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Compliance with legislation such as the Corporate Transparency Act (CTA) requires a good understanding of beneficial ownership.
When businesses fail to comply with legal requirements, they face investigations, financial penalties, and even jail time for executives. This risk can result in a financial burden and a tarnished reputation. These consequences make corporate compliance essential for businesses that don’t want to be hit with fees or other legal actions.
With the immense benefits of entity management in mind, law firms and legal departments must still navigate the entity management system software market. There are tens of legal tech companies developing products that address elements of corporate entity management with specialized products. In addition, some larger platforms are starting to develop and roll out ‘bolt-on’ functionalities that address some elements of entity management.
For many businesses, efficient data management offers a more practical method for accurate legal reporting. This reality has led to the popularity of entity management software as a primary tool for tax, legal, and financial teams working in businesses and law firms.
Ensuring compliance with financial regulators is important to avoid the legal ramifications such as fines and reputational risk that can affect your law firm. Having a procedure in place to deter financial crime is also beneficial because it protects the firm and the firm’s customers. This is where an entity management software will come in handy, because it keeps track, generates reports, and automates a lot of repetitive tasks.
Reporting requirements extend to all foreign and domestic agencies that registered in the U.S. before and after the CTA was established. Existing entities will have one year after the publication of the regulations to comply while new entities have only two weeks.
With the globalization that your corporation is undergoing, it will be more complex to manage different subsidiaries. An entity management software can help you with corporate subsidiary management which is beneficial to make sure that you are in compliance and can adhere to corporate governance.
With the passage of the U.S. Corporate Transparency Act, decision-makers must be especially careful when dealing with the information that they have made public.
A tech stack or tech portfolio can transform legal operations in many different aspects. It can allow companies to scale up, save time and enable productivity, making it possible for legal ops to focus on the bigger picture.
Entity management is a primary task of business leaders who oversee their organizations. Administrative tasks and other duties must be carried out to ensure all facets of the business are running smoothly. This setup leaves little room for errors in judgment.The governance, compliance, and legal requirements that a company faces must be adapted to carefully to avoid any unwanted repercussions. Any errors can have major consequences. This possibility makes it essential for businesses to simplify and streamline their subsidiary structures.
With talks about a looming recession, businesses should stay resilient and adaptable and they can do this by incorporating technology into their business processes.
This article summarizes data from five major sources outlining legal technology trends lawyers should consider to stay competitive, improve productivity, and ensure success through digitization. Keep reading to find out about existing challenges lawyers face when embracing technology, learn more about suggested focus areas for your technology roadmap and check the most recent analytics based on industry reports.
The Corporate Transparency Act was enacted to identify and stop financial crimes. Generally, businesses in the U.S have been able to organize and operate without needing to disclose ownership information to the federal government. With the new regulations, the U.S. will join the other G20 countries with ultimate beneficial ownership (UBO) programs. Failure to comply with the CTA may result in a fine of up to $10,000 or up to  years jail time.
Having a manual process for entity management can hinder your business growth. These tasks can be very time-consuming and laborious. By using entity management software, you can automate processes that can help your business efficiently and increase your return on investment.
According to the ABA Journal, some US law firms saw attrition rates soar from 16% pre-pandemic to more than 27% in 2021. Comparatively, firms in England saw their attrition rates increase from just over 10% to approximately 14.3% in that same time frame. What this data reveals is that something is seriously awry in the US legal sector. Associates are leaving practices in record numbers. Some are exiting the profession altogether. If US law firms want to overcome these attrition trends, they must evolve. Those that continue to cling to antiquated practices will find themselves perennially understaffed and unable to effectively serve their clients.
It’s Pride Month! What does Athennian do all year round for LGBTQ+ communities?
Effective corporate governance is critical to meeting an organization’s objectives. However, corporate governance is an extremely complex system of processes, practices, and rules. As such, many corporate entities inadvertently adopt a reactive corporate governance strategy.
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.
One of the main attributes of data used in law firms is the sheer volume of data that needs tracking, maintaining, and updating. With data centralization, you can create a single source of truth that your legal, tax, and finance teams can tap into to find the exact information they are looking for.
For many law firms and in-house legal teams, experienced professionals are worth their weight in gold. However, these professionals often use ineffective legacy processes while working under extreme pressure and time constraints. Such inefficiencies lower employee satisfaction, negatively impact the quality of legal work and often lead to burnout. Here is more on challenges for employee morale within law firms and legal departments and how legal technology can turn the tables and help lawyers have more satisfied and productive legal teams.
The knee-jerk reaction of U.S. Law Firms to counter the Great Resignation issue is to bump up the compensation to attract associates to their law firm. But with a new awareness that the workplace employees have, compensation and benefits are not on their top minds. A lot of employees in the law industry are looking for work-life balance and being valued for the type of work that they are doing. There is no denying that work in law offices can be demanding. This can lead to underperformance, burnout, and feelings of being undervalued for the work that they have done. With this in mind, focusing on innovation is one way that US Law Firms can increase employee retention.
Innovative, cloud-based entity and subsidiary management software over performs when compared to manual processes and antiquated legacy technologies. If you are preparing to transform your corporate subsidiary management capabilities by investing in a leading-edge cloud software solution, it is important to understand the differences between the current state, and the potential future state.
Most legal professionals now agree that the application of the technology and legal operational maturity are closely correlated. Various reports, including the ACC's Legal Operations Maturity Benchmarking Report, have demonstrated that legal organizations at their early stage have limited technology and tools while those at the advanced stage boast multiple approaches, methods, tools and technologies.
Major law firms are facing an uncertain period following the long-awaited issue by the U.S. Securities and Exchange Commission (SEC) of its proposed amendments of the rules for special purpose acquisition companies (SPACs) and the use of projections in SEC filings. The difficulty for so many law firms is that in recent years they have bought into the craze for SPACs, and now account for a significant proportion of their business.
Transparency is considered one of the cornerstones of the world of law. When businesses are looking at law firms for their corporate transactions, how transparent they are with their clients plays a critical role in trust and relationship-building.
Corporate subsidiary data is business-critical data that finds a purpose in almost every business process. Audit & tax professionals rely on it for security and operational analysis; it’s required for legal compliance, governance, and more. However, many organizations struggle to operationalize it company-wide despite its crucial nature.
A company’s legal department is one of the most important aspects of any organization. The primary function of this department is to handle legal issues that may come up while doing business. The responsibilities range from drafting forms to handling lawsuits brought about by disgruntled customers or vendors.
Streamlining operations is at the forefront of all businesses especially if there are multiple entities involved. When a business is divided into multiple locations, branches, or systems, trying to find the balance between growth and communication can be a struggle. But with the right type of entity management software, multi-pronged processes and hierarchy can be streamlined to achieve an effective and efficient workplace.
Thanks to the rapid rise of communication and technology, globalization has paved the way to making the world smaller and the reach of organizations wider by expanding operations globally. It is common knowledge that the more subsidiaries a corporation owns, the more complex it is for the management landscape, especially when it comes to compliance and governance. There is also a conflict potential because subsidiaries are operating behind the parent company, so when it comes to corporate management, finding the balance between the entities’ demands is key to better managing the organization.
Audit planning is an everyday part of corporate practice, but there are countless legal professionals who may struggle while conducting an internal audit. Staying audit ready is essential for businesses and the legal counsel that represents them.
Legal operation is an important piece of business operations and it enables organizations to have a set of procedures followed by the legal department. By having the proper procedures in place, the legal department’s work can be streamlined and operationally sound. In turn, the legal department can serve its clients effectively by applying legal services.
In-house legal counsel often isn’t paid attention to until an emergency pops up. This approach leads a company’s in-house legal counsel to become accustomed to a reactive role rather than a proactive one. Entity management software can change that.
There are only so many different ways to remind yourself to file before crucial deadlines before realizing that no method is truly effective. Utilizing entity management software is one of the most efficient ways to avoid late filings.
This article looks at the significant role corporate transparency plays in today’s world and how a cloud-based entity management platform can work towards furthering the mission of corporate transparency.
Those who are interested in getting a better understanding of governance and compliance can benefit from reviewing each of these frameworks separately. It helps define the goals of governance and objectives of compliance, establish specific approaches to achieve those targets, and select the most effective tools and entity management software to assist corporate paralegals and lawyers in GRC practice.
When managed properly, data can be a valuable asset to attorneys and corporate paralegals as they strive to provide a higher quality of service to their clients. However, countless legal teams are contending with unruly corporate data because they are still relying on antiquated technologies and practices.
Athennian is excited to announce our sponsorship of another live event within the legal landscape! We’ll be attending CLOC Global Institute 2022 in Las Vegas this May along with 2000+ legal operations professionals. There we’ll explore solutions, strategies, and trends shaping the future of our industry. At Athennian, we’re committed to leveraging entity management to improve daily operations, drive your organization’s profits, and help you scale faster. Our team will be providing demos of our intuitive cloud-based solution to professionals interested in gaining control of their entity management.
If you work in the legal profession and feel that your workload is too heavy, you are definitely not alone. According to recent surveys, business and legal professionals are overworked more than ever before as organization's struggle with the pandemic's consequences and adapt to the ever-changing regulatory landscape.
Over the last decade, information technology has become an integral component of virtually every industry, including the legal sector. In light of these developments, corporate paralegals must hone their tech skills and become savvier in the use of digital assets.In order to help law firms and in-house legal teams increase their competitiveness in this increasingly digitized ecosystem, we have outlined five things every corporate paralegal should know.
Cloud technology was initially developed in the 1960s through cloud computing and became more popular in the early 2000s. Fast forward to today, it can be seen in our daily lives and has taken over the world of technology. Whether it involves storing pictures that you take on your phone or data management tools for your law firm, the cloud has been so instrumental in making business processes efficient.
There is no concrete, one-size-fits-all definition of "legal operations" as each entity faces unique compliance and regulatory challenges. However, legal operations professionals form a "business unit" that oversees the day-to-day operations of an in-house legal department.
Canadian and American businesses that don’t offer self-serve digital experiences to their clients put their success at risk. In the world we live in today, businesses no longer dictate to customers. Access to cloud-based technology and innovations in integrations have turned the tables - it’s now the clients that hold the power in the relationship.
