Ever feel as though there are simply not enough hours in the day? If so, then you have experienced a sentiment that permeates the legal sector.
Attorneys, paralegals, corporate decision-makers, and others involved in law firms frequently feel as though they do not have enough time to complete all of the business-critical tasks on their never-ending priority lists.
Think of all that your firm could do with more time. You could spend additional hours performing billable activities, interact with clients in a less hurried manner, devote extra minutes to compliance initiatives, or explore ways to increase profitability. The possibilities are endless.
While giving thought to what your firm would do with more time may seem like a fruitless endeavor, there is actually a viable way of making these efficiency dreams a reality. Below, we reveal what this dynamic, time-saving solution is and examine some real-world data that demonstrate its efficacy.
How to Make Every Second Count
Before we discuss how to drive efficiency at your firm, let’s recap what tasks are some of the most frustrating time-wasters. While the exact anchors to productivity that you contend with will vary depending on the scope of services that your firm provides, these barriers likely include the following:
- Coordinating signatures
- Uploading entity packets
- Overseeing dissolutions
- Creating specialized entities
- Collaborating and sharing documents
Fortunately, you can streamline all of these traditionally tedious tasks by investing in cloud-based entity management software. Modern entity management software, such as that provided by Athennian, includes a robust set of tools and features that are designed to optimize efficiency.
Processes You Can Streamline with Entity Management Software
While it is impossible to increase the finite number of hours in the day, law firms that have implemented Athennian’s dynamic entity management software can more effectively navigate these constraints. Specifically, firms that have invested in our efficiency-boosting entity management software have:
Automated Repetitive Tasks
According to recent research, approximately 23% of legal tasks can be automated. This estimation represents the minimal amount of legal work that could be performed via automation technologies. Some data suggests that law firms could automate an even higher percentage of their work.
Entity management software provided by Athennian makes this possible by providing firms with user-friendly workflow automation tools. Athennian’s clients can reduce the amount of time that employees spend on redundant tasks. In turn, this allows employees to spend more time completing billable work and interacting with clients.
Automating repetitive tasks can have a huge impact on staff morale. Our automation tools can reduce the likelihood of employee burnout and help firms retain talented staff members. These technologies can also lead to stronger relationships with clients, which will improve retention rates and customer lifetime value.
Saved Significant Amounts of Time
Athennian has helped law firms and corporate legal teams save substantial amounts of time when performing traditionally tedious tasks. For instance, law firms can reduce the amount of time that it takes to coordinate signatures from 1 hour to just 1 minute using our collaboration tools.
With Athennian, firms can research and upload an entity packet in only 60 seconds. Without Athennian, this process took firms an average of 30 minutes. Athennian can facilitate dissolutions in as little as 3 minutes.
For comparison, this would take approximately 2 hours when performed by a firm that does not have our entity management software.
Athennian can even streamline the process of creating a special purpose entity. Typically, such a task would take somewhere around 2 hours or more.
After implementing Athennian, legal teams can create a special purpose entity in roughly 3.5 minutes. Athennian can also facilitate near-instant document sharing between team members, which can save law firms approximately 1 hour per week per person.
Increased Organizational Resilience
By increasing efficiency, allowing firms to spend more time on billable activities, and facilitating automation, Athennian can improve an organization’s agility and resilience.
The aforementioned benefits will improve the stability of an organization’s revenue stream and can also help the business be more profitable. A stable revenue stream and strong profit margins will allow an organization to withstand unexpected threats more effectively.
In addition, Athennian’s platform can integrate with your other software applications. This capability allows Athennian to become a single source of truth that you can use to obtain valuable business insights. These insights can guide decision-making, assist with long-term business planning, and further improve organizational stability.
Want to Get More Time? Here’s How to Do It
Ready to experience the ROI boosting, time-saving, and efficiency benefits of Athennian’s entity management software?
Want to increase your ability to work on billability activities and unlock the power to automate redundant processes? Are you interested in replacing your aging legacy technologies with an innovative, cloud-based entity management software solution?
If so, then we invite you to request a customized demo with an entity management expert.