As the legal industry becomes increasingly complex and competitive, legal professionals spend important time performing non-billable tasks related to entity management and compliance.
According to recent research, approximately 87% of legal professionals engage in this wasteful behavior. Unsurprisingly, this trend has a net negative impact on both private firms and corporate in-house legal teams.
In light of these facts, nearly half of all legal departments have placed modernizing their entity management software at or near the top of their priority lists. This software paves the way for increased productivity, better transparency, and higher profitability.
Below, we take a closer look at the severe challenges created by an overreliance on antiquated entity management practices. We also provide a brief glimpse of an exciting new entity management case study on the benefits of cloud-based solutions.
Challenges Associated with Antiquated Entity Management Software
Traditionally, legal teams handle entity management using a fragmented group of software applications and manual record-keeping practices. This disjointed approach requires general counsel to take on a host of administrative tasks, limiting their ability to engage in billable activities.
While most legal teams already use some form of entity management software, these legacy systems were not designed to handle the needs of a modern law firm. As a result, antiquated entity management solutions often worsen the administrative burden on legal professionals.
The New Tech
To overcome the distinct limitations of aging entity management software, law firms should replace these technologies with leading-edge, cloud-based solutions. These immersive technologies do not simply augment the capabilities of staff members but actually become an integral part of the team.
Cloud-based entity management software is designed to improve every facet of entity management. These technologies streamline workflows, automate redundant processes, and give general counsel the ability to dedicate more time to billable tasks.
Why Cloud-Based Solutions are the Future
Cloud-based technologies offer a multitude of benefits when compared to on-site IT resources and outdated entity management applications. Some of the most distinct advantages of cloud-based legal solutions include:
One of the most significant drawbacks to using on-site servers and other IT resources is their lack of scalability. Conversely, cloud-based entity management software can readily be scaled as your business grows. This scalability means that you and your staff will always have the technological resources necessary to perform at their best.
Since cloud-based solutions can scale up or down based on your usage needs, these technologies are also far more cost-effective.
You do not have to invest in expensive on-site hardware in the event that your firm experiences a short-term uptick in demand for resources. Instead, necessary resources are allocated as needed and then scaled down when demand wanes.
While cybersecurity is a chief concern for virtually all industries, law firms must be especially aware of their confidential client data threats. Cyberattacks and data breaches have been rising in recent years and are showing no signs of slowing down.
Upgrading to cloud-based entity management software can eliminate vulnerabilities and make client data more secure.
Modern cloud-based solutions offer a full suite of customizable security settings that can be adjusted by the user. These tools allow your firm to control which users can access specific data. As an added layer of security, cloud-based solutions are monitored by the developer’s dedicated security team.
Reduced Maintenance Costs
When your legal team switches to cloud-based solutions, your in-house IT team is no longer tasked with managing software and security updates.
Instead, these costly and time-consuming tasks are managed by the service provider. This offloading allows you to significantly reduce operating costs while also increasing the quality and reliability of your entity management software.
During our entity management case study, the experiences of several different organizations were closely examined.
While the specific pain points of each organization were unique, upgrading to Athennian resolved all of them by adopting a modern, cloud-based entity management software. A few examples of the productivity barriers that these organizations were experiencing include:
- A lack of remote access capabilities
- Rigid, non-customizable workflows
- Antiquated minute book tracking practices
- Minimal collaboration capabilities
- Few, if any, integrations with other software
By investing in a dynamic entity management solution, all organizations that participated in the case study enhanced team productivity, facilitated document automation, digitized minute books, and improved profitability.
Evolve and Adapt with Cloud-Based Entity Management
Would you like to learn more about the benefits of cloud-based entity management software? Want to learn how to streamline your team’s workflow, increase your ability to work on billable tasks, and automate otherwise redundant administrative processes? If so, download our
"Brand New Day in Entity Management," eBook for examples, relevant data points regarding the adoption of entity management software, and experiences from real Athennian users who upgraded.
Download the eBook