Entity management is one of the legal industry’s most laborious and time-consuming processes. Because it serves as the bread and butter for most law firms, there is an elevated pressure to economize in this area. In fact, according to EY research, almost 90% of legal teams report spending too much time on repetitive tasks such as legal entity management.
While many firms and in-house teams have already switched to purpose-built entity management software, others still store their business-critical corporate data in spreadsheets and documents. Compounding this extra effort, many still keep physical paper minute books and create digital copies through scanning and uploading.
For the competent legal professional, this system works, time-consuming as it may be. However, what if there was an easier way? One that makes a competent paralegal look like a superhero and boosts revenue for the entire organization?
With cloud-based entity management, information exists at your fingertips. Legal professionals can access their minute books in real-time, ensuring that corporate data is always up to date, and all those collaborating on the file have the same information.
In addition, cloud-based entity management allows legal professionals to create signature-ready documents in a matter of clicks. Through best-in-breed automation technology and programming language, paralegals can create precise templates and easily populate corporate summaries, registers/ledgers, certificates, and custom documents within seconds, saving you time for more productive work.
It is estimated that at least 23% of legal work can be automated by existing technology, meaning more time spent on billable hours and building client relationships and less time spent on laborious processes.
To learn more about software vs. spreadsheets, you can access our webinar, “Spreadsheets vs. The Cloud: The Benefits of Automating.”