As a centerpiece of the modern law firm, corporate paralegals are versatile problem solvers who are frequently tasked with putting out fires and promptly resolving threats to business continuity. Every paralegal that has a few years of experience under their belt has encountered at least one major business disaster, usually more. These critical incidents include:
A living single source of truth enables businesses to bring all their data into a one-single location. A cloud-based entity management system like Athennian's keeps all your corporate data securely in one accessible place. This enables legal professionals to spend less time looking for a specific document, saving both time and money.
For bustling law offices, finding the balance with heavy volumes of client demands can be challenging. With the right software tools in place, a law firm can streamline its internal workflow and processes which can greatly positively impact the productivity of the team. By having the right software, you can spend less on administrative duties and use your precious time supporting existing clients or soliciting new business.
The global changes in the modern business environment have moved corporate governance from a buzzword to a strategic priority. At the same time, companies who practice corporate governance face a whole set of new challenges ranging from handing the Great Resignation and other consequences of the pandemic and ending with compliance across multiple jurisdictions.
In order to meet these evolving client expectations, law firms and in-house teams must have access to the latest entity management software. However, corporate paralegals and attorneys are notoriously hesitant to adopt new technologies. Unfortunately, this long-standing trend can allow their entities to get out of control.Like most other legal organizations, your firm has likely encountered some of these entity management challenges firsthand. Below, we examine some of the most common causes of unruly corporate data and outline how you can rein in all of this business-critical information.
We are thrilled to announce that we have just raised a $42 million Series B (USD $33 million) to take Athennian to its next growth stage. Centana Growth Partners led the round with support from previous investors Arthur Ventures, Touchdown Ventures, and existing investors.
Change is never easy. Here are best practices to ensure an easeful transition to your new uprgaded legal software.
In March 2022, Athennian attended our first in-person conference in over two years. Attended by thousands of industry leaders, the event explored topics, strategies, and trends circulating the legal landscape. If you weren’t able to make the event, not to worry! We’ve recapped some of the highlights below.
As lawyers struggle to have more billable hours and cope with administrative burdens, some legal professionals opt for fixed rate billing and other alternative billing methods. In many cases, such arrangements help lawyers provide their clients with better incentives and value-based pricing.
Is your law firm technologically mature? What does this mean? You may think you have a strong understanding of technology, but it might not be deployed properly within your law firm. Entity management software is just one option you have to help improve the daily operations of your business. Whether you are the firm manager, a managing partner, or the founding partner, you need to explore the technological maturity of your law firm by asking the 5 questions outlined in today’s blog.
Need help managing your legal practice? This article shows why paralegals and lawyers need entity management software support to ensure their day-to-day operations aren’t disrupted.
A hybrid system would be a cross between using both manual and automated processes. While this system may work for some organizations, you may discover some issues that arise as a result of commingling both manual and automated processes with an outdated system. This article will describe indications that your hybrid system is not providing you with the best ROI.
As a corporate legal professional, you know that organized and accessible entity management bears a productive and profitable legal organization. Proper maintenance and timely filings are integral to efficient processes, enhanced client communication, and effective workflows. However, despite its significance, entity management is one of the most unruly facets in corporate law practice because of its labyrinth of formats and other organizational challenges. Is your entity management system working the way it should? Here are three key things to look for within a mature entity management system:
When the time comes to make a much-needed upgrade to your organization’s entity management software system, you are presented with many options. It is easy to be overwhelmed, particularly if you have had the same software in place for years. It is essential to learn about the crucial differences between on-premises and cloud-based software. While both types perform similar tasks, the truth about on-prem entity management software systems showcases the importance of choosing a flexible system that runs on the cloud.
Compliance processes are necessary to assess internal systems to ensure they are adhering to industry and legal standards. In order to mitigate liability risk, all law firms and in-house counsel groups must methodically ensure their organizations follow regulatory requirements, policies, and procedures.
While many have digitized certain tasks, others are still performing time-consuming practices manually. Discover how entity management software allows you to leave these six manual practices behind.
Corporate paralegals must keep careful track of their day. Distractions mean losing targets, and failed system updates can result in days of deleted work. For paralegals, bonuses rely on meeting targets, which is how they demonstrate their value to the firm. That means keeping track of daily tasks and their successful completion is a critical part of the job.
In a global half-remote digital world, legal entity management can no longer live on spreadsheets and paper documents in a global half-remote digital world. Corporate paralegals who are tasked with keeping the minute book in paper form or running the legal database on spreadsheets have to operate the tools of the past while coping with the ever-increasing challenges of today and tomorrow.
Athennian is thrilled to join thousands of other legal professionals next month at Legalweek NYC. Together we’ll explore topics, strategies, and trends circulating our industry’s landscape.
Our recent webinar, “How to Successfully Onboard and Adopt Legal Technology,” hosted by Karen Tuschak of Spider Silk Innovative Solutions and Nicole Burch and Kirsten Hansen of Athennian, outlined best practices to ensure your new technology partnership is streamlined, effective, and destined for success.
To remain competitive in the modern legal landscape, law firms must proactively seek ways to maximize efficiency and enhance transparency. Private firms should be willing to evolve and adapt in alignment with the shifting expectations of investors, stakeholders, and clients.As part of these efforts, legal professionals should recognize that law firm entity management is an operational pillar of utmost importance, not simply an auxiliary responsibility. These organizations must adopt proven best practices and emerging technologies if they hope to refine internal operations.
However, you haven't taken the leap. Why? Legacy data. You can't afford to lose any of it, and you have at least a decade's worth. Fortunately, this process doesn't have to be a daunting experience. Trust Athennian to help you create a customized entity management solution that takes your operational efficiency, compliance, customer satisfaction, and profitability to the next level.
If you are considering upgrading your current legal technology or migrating your data to a new platform, Athennian provides your best high-level business solution.
Even before the coronavirus pandemic sent the demand for legal technology solutions through the proverbial roof, tech has been gradually disrupting the law industry for well over a decade. This evolution has proven beneficial overall, but many firms and departmental offices in this field have hesitated to embrace it.
Whether you are a legal professional employed by a large corporate entity or are a part of a private firm, you have likely observed these emerging trends yourself. With that being said, it can be quite challenging to identify the right entity management platform for the needs of your organization.
In a perfect world, in-house legal teams should function in harmony. All members of the department should complement one another in order to maximize productivity, streamline internal processes, and optimize efficiency.However, many in-house legal teams do not function as efficiently as they could. While there are many potential causes for these barriers to productivity, one of the most common culprits is improper entity management.
One paralegal who recently upgraded from spreadsheets to our cloud-based system said, “I find that after only a little more than a year of working with Athennian, I’m releasing my grip on my spreadsheets! If you knew me, you’d be impressed – and proud to know that Athennian has earned my trust!”
Below, we examine the challenges facing modern legal teams. We also summarize a new case study that outlines the ways that several organizations have overcome these barriers by investing in a leading-edge entity management software.
With demand for ease of accessibility and a more efficient and affordable client experience, law firms and legal departments are finding themselves on a quickly moving track toward a new future in the marketplace. But is your practice ready for the challenge? Creating a strategy to successfully future-proof your law firm requires a sharp focus on the following six aspects that impact your ability to adapt:
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.
Conducting a merger and acquisition (M&A) comes with significant risks in compliance, cultural governance, and challenges presented by the union of different technologies and capabilities. In the realm of entity management, this impact is especially significant. Imagine adding additional jurisdictions overnight and all of the regulatory and legal rules that come with it. Regardless of which side of the table you sit on during an M&A event, having solid best entity management practices is a must before signing any deal.
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.
Like virtually every other industry, the legal sector is becoming increasingly reliant on digital resources. It is also becoming more crowded, which means that firms have to compete for an ever-shrinking market share of clients. In light of these facts, your firm must replace outdated legacy systems and leverage the latest entity management software. Doing so can enhance your ability to remain profitable, boost staff productivity, and open the door for future growth.With that being said, you may be hesitant to update your legal technology with modern entity management software. How can you determine whether your law firm’s technology is outdated? We have outlined 5 of the most common signs below.
Below, our experts examine the three biggest challenges that legal professionals will face both now and in the future. We’ll also identify proven solutions to help legal organizations future-proof their entity management capabilities and remain competitive in an increasingly crowded industry.
In a world that revolves around data, many misconceptions and myths have impacted how businesses treat sensitive information, including where it gets stored. Your organization may believe that keeping your data secured in on-site servers behind a locked door is best. This method gives you a sense of control over it, but the reality is: Cloud hosting has proven more effective against threats like ransomware and breaches.
When Athennian launched in 2016 our core focus was to build a product that transformed how legal teams managed their entities. When the idea to build Athennian came about most industries had experienced a digital transformation, but we saw the legal industry falling behind.
Law firms and in-house legal departments have long resisted technological change, even at the cost of decreased client satisfaction. However, this mindset is changing as we enter our third year of the COVID-19 pandemic. With a crunch on staffing resources, increased work-from-home opportunities, and legal tech streamlining inefficient workflows, it comes as no surprise that the latest industry reports show a significant increase in technology spending.
While the corporate world has generally been quick to adopt new technologies and practices to drive efficiency, legal departments often lag behind. Common shortcomings may include an over-reliance on manual processes, a failure to leverage cloud-based entity management software, and a lack of data analysis.With that in mind, we have created this guide to KPIs for corporate lawyers. The term “KPIs“ or “key performance indicators” is a broad phrase that refers to various traceable metrics. By continuously tracking and analyzing core KPIs, you can gain valuable insights regarding the performance of your firm or in-house legal team.
With the rapid development of technology, there is no doubt that law firms are adapting to make their practices more efficient. Industry-leading law firms are adopting online tools to help them control expenses, improve efficiencies, and better manage their firm's capitalization.
As we finish another unprecedented year, legal professionals are already looking ahead to gauge what's next for our changing industry. What should lawyers be aware of to maintain resilience in 2022? How should we prepare? To stay afoot of upcoming changes to the legal landscape, here are six corporate legal tech trends to watch out for in 2022.
Any forward-thinking legal professional understands how significant an impact tech solutions have on their organization’s profitability, scalability, and productivity. As companies grow within the digital age, business success is nearly impossible without enterprise software solutions that align and streamline daily workflows. However, securing the budget for these solutions can be uniquely challenging for those who’ve never before bought software.
