized users to search, find, share, edit, and download virtual minute book folders at the click of a button.
A read-only version of the minute book can be shared with clients so that your organization can demonstrate its value while also being transparent about your documentation practices.
100% Cloud-Based Applications
Legacy entity management software must be carefully monitored and regularly updated to avoid creating vulnerabilities that hackers can exploit. Even when these legal technologies are expertly maintained, they simply cannot compete with the capabilities of 100% cloud-based software and applications.
By adopting cloud-based entity management software, you can ensure that your staff consistently access the latest tools and resources. This will give them a competitive edge over other legal teams while simultaneously enhancing the value that you can provide to your clients.
Transitioning to a 100% cloud-based entity management solution is a true valued-added proposition for private firms, in-house corporate legal teams, and paralegals.
Task Manager
Managing tasks via a mix of verbal dialogue, physical documents, and email is a recipe for missed deadlines. Fortunately, cloud-based entity management software eliminates this concern by giving you the power to organize compliance activities carefully. With these tools, you can assign tasks to your staff and set custom priority notices based on due dates.
Seamless Integration
An all-in-one entity management solution facilitates the seamless integration of your various applications and tools. This feature creates a collaborative workspace that will expedite approval signing processes, provide auto-populating templates, increase productivity, and enhance profitability. You and your staff can even work together in real-time.
Schedule Your Entity Management Product Tour
Whether you are a managing partner, corporate attorney, or paralegal looking for a better way to interact with client data, entity management software offers a clear solution.
If you would like to learn more about the benefits of world-class legal technology, then it is time to connect with Athennian. Our organization provides our clients with top-rated, cloud-based entity management software unrivaled in the entity management space.
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