In an ever-changing legal world, the very meaning of practicing law is constantly transforming. For legal teams, this means that investing in technology-based legal improvements that are both effective and cost-contained is a must. Yet, the evolution of technology-based needs has become somewhat of a double-edged sword: while it is a necessity to get ahead, it has also paved the way for increased competition amongst service providers in the same arena.
While you could be the best in the business, your company could fall behind the competition when your legal department is not equipped with the tools and resources that are needed to stay ahead of the curve, perform due diligence, and remain prepared for future changes in the realm of technology and entity management. Here’s how you can prepare your legal department for future changes so these changes don’t have a disastrous impact on your company’s functioning and efficiency in the long run.
The “New Normal” For Legal Teams
In order to meet today’s ever-changing technological challenges and create a future-proof legal team, legal departments are tasked with implementing innovations that allow them to grow with the market. It’s hard to predict the future in this type of space, but the fact remains that the pace of change is not going to slow. Most legal departments are well aware that a specific piece of this essential task includes a “new normal” for doing business, which includes automation as a standard practice.
Automating manual tasks with the assistance of a cloud-based entity management system allows internal legal teams to improve efficiency, increase overhead across sub-departments, manage day-to-day activities, and keep track of compliance deadlines and statuses across multi-jurisdictional subsidiaries. This type of technological investment is not going to be optional in an increasingly competitive market. Remember that you could be providing the best type of service around, but if your employees are stuck performing manual and tedious processes across several departments, it’s only going to hinder your growth and ultimately allow your company to fall behind the competition.
Due Diligence Challenges
Companies that want to stay ahead of the competition and remain future-proof must focus on areas where technological solutions are likely to have a significant impact. A future-proof legal team needs to face the challenges that compound the pressures of due diligence, where speed and accuracy are paramount. Due diligence requires those within a legal department to have specialized knowledge of each deal, its unique workflow, and all of the intricacies that involve the process of due diligence.
Access to this information needs to also be readily accessed, summarized, and viewed by all within the department, their subdivisions, clients, or the opposing counsel. Yet, doing this while operating under strict deadlines often loses a significant challenge. Each step that must be taken for due diligence increases the risk of inaccuracies, delays, or missed deadlines when an automated entity management system isn’t available.
Streamline Processes by Investing in Automation
The good news is that there are automated tools that are available to companies which can assist their legal departments in automating manual, time-consuming tasks and organizing data on a cloud-based system to be accessed anywhere. These tools allow internal legal departments to structure workflow and typically require little to no training to use, which ultimately increases efficiency and accuracy. With these reductions in inefficiencies, legal departments are able to streamline processes and meet the external pressures that come with due diligence.
In short, investing in automation for legal departments is crucial because such tools can allow legal employees to more easily streamline data charting, manage filings and storage, and retrieve and share due diligence documents. Such automation ultimately helps legal teams remain future-proof because they are backed with a type of technology that grows with the ever-changing market versus being backed with technology that won’t stand the test of time.
An automated system keeps track of all applicable deadlines, filings, and applicable regulations which can change by the day, thus preventing potential financial penalties and bad organizational reputation. While any investment may be one that costs more at the beginning of a financial journey, it should be one that ultimately allows a business to reach their short-term and long-term goals by automating manual processes and freeing up employees’ time for less time-consuming and higher-value tasks.
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Moving toward an automated work model has never been more valuable for legal teams wanting to better position themselves for future success. The bottom line is that companies must invest in technology that allows their legal departments to maintain an edge in an ever-changing technological world. At Athennian, we offer a cloud-based entity management software that allows internal legal departments the tools and resources necessary to automate time-consuming manual processes to allow future scalability, make data-driven business decisions, and drive profits.
For more information about the benefits of working with modern entity management software, please don't hesitate to contact the Athennian team to request a custom demo with our experts.