In a modern business environment, audit and audit planning have become a regular part of corporate practice. Meanwhile, in a world of ever-increasing innovation, globalization, and changing regulations, legal professionals who conduct an internal audit face never-before-seen challenges.
Corporate paralegals play an integral role within a firm or in-house legal department. They have rapidly evolved to become technology ambassadors, custodians of client relationships, and mentors to the new generation of legal professionals. The skillset that they offer is strategic to the mature operations of any law firm or in-house legal department.
As we approach the end of the year, pressure to secure and plan legal budgets rises. Any forward-thinking legal professional knows the importance of implementing tech solutions that streamline your daily workflows. However, evolving your team’s budget to meet these pressing needs is uniquely complicated.The Value of Technology Historically, technology hasn’t played as significant a role in legal operations as we’ve seen in other industries. However, with the world’s sudden shift to remote work and the ease of technology setting expectations of instant accessibility, our traditional industry is changing. In fact, in “The Future of Legal,” Gartner urges firms and in-house teams to adopt a technology plan by 2021 if they wish to remain profitable as the industry changes. Legal professionals are jumping on solutions that streamline all aspects of legal operations, including docketing software, financial software, and entity management software. But for those who have yet to take the technology leap, understanding how to position your needs and secure the needed budget changes is new territory. Drafting a Business Case: Best PracticesUnderstand your pain points. Before you begin drafting your business case, clearly outline the challenges you face and how they hinder productivity for your team and the business overall. Meet each point with a solution. Thoroughly overview your solution’s value proposition, and touch on the specific solutions for each pain point or need. Define your team. Ensure that you have a clear outline of who will engage with the software and how. This includes day-to-day users, administrators, project managers, etc. Elaborate on the type of access this person will have and how each user plays a role in solving the need.Use metrics when positioning return on investment. Be transparent with upfront costs and projected results. Whether referring to monetary ROI or invested time, use specific and accurate numbers, and explain how these benefits will affect the company at large.A sample from our Business Case TemplateOutline the risks. Transparency is critical to your value proposition. Be accurate and informative about potential risks and security plans for managing them. Want to Learn More?For more information on drafting a business case, you can access our free webinar, How to Secure a Budget for Legal Technology, where industry experts provide a business case template, discuss the intricacies of budget planning, overview what to prioritize in terms of financial investment, and unlock best practices for explaining ROI in both cost and time.
This article is written by Athennian team member, Elvin Limpin, who represents the Engineering team on the Athennian Social Committee.
In-House Counsel: Trusted AdvisorsLawyers who work “in-house” for businesses are not outside advisors. When they embrace their role, and understand what is fully required from them, they become trusted advisors and close business colleagues. Corporate lawyers are often portrayed as professionals whose function is solely to evaluate risk and often restrain businesses from actions that may enable their growth and creativity. Yet this is decidedly not the role of an in-house lawyer. Rather, a lawyer who goes in-house to work at the heart of a business is an expert in their business. They can provide their colleagues with the benefit of valuable, specialist knowledge to propel the business forward and produce success. The Role of General CounselGeneral counsel is at once a primary member of a corporation’s senior management team, yet their role, by its very legal nature, demands an element of caution that their colleagues lack in their approach. Yet it is their colleagues and superiors; the company’s CEO and the board of directors, who will routinely request both their legal and business advice. It might even be asserted that they will be reliant on the guidance of the in-house lawyer in major business matters. In this increasingly fast and complex age of globalization, in-house counsel must have the ability to provide practical yet intellectually sophisticated advice in response to a huge variety of issues, often under great pressure. There are great benefits for companies in having counsel on their team, rather than consulting an outside lawyer. There’s no one who knows the business better than one who works in it every day, and over the course of the past few years, the role has increasingly become a vital one to business management teams, with their presence having been proven to result in more accurate business forecasts, as well as massively reducing legal risk.A skilled and knowledgeable in-house lawyer is, therefore, a huge benefit to a management team. However, just like business, whatever the sector, the role is constantly evolving. As such, in-house counsel must be flexible and able to adapt to whatever situations are thrown at them.That’s because, unlike in the past, in-house teams are not chosen solely for the provision of their legal acumen, or their ability to draft contracts – although these skills are of course still very much required. Rather, the role played by in-house counsel these days is more of a strategic partner that supports the business in whatever way required, whether that be the provision of legal advice, the improvement of systems and processes, ensuring compliance with regulations, or responding to client and supplier problems.Best Practices for In-House CounselIn-House Counsel: A Guiding Figure In-house counsel does not provide, therefore, only a legal role, but acts as a guiding figure for other executives in highlighting issues in the context of the bigger business picture. In the completion of their work, in-house counsel should always simultaneously keep in mind the business, its management, clients, and corporate development. This, in addition to the necessary consideration of legal issues, is undoubtedly difficult. Yet it is necessary.A Focus on the Big Picture This leads to the vital importance for in-house counsel of looking at the big picture; that is, considering the business as a whole. Lawyers must always ensure thoroughness and a focus on details; however, as in-house counsel, they must also consider what their company’s business team really needs them to do. That means not only the standard diligence that is involved in checking all documentation but really reflecting upon and understanding where the business is going and how any potential impediments standing in its way might be resolved.The InterpreterA key role for in-house counsel is as a liaison between the company and its clients or business partners. That means taking on a number of roles, from facilitator to interpreter. The lawyer’s purpose is to understand the complexity of legal issues and resolve them. Furthermore, a company’s business team is likely to have neither the time nor the legal training to understand certain legal complications, regardless of their intelligence or business experience. They will expect their in-house counsel to solve legal related matters that arise, without being required to listen to any prolonged explanations of any issues. For in-house counsel, this means that they must be skilled at identifying the key legal issues which they must be able to deal with alone, and identify those which must be considered together with the business team – and then have the skilled capacity to discuss those issues in such a way that they can translate, as it were, the legal jargon into straightforward business English. Essentially, in-house counsel best practice in this regard is to collaborate with the wider team as business partners, bringing their own unique legal skills to the table to achieve the resolution that’s the best result for the business.Risk Identification and the Courage to Say No The identification of material risks is, of course, a major function of lawyers, and in-house counsel are no different. One problem lawyers often experience is the need to tell their clients “no”. A client might arrive at a meeting with enthusiastic plans for expansion into certain jurisdictions or markets, for example, but there can be valid reasons why these plans are just not possible; legal, regulatory, financial or simply property-related. In such regular instances, lawyers are placed in the role of the negative member of the team who is the blocker of plans. Whilst that may not always be the most exciting position to occupy, it is the role of in-house counsel to identify these risks and warn their colleagues against making expensive or even unlawful mistakes that could jeopardize the business in any way. In-house counsel must be prepared to warn their business colleagues against moving forward with any transactions that have the potential to cause economic, legal, or reputational damages.Acting as a Business GuardianThe best practices for in-house counsel are quite fundamental. Consider the business and its functions in the wider context, and not merely the legal issues. Act as the translator for the business team, breaking down legal issues into plain language and explaining what they mean for business development. Consider economic, legal, social and reputational risks and, where necessary, have the mettle to stand their ground and refuse to support hazardous business plans, even where colleagues are enthusiastic. Essentially, acting as a guardian for the business, guiding it away from harmful transactions, and protecting it from risk.Evidently, these three key functions are closely interrelated, and in-house counsel must achieve the delicate balance of applying their judgment, legal knowledge, and experience, as well as business pragmatism. Yet these insights do not take into account the importance of factors such as building relationships and gaining a real understanding of company culture. In-house counsel should get to know their colleagues – introducing oneself, making conversation, and appreciating what they love about the company. Building personal relationships is crucial, and, like in so many areas of life, the ultimate key to success in business. Professional acumen is important, but communication is fundamental to successfully acting for a company as in-house counsel.
Technology and the Elimination of Distractions Modern life – and business - is full of distractions for professionals, and lawyers are no different. Legal professionals are often overwhelmed by all the numerous tasks that must be completed each day, and this impedes effective task management, hinders the completion of real work, and reduces firm productivity. There are numerous obstacles to overcoming this problem: a lack of planning, the ineffective management of both tasks and time, distractions from phones and emails which, whilst crucial for client communication, also hamper productivity, and, to put it succinctly, the poor prioritization of projects. A haphazard approach spells failure for the intensive focus that is required to successfully complete client work and, importantly, reduces overwhelm and improves productivity – and profits.Legal entity management software offers law firms a powerful solution and the benefits of using a third-party platform stem from its user-friendly features and wide range of customization possibilities. Here at Athennian, we are familiar with the difficulties that law firms have encountered in the past with their use of legal entity software, and our purpose has always been to analyze and implement how we can enable lawyers to use IT software as effectively as possible in the working environment. Athennian has long studied how the minor distractions that take up so much of a legal professional’s day – the invoicing, searching for documentation, document signing, and so on, can be integrated to provide one single, one-stop solution that will save time and effort, leaving space free for the rea, focused legal work to be done. Athennian’s entity-management suite provides a valuable, cloud-based solution that enables lawyers, paralegals, corporate secretaries, and indeed any firm that requires a scalable solution to securely address the routine tasks that require constant ongoing attention, and instead increase billable hours.Legal Entity Management: Scalable Features and Cloud-Based Integration The scalable, cloud-based integration of key firm functions that Athennian provides, including features such as the facility for eSignatures, document automation and custom templates, means that using this technology as a base, legal departments can work together more smoothly, in the knowledge that key business procedures are already covered. Not only this: in full awareness of the complexity of practice law, as well as the actual business aspect, Athennian has developed a powerful solution that enables total integration. It isn’t simply a database; rather, our legal entity software focuses on enabling ways in which colleagues can easily and efficiently communicate and collaborate with one another in a workspace that ensures the speedy signing of documentation, the ability to quickly search for, find and download folders and files, the auto-population of templates, and the ability to work together with colleagues in real time.By using this technology as the core base for operations, law firms can function more efficiently and better execute client work. Essentially, the use of legal entity software means that firms have the ability to keep a significantly tighter rein on operations, and this results in reduced spend across the business. It also means that legal departments are both internally aligned, as well as working better across the firm with other departments, so that there is the elimination of any confusion or delays when different departments, such as corporate and property, are working on the same transaction. Streamlined Security and Standardization This increased streamlining of documentation, records, and the facilitation of improved communication all means that firms have a tailored tool at their disposal that has the ability to improve almost every aspect of their business. A centralized, technological solution means lower costs. Security concerns are also eliminated; Athennian uses rigorous monitoring tools and security controls to ensure that every single aspect of its operations, from document storage to reporting, to third-party integrations and auditing, are watertight. With all of the advantages that legal entity management software offers, the cost-effectiveness of an investment in an integrated solution is evident. Key to this is the allocation of a budget to technology and software; the cost-savings leveraged are achieved by the improvement of work processes, the expansion of team capabilities, and the fundamental standardization of business operations. One of the key solutions that Athennian provides is the means by which routine matters and templates can be standardized. Given that a high percentage of firm work is routine, standardization offers the potential for huge savings. These tasks and the related savings translate to almost every aspect of a firm and its business. Just one example is provided by e-billing - the software will automatically check invoices and eliminates the mistakes and omissions that often occur with human reviewers, and allows for the review of non-compliant invoices that may have been approved for payment. Whereas in the past, different departments in the same firm may once have adhered to different guidelines with regard to invoicing procedures, these will now be standardised and integrated. This solution improves not only cost-transparency, but also means that firms now have the ability to better estimate their costs and profits.Increased Legal Focus and Reduced Costs The tighter control of firm variables, the standardization of documentation, and the implementation of a collaborative, cloud-based solution means that professionals are left free to carry out the critical legal work that brings in the true revenue and raises the firm’s reputation. By reducing time and spend on tasks that can be standardized and accessed by all workers from a single, cloud-based point of access, legal departments are able to focus on work and achieve improved hourly rates and work volume. This enhanced digital proficiency transforms firms into smoother operations, where colleagues have immediate access to crucial documentation and can work together in real-time. This elimination of the time wasted on the manual compilation of routine documentation and financials, with, instead, lawyers freed to work on their key areas of expertise, results in huge benefits. The improved spend, timekeeping, better-organized workload, and automation of routine documentation results in improved management, reducing the need to spend any more vital time on tedious tasks, faster work processes, reduced costs, and, ultimately, a focus on the completion of actual legal work.
