This article draws from Athennian’s webinar, “How In-House Legal Teams Can Improve Efficiency Company-Wide.” You can access the video recording and supplemental materials here.
According to Gartner research, 68% of legal and compliance leaders struggle to manage their current workload. In addition, when comparing an in-house team to a large law firm, the challenges stretch even further.
By nature, in-house teams don’t have as many resources, support staff, organization, and processes available as their counterparts. Often they’re dealing with a high volume of data and information that is dispersed throughout the company, further complicating their daily operations.
Many in-house teams face challenges such as:
- A lack of visibility across teams
- Poor document management.
- Limited trust in data
- Siloed information
In fundamental terms, all of these problems can be solved by creating a living single source of truth with universal internal access. This allows for inter-departmental visibility, at-your-fingertips accessible data, and a database that stores information as it changes, ensuring that every team member has the most up-to-date documents at all times.
Leveraging a cloud-based software solution is the simplest and most modern way to evade these challenges. With modern entity management software, you can:
- Streamline task management, such as corporate transactions & annual report filings. Automatically track annual maintenance, set due dates and email reminders, update data in bulk to retain consistency, and create shareable templates for entities.
- Improve cross-departmental collaboration. Customize specific team/user access capabilities to documents, virtual minute books, eSignature, and more. Set team-wide compliance or assignment reminders.
- Easily produce, sign, and archive consistent legal documents and forms. A scalable and modern solution offers a template library with automatic updates based on jurisdiction, eSignature integrations with email alerts and notifications, direct access to eFilings with the appropriate governing body, and more.
- Create an auditable system that can be accessed at any time. Technology solutions like Athennian’s keep you prepared for internal, external, or third-party audits. Your system keeps track of its history for change management purposes and easily identifies problematic or weak areas for improvement.