Just like any modern industry, operations play a critical role in successful business function. In the legal industry, operations are defined as a set of business initiatives, processes, and job functions that enable the efficient practice of law. They include technical practices and business strategies that aid legal professionals in delivering optimum services to their clients.According to the Corporate Legal Operations Consortium’s 2021 State of the Industry report, 57% of those surveyed ranked “automating legal processes” as a high priority for 2021. In addition, 54% rank “implementing new technology solutions” as an equally high priority. With the industry’s growing adoption of automation, tech solutions are more business-critical than ever before, especially when looking to achieve operational maturity. The Pillars of Legal OperationsThe Association of Corporate Counsel (ACC) lists fourteen target areas of legal operations: Change Management and Communications, or the strategic planning for implementing intended changes within the company, provides alignment, support, and structure for company-facing legal operations.Contract Management, including all processes related to contract creation, execution, storage, and compliance.eDiscovery, which is defined as the identifying, collecting, and production of electronically-stored information for reasons relating to lawsuits or investigations.External Resources Management, or the processes relating to selecting, managing, and compensating vendors.Financial Management, including management of all resources, revenues, expenses, and budgets, in addition to ensuring compliance between accounting.Information Governance, or a secure system for managing business-critical data that upholds an organization’s compliance, entities, and other functional requirements.Innovation Management, including evaluating, choosing, piloting, and implementing all innovative systems within the legal department. Intellectual Property Management, or the processes related to the return on investment in the intangible assets of an organization, such as patents and trademarks.Internal Resources Management, defined as the operations that advance HR within the legal department. Knowledge Management, or the strategic collection and distribution of understood knowledge within a company. Metrics & Analytics, or the collection and organization of data for decision making and performance management.Project & Process Management, including planning and coordinating all initiatives in the pursuit of efficiency. Strategic Planning & Legal Operations Leadership, including processes that set operational alignment, allocate resources and define metric standards.Technology Management, or the procurement, evaluation, and maintenance of user-friendly, modern, and scalable software Technology ManagementIn todays digital age, organization’s must strive for advanced maturity in the fourteenth and most relevant pillar, Technology Management. According to Gartner’s report, “The Future of Legal,” teams with a technology-forward approach are predicted to outperform those without by 2025. Advanced technology operations include a well-defined 5+ year technology roadmap that follows industry trends and adapts to ongoing benchmarks. Operational maturity in this area also requires a top-down approach––meaning the support and advocacy for tech solutions should exist from the senior management level down. Organizations with dedicated technologists or IT resources are well-positioned for operational maturity. However, a crucial part of technology management is finding software that can function 100% off-premises––especially as remote-working becomes the norm in more and more industries. The use of innovative solutions improves efficiency in every area of legal operations––HR software has a huge impact on mature internal resources management, eDiscovery would not be possible without automation, and cloud-based knowledge libraries are necessary for company-wide alignment. In fact, ACC data suggests that mature legal operations require relevant software solutions for each of the 14 areas. How Mature Are Your Legal Operations? Where does your organization currently stand on technology? Have you implemented a five-year roadmap that includes solutions to help manage operational challenges, such as corporate governance and entity management?Take our short, interactive assessment to determine your legal operations maturity status, and receive customized recommendations and improvement areas.
Many organizations find that cloud based solutions meet their needs while providing a number of additional benefits. Cloud solutions make sense for companies of all sizes who are interested in taking advantage of secure, modern solutions. Keep reading to learn about the benefits of working in the cloud and why it should be part of your digital transformation strategy.1. Easy to AccessThe most important benefit of cloud solutions is that it is always available. Your users are able to connect and access key data and files anytime, anywhere, using nothing more than a modern web browser. 2. Improved SecurityInternal IT teams have many tasks that they are responsible for, one of which being security monitoring. The key differentiator between cloud and on-premise solutions is encryption. The encryption of data means that information is less accessible by hackers or anyone not authorized to view your data. In addition, cloud-based services typically offer a number of security settings that can be set based on the user, allowing for easy control over what information can or cannot be accessed. Modern cloud-based applications are also secured and monitored by a dedicated security team, with a defined set of audited controls and tools that are onerous to implement for all but the largest enterprise businesses. 3. A Gateway to InnovationDevelopers are able to deploy new services and features with the speed and agility that is only possible in the cloud. This fuels innovation and helps you gain or maintain a competitive advantage. 4. Reduced Maintenance CostsWith cloud computing, your IT team no longer is responsible for managing software or security updates. On-premise solutions typically require substantial upfront setup, patching, and other time-consuming maintenance from IT. When you adopt cloud solutions this is all managed by the service provider, leaving your teams free to focus on more important business goals.5. Increased Collaboration Cloud solutions empower your teams, who may be in multiple locations and timezones to collaborate easily. When teams are able to work and share documents and records in real time, efficiency increases.6. Reduced RiskAs more collaboration starts to happen it becomes increasingly critical that you are able to control where and how documents are being shared. With on-premise solutions, your team is sending files back and forth as email attachments to be worked on by one user at a time. This results in a mess of conflicting file content, formats, and titles. With a cloud solution you reduce the risk that files are shared and stored on individual team members' computers. This helps to ensure that all files are stored centrally and everyone sees the most recent version. 7. Multi-Tenant Resource PoolingCloud solutions are by design, multi-tenant. This allows for multiple users to share resources but without exposing them to security risks. 8. Ability to Scale RapidlyAnother major benefit of cloud computing is its scalability (or elasticity). This means that cloud services automatically scale up or down as needed, ensuring that resources are available when required. It is no longer necessary to buy additional hardware -- this automatically happens! 9. Simple to ImplementWhen you choose a cloud solution, you remove the need to coordinate a large IT project to manage the implementation. When your team is able to implement a key application quicker, the return on investment and impact is also realized more rapidly.Cloud-based services can be deployed within weeks or months compared to the years it can take to strategically plan, buy, build and implement an on-premise solution. 10. Increase ReliabilityReliability is a major benefit to cloud solutions. When you introduce cloud solutions you can expect uptimes of 99.99%. Modern cloud-based architectures provide a level of fault tolerance in areas like; the application, supporting databases, and data center in the case of disaster recovery that are not easily matched by older on-premise architectures. This means that when one server is down another server will take its place; all your data will be kept safe at any time.11. Reduce CostsSignificant savings can be realized when cloud solutions are adopted. Operating expenses related to supporting on-premise solutions will be removed as well as capital expenditure on internal infrastructure. Your team will no longer need to manage and maintain equipment and infrastructure as this is passed along to the cloud provider. Utilizing cloud services reduces ongoing costs, as the responsibility for maintaining and replacing equipment and infrastructure as well as IT environment management is passed to the cloud provider. Companies can also take the initiative to directly negotiate a deal with the cloud provider instead of blindly signing up or accepting terms and conditions.
It has been said that the most valuable assets of a business entity are its people. Employees, workforce, human capital––whatever the preferred term, the entity's employment of a labor force – its status as an employer – carries with it a myriad of benefits, tax, and labor law compliance obligations. The complexity and nuance of remaining in compliance with employment-related laws, regulations, and internal policies sometimes warrant time or expertise that is simply lacking within the business entity or unable to be allocated to the compliance obligations at hand. Within this compliance space, the relationship between a legal entity, employer of record, co-employer, and joint employer becomes apparent.In such cases, a legal entity may decide to contract out some administrative components of its employment-related compliance obligations to third-party entities such as an Employer of Record entity or a Professional Employer Organization. Some considerations of outsourcing employer compliance obligations are whether the employer contracting for services (the “client-entity") needs to be formed/registered in the jurisdiction in which the employee performs the work, what compliance obligations are outsourced, and which one (or both) of the contracting parties is considered the employer for purposes of risks and liabilities associated with the status of the employer.Employer Compliance ObligationsA legal entity can be defined as a company, organization, or institution – be it in the form of a limited liability company, corporation, limited partnership, general partnership, or business trust – that has legal obligations and rights. The compliance obligations include those concerning entity formation, registration, regulatory filings, reporting, and remitting of payments. For example, some entities are required to have registered agents, file annual reports, and file transactional reports at the time of formation, merger, or dissolution. Business entities may also be subject to industry-specific compliance obligations such as those in insurance, banking, healthcare, and pharmaceutical industries.A legal entity may or may not be an employer. Whatever the definition of the employment relationship as given by a particular statute, regulation, or case law, as an employer, the entity is accountable for compliance obligations arising out of its status. For example, US-based employers are required to calculate and withhold federal income tax, social security tax, state income tax, and other taxes from employees’ wages, remit the withholdings to the appropriate tax agency and file quarterly reports. Employers may also have compliance obligations stemming from the retirement and health-related benefits it offers employees, such as disclosure, recordkeeping, and/or reporting under the Employment Retirement Income Security Act (ERISA) or the Affordable Care Act (ACA). An employer’s employment practices such as employment verification and pre-employment background checks can give rise to compliance obligations, for example, under the Fair Credit Reporting Act (FCRA) or separations of employment giving rise to compliance obligations under unemployment insurance laws. Lastly, employers can have compliance obligations around workplace facilities and conditions such as those imposed by workers’ compensation and the Occupational Safety & Health Act (OSHA). The Employer of RecordAn employer of record contracts with a client-entity to assume certain compliance obligations the client-entity has with respect to its status as an employer. The employer of record serves in an administrative capacity, distinct from the day-to-day, onsite operations over which the client entity maintains control and direction. With this contractual division of administrative and operational oversight, the employer of record becomes the direct employer of the client-entity’s employee(s), assuming the risks and liabilities associated with the contracted-for services. These services can include pre-employment screening, entering and managing employment contracts with employees, visa applications and immigration compliance, collecting and tracking hours worked, payroll processing and tax withholding, benefits administration, workers’ compensation and unemployment administration, and severance arrangements, all administered in a manner compliant with the benefits, tax, and labor laws of the country and locale in or from which the employee works.Employer of record arrangements are routinely used in the global and domestic employment mobility contexts and may offer several benefits to a legal entity that wants to establish a presence in a different state or country than the jurisdiction in which it is formed/registered.Co-employment and Joint EmploymentIn addition to engaging an employer of record wherein the employer of record takes on specified liabilities and risks as the employer, a client entity can also contract out its employment-related compliance obligations by entering a co-employment relationship with a professional employer organization (PEO). In a co-employment relationship, the client-entity shares employment status with the PEO. In other words, unlike with an Employer of Record entity which is considered the employer, both the PEO and the client entity are considered employers but have contractually agreed which party will assume primary responsibility (and shared liability/risk) for compliance obligations. For example, if the PEO failed to remit payroll taxes or workers' compensation insurance premiums as its contract with the client entity required, the client entity could be held financially liable by the applicable government agencies.Furthermore, unlike partnering with an employer of record entity which does not (initially) require the client-entity to have a registered or formed legal entity in the jurisdiction in or from which the employee performs work, when engaging with a PEO, the client-entity has a registered legal entity in the jurisdiction where it co-employs employees. The relationship between the PEO and the client-entity is intended as an ongoing relationship and not as a temporary relationship as with an employee leasing arrangement for staffing projects and tasks that have a start and end date.As mentioned above, whether an entity is considered an employer can revolve around whether that entity controls and directs the day-to-day operations of employees (as distinct from the entity performing only employment-related administrative tasks). Whereas co-employment focuses on contractually agreed upon administrative services (and sometimes strategic services or business advising), a joint employer relationship is focused on the element of control and which entities benefit from the employee’s work. Joint employment can be seen in employee leasing or temporary staffing situations where the staffing agency is the primary employer, and the client-entity becomes the secondary employer through its control and direction of the workforce. The status of a joint employer can become important for determining whether the client-entity will be subject to liability and risk for, for example, certain wage and hour employment practices regulated by such statutes as the Fair Labor Standards Act and labor practices as regulated by the National Labor Relations Act.In SummaryIn summary, legal entities have options when it comes to contracting out employment-related compliance obligations. The contracting process allows a client entity to unshoulder the administrative challenges that come with being a compliant employer by shifting its employer status to a third party in an employer of record, co-employment, or joint employment relationship.
What is a Subsidiary?Corporate business owners understand the value of creating companies to secure and safeguard the owner’s personal assets. Oftentimes, corporations with a large portfolio of assets create new legal entities to hold individual assets or a class of assets, such as real estate, stock, or materials, while controlling over 50% of the subsidiary’s shares, to protect the corporation’s assets. Each new legal entity that is wholly owned by the parent corporation is considered a subsidiary of the parent corporation.Using subsidiaries as a holding company for the parent corporation’s assets provides significant legal protection from lawsuits against the parent corporation and precludes claimants from going after the parent corporation’s other assets by essentially removing the parent corporation’s liability to that of the subsidiary. Subsidiaries also allow quick and efficient due diligence if the parent corporation pursues liquidation. Further, if a parent corporation seeks financing, it can efficiently enable its subsidiaries to act as guarantors and grantors of security. Creating subsidiaries introduces many legal and business complexities that require continuous attention. The benefits of corporate subsidiaries are manifold, but parent corporations often fall victim to being accountable for the subsidiary’s liabilities because of poor subsidiary management. This article suggests three steps corporations should take in managing their subsidiaries to ensure effective subsidiary management and the security of the parent corporation’s assets. #1- Pre-Formation PlanningBefore forming the subsidiary, the parent corporation should plan and organize which assets or functions of the business the subsidiary would hold, where the assets or functions will be located, and whether the subsidiary will conduct business and hire employees. The answers to these questions will allow each subsidiary to serve a precise purpose, which will increase efficiency at every stage and simplify its governance.The parent corporation’s managing officers should also consider centralizing all decisions regarding the subsidiaries’ management with the corporation’s legal counsel or the corporate secretary and passing a resolution authorizing the corporation’s legal counsel or the corporate secretary to take certain actions on the corporation’s behalf, such as the formation of subsidiary companies, deciding the appropriate jurisdiction for each subsidiary’s formation, filing all necessary documents and reports for each subsidiary, maintaining each subsidiary’s records, and paying any required taxes and fees. Initially, each subsidiary will prepare articles of incorporation and bylaws or an operating agreement. The parent corporation should pursue uniformity and should draft articles of incorporation and bylaws or operating agreements that are substantially similar in form to ensure no contradictory clauses or obligations. The subsidiary’s bylaws or operating agreement should include clauses that provide indemnification to the subsidiary’s directors and limit the directors’ personal liability. Both the parent corporation and subsidiary should also pass separate resolutions and a contribution agreement for the issuance of stock in return for capital contribution, which will allow the subsidiary to demonstrate it has adequate capital to exist as an independent company.#2- Maintaining the Subsidiary’s StatusIt is foreseeable that parent corporations may forget calendar dates when taxes or annual reports (or equivalent filings, as applicable under the jurisdiction’s laws) are due for each of its subsidiaries. When a subsidiary’s taxes or annual reports are past due, the subsidiary is considered not to be in good standing, and the parent corporation exposes itself to the liabilities of the subsidiary (depending on the jurisdiction’s laws and whether the parent company is a corporation). This scenario occurred in a recent case where the parent corporation was successfully sued for money the subsidiary owed to a contractor because the subsidiary was not in good standing.Accordingly, it is paramount that parent corporations assign a person responsible within each subsidiary for keeping track of due dates for any taxes and annual reports. The subsidiary then should consider passing a resolution authorizing the person responsible within each subsidiary to explicitly take any actions necessary to maintain the subsidiary’s good standing. The person responsible could be one of the subsidiary’s directors or the subsidiary’s legal counsel.Although the parent corporation wholly owns its subsidiary, the subsidiary should hold its own annual meetings or execute unanimous written consents. If the parent corporation has many subsidiaries, although the directors may be the same, each subsidiary should hold its own annual meetings or execute unanimous written consents rather than performing the same jointly. If possible, the directors of each subsidiary should be different individuals. Through the subsidiary’s resolutions, each subsidiary should be able to demonstrate that the subsidiary is its own company rather than the parent corporation acting through the subsidiary. #3- Document EverythingIf one were to ask a group of attorneys for some non-billable legal advice, they could probably agree on two words: Document everything. Such is the importance of maintaining accurate and up-to-date records on everything. Keep every conversation, contract, note, deed, receipt, complaint, settlement, change of information, and file. More importantly, each subsidiary should diligently create corporate records for every action that requires board resolutions or consent, as provided by the bylaws or operating agreement. Every stock or asset transfer, material contract, annual meeting, director elections or appointments, and any significant corporate action should be documented in a board resolution. Within the resolution approving of certain actions, a catch-all clause approving of “all corporate actions necessary to further the company’s interests” should also be included to allow the flexibility of demonstrating that all actions performed were by the subsidiary rather than the parent corporation. After creating subsidiaries, document recording systems often become—for lack of better words—sloppy. Papers get misplaced, lost, or confused. To remedy this, management should consider creating separate filing systems for each subsidiary rather than centralizing document management with the parent corporation. This function can also be achieved by having someone responsible for accurately filing documents and assigning them to the correct subsidiary’s folders. All documents should be well-organized and filed with the appropriate subsidiary.#4- Invest in Tech SolutionsA cloud-based legal management system streamlines subsidiary management and allows its users to plan, maintain, and document each subsidiary’s records seamlessly. Further, a cloud-based entity management solution minimizes the risks of non-compliance with jurisdictional regulations. With a focus on increasing productivity, scalability, and an automating manual process, Athennian leverages user data to quickly populate reports, certificates, and other necessary documents in one accessible program, eliminating the headache that comes with managing subsidiaries the traditional, time-consuming way.
A lot of the work that we do on a day-to-day basis revolves around the technology we have, and it’s ability to keep up with our workflows. Paralegals and other legal professionals rely on the software their firm provides, and when this is slow and outdated, it can be a major headache. You can’t guarantee top of the line security for your clients’ personal information. It takes much longer to access the things you need on a computer running at a fraction of its maximum speed. Is your law firm’s technology outdated? Here are the key signs: Sign 1: Your Profits Are Steadily Declining Year After YearClients are consistently putting pressure on your firm’s overall revenue, whether that’s through demanding alternate billing options or refusing to pay for administrative costs. If your firm is absorbing costs that clients refuse to pay, you have likely seen a decline in your overall profitability. This means you might be more hesitant to spend money on even more systems that you might not be able to recover from. However, if your expenses are increasing and your profits are declining, the best solution is to improve the efficiency of your work. Outdated software puts a strain on paralegal teams, but with newer and faster legal tools, paralegals can focus on higher-value tasks. Entity management platforms such as Athennian have several resources to help improve your workflows, including client portals to make communication and collaboration more efficient; improved task tracking and document automation tools; reporting dashboards that allow you to view client information in one place rather than wasting time searching, and more. Sign 2: You Still Have Large Blocks of Filing Cabinets. Think about how difficult and time-consuming it can be to locate that one document you need when you have to search through a filing cabinet in the office. And, what about when you need that document when you’re out of the office, or when you’re working remotely as was the case during COVID-19? Paper files pose significant security risks when compared to digital files. It is scarily simple to misappropriate paper documents and files whether by theft, photocopying, or just taking a picture. Firms must consider whether paper filing still complies with a lawyer’s ethical obligations. Lastly, paper filing is expensive. It takes up very costly real estate in an office. Firms are reducing their overall space to accommodate remote workers, and therefore, decreasing the physical size of your office can more than offset the cost of going digital. Sign 3: Your Existing Systems Don’t Talk to Each Other. Consider your day-to-day workflow. Do you frequently have to go into one system (or filing cabinet) to get documents for a client, copy them over to your email so you can discuss them with the client, upload the document to another program to edit it, email the client back and forth until you have a final copy, then go into another system to upload the final document and file it? If so, you are not putting your skill and experience to good use. Properly integrated entity management tools can help streamline your entire workflow, end to end. Many firms have purchased three or four different systems to accomplish different pieces of their workflows. Digital entity management tools are designed to provide exactly what your firm needs, without a puzzle-piece approach. By integrating solutions like Athennian into your practice, you’re connecting all the dots in one system that can be customized to your firm’s needs. Sign 4: Your Team Needs More Flexibility, But Your Systems Rely on Too Much Manual EffortRepetitive and duplicative work is usually a symptom of either poor system integrations, or outdated procedures. When you have systems that can talk to each other and share critical data, you can reduce the amount of time you spend searching for documents and entering data. Manual processes make the work day hard and they increase risk in more ways than one. For example, they can delay documents from being created due to missing data, therefore increasing the time taken for documents to be signed by the appropriate stakeholders. Not only do manual processes increase the risk of missing deadlines, but this can also have a costly effect on compliance. New, cloud-based digital systems can automatically populate data with the click of a button, facilitate e-signatures, and file documents with the government in a fraction of the time. Without the need to go through multiple manual steps, legal solutions like Athennian simplify the process and deliver a key advantage to your firm. Sign 5: You Frequently Deal With Tech Support ProblemsSo much so, that team members would rather use their own devices. In many cases, outdated software requires at least one IT professional to be fully dedicated to maintaining it - whether that’s adding new users, fixing glitches, manually updating the system on the server, and more. In some law firms, it is also possible that the software is obsolete, and current approaches can’t solve the problem. It may cost more to attempt to salvage what you have than it would be to purchase a new piece of technology. Opting for newer technology will allow you to receive quick and accurate help when you need it. This allows IT resources to be proactive and plan for future initiatives, rather than trying to fix the same old problems. Is it Time for a Legal Tech Update? Solid legal technology is critical to the growth and success of your firm. Updating the technology you have available may be necessary in order to continue providing the highest quality of service to your clients. Athennian can migrate your business data to the cloud easily, efficiently, and cost-effectively. Read our free Entity Management Starter Kit for a high level overview of how we do this.
Environmental, Social and Governance Disclosure Obligations Lately, there has been a great deal of news in the media about the potential for ESG (Environmental, Social, and Governance) reporting regulations to soon become mandatory for North American entities, and in fact, on June 16, 2021, the U.S. House of Representatives enacted legislation that imposes both due diligence and disclosure requirements on companies that are publicly traded. Indeed, the COP26 Summit, the United Nations Climate Change Conference 2021, has highlighted not only the importance of tackling the globe’s long-term shift in temperature and weather patterns as a direct result of human activity, but also the vital role of business in this struggle.Indeed, at the COP26 conference, the International Sustainability Standards Board (ISSB) was created with the aim of facilitating a global and harmonized system of specific sustainability disclosure standards. With ESG representing the philosophy that companies should look to align their operations with values that support sustainable economic development, there is valid concern that this will create risks and onerous obligations that may potentially impact on the ability of a company to create long-term value. This is linked to disquiet not only about climate change, but also connected issues such as resource scarcity and social criteria related to a company’s business relationships, governance, and its treatment of employees.How Legal Technology Facilitates ESG Compliance Yet ESG and the forthcoming regulatory requirements provide a unique opportunity for legal entities to benefit from the operationalization of ESG standards and disclosure requirements. It is legal technology that will provide your legal or business organization with the crucial ingredient for the implementation of ESG principles in your corporate strategy, and this ultimately depends upon successful integration. This will involve the organization-wide incorporation of ESG into numerous matters, including the enactment of workforce diversity and inclusion policies, the business credentials of partners and your investment strategy, as well as your organization’s approach to compensation and the identification of ESG risks. This is undeniably a great deal of work, and there is a lot to consider. There are, however, unquestionable benefits for a firm that incorporates a more integrated approach to ESG. Indeed, to name just one compelling reason to implement ESG principles in your organization, there is significant evidence that sustainable corporate practices tend to result in increased performance. An open and integrated approach to working on the basis of ESG principles will also be undoubtedly effective in enhancing your reputation. The reverse of this approach has proven to be devastating for companies; an organization’s failure to ensure visibility into its own activities can result in the imposition of legal fines, lost profits, director liability, and a damaged reputation. Indeed; the impact of “high ESG controversy” events has been shown to result in the underperformance of shares even a distance of two years later.The previous voluntary and essentially market-led practice under which organizations provided their own data and disclosures, and which were often not even externally verified, will no longer be acceptable. To this end, the use of legal technology to facilitate the integration of ESG principles in your organization will be crucial. With the explosion of new data sources, business models, and external forces, we are finding ourselves in unchartered territory where traditional corporate governance may not be sufficient to address the risks involved. The ESG and corporate social responsibility concerns that impact how companies interact with stakeholders including employees, customers, shareholders, and suppliers mean that any attempt by law firms and the legal departments of organizations to track these requirements manually will be a recipe for disaster.Yet many legal departments are already weighed down by heavy workloads and budgetary restrictions and lack the capacity to properly manage the extra tasks imposed by the requirements of ESG compliance. Often, the tax and finance departments are brought in to support the legal team, but they are likely to be struggling with their own pressures and priorities. While some firms do possess internal solutions to entity management, they are often bespoke and lack the scale, convenience, and responsiveness of an off-the-shelf software solution.Legal Technology and the Integration of ESG Factors It is fortunate, therefore, that software entity management provides a vital means for the proper centralization of your organization’s data, and for ensuring that your ESG goals and forthcoming disclosure requirements are met. Entity management can be used to integrate ESG regulations into the day-to-day operations of a company. As the world grows ever more global, organizations will need to focus on building awareness of social and environmental responsibility.Indeed, entity management software provides a means by which organizations can collect, benchmark, and report ESG data in a seamless and flexible manner. Its comprehensiveness means that it is easy to create dashboards and reports that measure and report accountability across all organization units so that lawyers and executives can see where improvements are needed quickly, effectively, with robust metrics reports. Entity management software, through interactive dashboards and reports, means that organizations can proactively identify risk. It also helps to drive business operations, ultimately leading to increased sales and market share. By the inclusion of multiple ESG considerations within your organization’s internal policies or procedures, the associated processes are delivered through the software entity management system, monitoring compliance with automation specifically designed to integrate and analyze your data. Crucially, the software streamlines process time by avoiding the delays caused by manual processes, eliminating the need for IT staff to maintain multiple spreadsheets or different information technology systems. Implementing Entity Management Software in Advance of ESG Disclosure RequirementsThe imminent requirement that ESG disclosure will soon be required of SEC-listed companies means that entity management organization should no longer be overlooked, given the huge value it provides. Through an automated workflow, an entity management solution will enable an automated workflow for all governance and ESG activities, providing a centralized foundation that will ensure an organization’s compliance with all legal and financial requirements. With a leading legal entity management system in place, you will reap the benefits of the most up-to-date legal technology. The previous time and effort expended on monitoring compliance of legal and business functions across jurisdictions will finally be eliminated, ensuring that you stay ahead of the game and are in place to meet all ESG compliance and reporting obligations.
According to EY research, 96% of legal teams face challenges with their entity management due to organizational challenges, mismanaged formats, and other unique complexities. With a concerningly large percent of the industry reporting inefficiencies, it is important to take a look at the existing infrastructure that supports this particular function of law. Entity management is one of the most laborious processes in corporate law, as it requires constant maintenance and review. Most entity management platforms on the market today were created before the year 2000, meaning they were designed pre-cloud, pre-wireless, and before the tech standard became at-your-fingertips-accessible. Shouldn’t a process so complex have a product that not only matches its nuance but also enhances it through today’s best-in-class technology? Feature Comparison:As EnAct nears its end of life, users are considering switching to similar Corporatek systems or migrating to a modern, scalable, cloud-based solution that understands the day-to-day needs of a legal professional. Unlike EnAct, Athennian requires no installation or IT management and lives securely in the cloud. Without constant IT management, businesses save time for higher-value tasks and can put budget toward advancing their technology road-maps instead of depleting IT resources.Athennian provides users with a secure and flexible solution to their entity management. The ability to add unlimited users to Athennian gives teams the flexibility to collaborate and share data with stakeholders easily.With Athennian, users can access the system from anywhere with no limitations. This is a direct contrast to Corporatek’s VPN requirements needed for remote access, and their pay-per-user model. Athennian’s ease-of-use is fueled by its rapid auto-population function, allowing users to create signature-ready documents with the click of a button, whereas EnAct’s manual functions add friction and time to an already complex process. In addition to Athennian’s ease of use, our dedicated product team maintains a system that works with 99.99% uptime. Athennian’s routine weekly updates seamlessly integrate into the system, unlike Corporate systems which are frequently down and often require manual intervention and maintenanceWell-loved features of EnAct can also be found in Athennian. For example, both systems allow for easily exportable digital minute books, and have access to intricate org charts that map subsidiary relationships. However, with Athennian’s platform, certain regions can eFile, streamlining the entity management process even further. For a complete feature comparison, you can download our Feature Comparison sheet:Upgrading to Athennian From EnActAthennian’s dedicated migration teams make transferring your business-critical data simple, secure, and streamlined.Athennian has developed a proven methodology for successfully transferring your data from EnAct to its new home in Athennian. Athennian can expertly migrate all data from EnAct, such as:Entity & compliance detailsAddresses, agents, registrationsBy-laws, articles, governance, etc. Shareholders, share classes, transactions, certificates, etc. Directors, officers, etc. Custom coded documentsFor a full overview of the migration process from EnAct to Athennian, you can download our Migration Sheet, here.
In the last quarter of 2020, Athennian evaluated its diversity, equity, and inclusion plan and took considerable steps to further drive progress as a company.
It is more important than ever to maintain resilience and prepare for capricious circumstances in today’s world of constantly changing variables (e.g., climate change, political and social upheaval, economic volatility, the COVID-19 Pandemic). According to a recent report from Gartner, research suggests that businesses that have demonstrated this durability share three critical attributes: Responsive risk management, a dynamic culture, and a flexible structure. Responsive Risk ManagementOrganizations that prioritize risk management through implementation from a senior leadership level are more adaptable to unforeseen changes. Constant coordination, management, and mitigation prove to yield better outcomes; however, only 13% of respondents feel confident that they can manage cross-functional risks without pulling from other business areas.A Dynamic CultureGartner characterizes a dynamic culture as “communicative, collaborative, cooperative, and creative.” The research concludes that organizations with time-efficient and relevant decision-making processes are more likely to thrive competitively.A Flexible StructureBy adopting practices that leverage technology and remote-working, teams create a globally diverse and competitive environment and empower a more inclusive workforce. Legal teams that have embraced digital and remote-enabled practices have seen huge benefits since the start of 2020. Adopting a Technology StrategyAdopting a strategy or roadmap is uncharted territory for an industry that has been historically resistant to technological change. Among those surveyed by Gartner, only “9% of respondents feel confident that they can create a cohesive, long-term plan for digitalizing the legal department.” Gartner reports that legal departments struggle to leverage technology and rely on “market hype” rather than addressing their unique needs and investing in solutions that will impact their broader business outcomes. Action StepsAccording to the survey, there are three key action steps to follow when implementing a technology strategy: 1. Identify ChallengesGartner urges legal teams to identify their challenge areas and prioritize those technologies that can improve their most pressing needs. In looking at the business at large and identifying the overarching challenges, the logical solutions become apparent. 2. Create Operating ProcessesAlign your team with new operations that supplement your technology investments. A technological roadmap requires adaptation and ground-up tactics for creating streamlined processes. 3. Plan & TestAccording to the report, it is critical to involve stakeholders when identifying future needs. With top-down alignment, you can "pressure-test hypotheses" and create designs for solutions moving forward.Need More Help Evaluating Solutions?Because legal teams are unpracticed in the evaluation stage of software buying, Athennian has created a guide for purchasing legal entity management software.For best practices and a detailed checklist for what to look for in a technology vendor, download Athennian’s Essential Checklist here.
The Athennian team is run by diverse and dynamic learners, creatives, and builders from all over the globe.
This blog is based on the guest chapter written by Paul Sutton of LCN Legal in Athennian’s Best Practices in Corporate Subsidiary Management eBook.Transfer PricingTransfer pricing, also known as TP, is a set of international tax laws that determine a company’s charges, such as royalties, service fees, and goods prices. These decide what is paid between connected entities within a multinational group and influence where profits are made and taxed. What is the Arms Length Principle?The arms-length principle is an adopted international standard for determining transfer prices for tax purposes. According to LCN Legal, what this means is that “tax authorities review the transfer prices affecting a particular enterprise, and then tax that enterprise based on the profits it would have made had the prices been negotiated between independent third parties.” This applies to ongoing and one-off transactions and to both legal entities and branches. However, this increases the risk of double taxation because the implication is that any tax change should apply to all jurisdictions. If this does not occur, the enterprise may be taxed twice. What are ICAs? Intercompany agreements, or ICAs are a fundamental component of transfer pricing compliance for multinational groups. According to Paul Sutton of LCN legal, intercompany agreements “define the legal terms under which transactions occur within a group of companies.” These transactions can look like:Head office and back-office services (e.g., finance, tax, legal, and HR services)Marketing servicesR&D servicesIT services and supportShared services arrangementsSale of goodsSales agency and commissionaire arrangements Intellectual property licensesRevenue/profit sharingCost-sharingContract manufacturingToll manufacturingLoan facilities (e.g., term loans, revolving credit, and overdraft facilities)Intercompany debt in security form (e.g., loan notes)Guarantees and other forms of security or financial supportCash poolingSecondment of staff and other mobility arrangementsICAs play a critical part in implementing transfer pricing policies, including:Describing the transactions – (e.g., recording which services are provided or intellectual property is licensed.)Allocating contractual risk between parties – (e.g., risks include product liability claims, credit risks, or inventory risks.) Specifying the fees to be paid by the correct parties – (e.g., royalties or license fees.)Specifying which party owns intellectual property rights used connection with the arrangement.In a tax audit, ICAs are one of the first items that tax administrations will ask for. An ICA must match the group’s transfer pricing policy and tax filing; otherwise, the group is instantly disadvantaged. Not only will this extend the audit process, but it will also undermine the enterprise group’s credibility. What Makes an ICA Effective? To be successful, an ICA must be aligned with the allocation of functions, risks, and rewards described in transfer pricing policies. It must also be legally binding and correctly managed (i.e., signed and dated by all participating entities.) In addition, ICAs require regular maintenance so that they accurately reflect the group’s policies and structure. Without proper maintenance, a group could find itself with an excess of penalties. For more information on effective ICAs and their commonly occurring issues, you can download the Best Practices in Corporate Subsidiary Management eBook, which includes an entire chapter on ICAs and TPs.
Here are real stories from Athennian users who've upgraded their entity management to a cloud-based, secure, and intuitive software!
Discover how Athennian helped a national law firm in Canada migrate data from two regional databases to create a collaborative, secure and cloud-based entity management environment for their national team of paralegals and law clerks.
Learn how a small paralegal company with a commitment to technology solutions and up-to-date workflow, leveraged Athennian’s features to suit their unique needs.
Learn how a one-woman paralegal team at Inter Pipeline, a mid-sized company with 20+ subsidiaries, uses Athennian to expedite and ease her entity management workload.
Learn how an in-house legal department migrated their data from spreadsheets to Athennian’s cloud in order to better manage their data, collaborate more efficiently, and save time in their day-to-day processes.
Discover how a large healthcare organization with locations around the U.S. uses Athennian to maintain compliance & onboard new paralegals seamlessly.
After working with an outdated database that required cumbersome and manual processes, KMSC Law LLP decided to upgrade to the cloud, and reap the benefits of modern technology. Discover how Athennian supported KMSC Law LLP in their migration from ALF.
Discover how Athennian helped one of the largest private Canadian companies migrate from a counterproductive and fragmented cloud-based entity management provider to save time and optimize workflows.
Discover how Athennian supported Abrahams LLP in their transition from MinuteBox, after experimenting with the platform and realizing it could not support their modern team.
Discover how Athennian helped Dunn Carney LLP gain more control over their work day by upgrading to Athennian, and eliminating cumbersome processes in their previous entity management system.
This eBook, written by Ginevra Saylor (National Director, Innovation and Knowledge Programs at Gowling WLG & President of the International Legal Technology Association) describes how legal teams can improve efficiency, operations, and increase employee engagement with technology.
Written by Peter Nguyen (SVP, Legal, Associate General Counsel, and Assistant Corporate Secretary of The Descartes Systems Group Inc.) this eBook outlines how changing regulations have stress-tested the ability of corporations to respond swiftly. Meanwhile, reputation management has never been more important - as the lines between negative public sentiment and regulator enforcement grow closer. Good corporate governance is both increasingly more demanding and more difficult.
Without proper entity management, a law firm can face reputational and regulatory risk that hinders their operational function. In a recent survey conducted by EY, 89% of companies reported escalating challenges in managing their legal entities. Learn more about how a law firm can best manage their entities to combat these rising challenges by downloading this eBook.
Without proper entity management, an organization can face reputational and regulatory risk that hinders their operational function. In a recent survey conducted by EY, 89% of companies reported escalating challenges in managing their legal entities. Learn more about how an in-house team can best manage their entities to combat these rising challenges by downloading this eBook.
Is your current entity management system functioning the way it should? Take our short assessment to discover where and how to upgrade your existing system to maximize productivity and profitability.
Today, legal professionals face unprecedented challenges due to globalization, changing technology, cybersecurity threats and the shift to hybrid workspace models. With high volumes of entities in a multijurisdictional setting experience, there is added pressure due to the growing need for standardization, transparency, and concurrent centralization of entity management and governance.
Learn more about maximizing your efficiency with best-in-breed software by downloading our eBook which includes the benefits of cloud-based software, Athennian case studies and more!
Curious to see how your organization’s operations function when compared to industry benchmarks? Take our short, interactive assessment to determine your legal operations maturity status, and receive customized recommendations and improvement areas.
Avoid friction and delayed transactions by unlocking the legal industry’s best practices for corporate subsidiary management.Corporate entity information is business-critical data that makes its way into nearly every business process. Most seasoned legal professionals have seen transactions delayed because subsidiaries are not in good standing, have outdated appointee records, or encounter other administrative friction.Download the eBookThis eBook Covers:Why subsidiary management is so hard to operationalize.Alignment on subsidiary governance framework.Why subsidiary management is important.Data governance in legal entity management software platform.Ongoing management of subsidiaries.
The Canadian Legal Innovation Forum published its first annual "Legal Department Innovation" report, focused on measuring innovation in Canadian Legal Departments.The report, released on July 13th, is free to download and provides key insights on the future of legal technology and innovation.Download Here
Athennian COVID-19 Research ReportOur research report polled legal professionals around the world to find out how COVID-19 has affected them. Find out what your teams are saying and what they need in order to succeed. Access the Report
Jumpstart Your Entity Management TransformationInvesting in a purpose-built entity management system is the best way to ensure that you have the specialized functions you need to optimize your team's productivity. Ensure you find a platform that mitigates legal compliance risk, increases efficiency, and has top-tier security systems by downloading our Entity Management Starter Kit, where you'll find case studies from real users, an assessment checklist, and more.Download the Starter Kit
Real Experiences with a Modern and Intuitive Entity Management SoftwareIt’s never been more necessary to access documents remotely and with ease. And with today’s rapid pace and the demand for swift and streamlined collaboration and communication, cloud-based data management is integral to efficient business.Below is a compiled list of success stories from customers who transformed their daily workflow by switching to a modern and scalable entity management system. Download Here
CLOC talk host Jennifer McCarron is joined by Carl Morrison, Director of Legal Operations and the Cosmopolitan Las Vegas, Tom Stephenson, Director of Legal Operations at Credit Karma and Kyle Marks, Director, Customer Success at Athennian. They discuss why legal operations professionals can leverage a tech stack, and why entity management software should play an integral role in that tech stack.
This webinar, hosted by Athennian CEO Adrian Camara and Customer Success Manager Charlé West, featuring guest speaker Michael Kline, Partner, and Assistant General Counsel at Fox Rothschild LLP, will provide a high-level overview of the new U.S. Corporate Transparency Act. Learn what FINCEN's Beneficial Ownership regime means for legal teams and how best to approach these upcoming challenges. Determine the risks and penalties for non-compliance, and unlock tech best practices to stay abreast of the new changes.
In this webinar, hosted by Nicole Burch (Athennian), Lindsay Bushong (Athennian), and Paul Sutton (LCN Legal), learn why businesses with out-of-control legal entities lose millions of dollars, what critical pieces of data to watch for when managing your entities, and how to avoid lapses in management that leave devastating results.
In this community webinar, hosted by Nicole Burch (Athennian), Tony Sipp (Manning & Kass, Ellrod, Ramirez, Trester LLP), and Karen Tuschak (Spider Silk Innovative Solutions), learn the significance of soft skills. Discover ways they can unlock career opportunities and learn tactical ways to identify the skills you already have and the ones you hope to develop.
What is legal operations? Do my skills as a paralegal transfer into this role? Discover proven ways to transition from paralegal to legal ops. Hear from Tom Stephenson (Legal Ops, Credit Karma) and Carl Morrison (Legal Ops, The Cosmopolitan Las Vegas) as they walk you through their career move, unlock ways to leverage legal operations to enhance your organization's workflow, and more!
In this webinar, Terry Falk, Nicole Burch, and Lindsay Bushong (Athennian) spoke with Legalweek speaker, Karen Tuschak (Spidersilk Solutions) about industry topics, upcoming legal trends for the year ahead, and a deeper exploration of what was covered at Legalweek 2022.
For most legal teams, partnering with a new technology vendor is a huge undertaking that goes far beyond the simple signing of a contract. In fact, successfully adopting and onboarding a new technology requires healthy preparation, strategic change management strategies, and thorough technical practices. This webinar, hosted by Karen Tuschak of Spider Silk Innovative Solutions and Nicole Burch and Kirsten Hansen of Athennian, will outline best practices to ensure your new technology partnership is streamlined, effective, and destined for success.
In this webinar, Nicole Burch and Terrie Williams will discuss the benefits of transitioning to cloud-based entity management software, compare spreadsheet workarounds to automated solutions, and hear from real legal professionals who have upgraded to the cloud and enhanced their daily productivity and profitability.
This webinar, hosted by Nicole Burch (Athennian) and with guest speakers Angela King (Dentons US) and Laura Hopkinson (Dickinson Wright LLP), will discuss best practices for meeting your 2022 billable hour requirement, how to manage lawyer and client expectations, and more!
In this webinar, hosted by Athennian’s Nicole Burch and Terry Falk, and thought leader Karen Tuschak (Dentons & Spider Silk Innovative Solutions) we’ll discuss the intricacies of budget planning. Learn what to prioritize in terms of financial investment and how to advocate for your most pressing needs. Discover positioning strategies for explaining ROI, and unlock best practices for using tech solutions for future-proofing your legal operations.
Bring Confidence to Your ReviewIn this free webinar, hosted by Nicole Burch (Athennian), Angela Darrah (Gowling WLG), and Kathy Anderson (Bennett Jones LLP), we’ll discuss the importance of a paralegal or corporate law clerk’s performance review. Learn best practices for preparing for your review, tips for giving and receiving feedback, and how to hold yourself and your team accountable with a follow-up plan. Discover ways to use your review to your advantage, advocate for yourself, and more with three high-level and experienced corporate services professionals.What We Covered:The significance of performance reviews.Setting the right environment for your review.Feedback: How to give and receive positive and negative feedback.Staying accountable with a follow-up plan.
In this Webinar, Kenny Laurin and Nicole Burch (Athennian) discuss the benefits of document automation with Karen DiMartino (Cassels LLP). Learn why consistency and efficiency are critical to daily workflows and how you can achieve it through leveraging technology. Discover best practices for successful document automation, unlock tips for grasping the learning curve, and hear how a legal professional with a limited tech background was able to transform her productivity through mastering legal coding. Access the WebinarWhat We Covered:The common challenges in legal document coding.How to be successful in document automation through repeatability and clearly defined processes.How to evaluate the scope of your automation project.How to approach document automation with limited prior coding knowledge.
In this webinar, Charlé West and Lindsay Bushong of Athennian will discuss the benefits and practical implementations of department-wide operational alignment. Discover solutions for optimizing workflows, developing and maintaining auditable systems, collaborating on standardized documents, and more! Learn practical ways to actualize company-wide efficiency for a streamlined and profitable department.Access the WebinarWhat We Covered:How to organize task management, such as corporate transactions & annual report filings.Tips for improving interactions between legal teams and other departments.Processes for maintaining consistent legal documents and forms.Automated solutions for efficient workflows that maintain data integrity.
What We Covered:What is entity management and current challenges facing legal teams?How technology can be leveraged to streamline entity management.Why legal teams should invest in entity management software?How Athennian can help.
In this webinar hosted by the Canadian Legal Innovation Forum and Athennian, discover how a major law firm is centering a key pillar of their innovation strategy on the process of digitizing their minute books.
Paraprofessionals know how complex it is to balance a laundry list of priorities and, at the same time, manage “urgent” tasks assigned by various lawyers and clients. It can feel daunting to ensure that everyone’s needs are met while maintaining a steady workflow and efficient time management. How are paraprofessionals navigating these tricky situations?Join Canada's top law firm managers in discussing their experiences. We'll also be evaluating topics such as: How to work and communicate with different personalities in the workplaceHow to establish strong and long-lasting professional relationships while creating a brand for yourself in the industryAccess the WebinarWhat We CoveredHow to work and communicate with different personalities in the workplace.How to establish strong and long-lasting professional relationships while creating a brand for yourself in the industry.
What We CoveredThe stress of docketing.Solutions to help capture billable time.
What We Covered:What went wrong during Coca-Cola's IRS transfer pricing dispute.How to avoid that moving forward.Technology's role in eliminating risk.
What We Covered:Feeling overwhelmed by an increase in meetings?How to stay productive without feeling overwhelmed by demands.and more!
What We Covered:What kinds of structures are law firms putting in place to help the paralegal function thrive and deliver results?How are law firms scaling the scope of work done by paralegals up the value chain?How is the paralegal function evolving as a key driver of innovation for law firms?
Paraprofessionals play central roles in helping their law firms deliver value. And having the right people, processes and technology in place is a key pillar of them contributing to law firms’ success.What We Covered:How has the pandemic change working in the legal space?How can firms do to deal with all the new legal tech flooding the market?What firms can do to effectively deal with resistance to new technology among paraprofessionals?
n August 2020, Athennian acquired Redox Technologies, a software company focused on building corporate org charts. This was our first step to offering org charts that represent the corporate structure of a group of entities better, more efficiently, and more intuitively than before. The main initiative of this project was to replace our initial org charting engine with Redox, enabling us to ensure data integrity in org charts and more accurately structure data in an easy-to-use interface. With this new engine, we have opened the door to take our org charts to the next level. At first glance, this will be most noticeable through the cleaner and more modern appearance. You can expect to be able to do everything you can do in our existing org charts, plus more. With the upgraded engine comes some new and exciting features. Read on to learn about what you can expect with this new update in Athennian.
The Athennian integration with iManage Cloud makes maintaining documents and managing entities even easier by enabling the products within your daily workflows to communicate with one another.
We are always looking for ways to better serve you. With our all-new Athennian Resource Center, you’ll be able to reach our support team and access missions, videos, and help articles all in one place!
In the month of August, Athennian’s product and customer success teams worked hard to bring significant updates to the platform, based on user feedback. We focused on improving the most commonly used features in Athennian: Document Automation, Transactions, Virtual Minute Books, and Entities.
Athennian is the best place to manage documents, transactions, share certificates, org charts, and other types of dynamic entity data. As we quickly progress through the summer months, our product team has made great strides towards building out important new features that will exponentially increase flexibility and customization in Athennian.
Closing dates, per-share purchase prices and other variables often change during a transaction. Updating each variable one-by-one across dozens or hundreds of issuances is extremely time consuming.
Signature blocks are a critical component of high-volume documents used in legal entity and corporate secretarial management (for example, board consents, shareholder resolutions, and stock certificates).
Athennian users provide us with thoughtful, practical feature updates that we aim to incorporate into our product updates. Athennian’s platform updates makes entity management even easier, with updates and new feature releases occurring every week.
In the month of April, Athennian’s product and customer success teams worked hard to bring significant updates to the platform, based on user feedback. We focused on improving the most commonly used features in Athennian: Custom Reports, Virtual Minute Books, Transactions, and Teams.