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Poor organizational transparency is bound to undermine governance initiatives, fuel compliance challenges, and hinder collaboration between teams and departments.Every asset manager understands the need for transparency, though many struggle to provide a level of transparency that satisfies the needs of investors. What is it that makes providing transparency so challenging? More importantly, how can you reduce organizational opacity and promote trust throughout your firm?
Entity management software can power your in-house finance teams to handle business processes, and with the right software at your disposal, your team will become compliant with key regulations and be able to properly handle audits and transactions. The right entity management software will also provide your teams with a central source of truth for financial data, a streamlined automation platform, and enhanced collaboration and visibility.
Tracking legal entities can be daunting, especially for organizations with multiple entities and subsidiaries, each with its own unique ownership structure and compliance requirements. A spreadsheet can be a valuable tool for organizing entity data, but it's important to use it effectively to ensure accuracy and compliance. Here we'll explore some tips for tracking entities within a spreadsheet.
The enactment of the US Corporate Transparency Act (CTA) has had a significant impact on the private equity sector and portfolio companies. Even though the Act provides ample exemptions for financial services and investment institutions, it creates friction for many organizations developing their portfolios and creating new entities.
Organizations are investing heavily in cybersecurity for corporate governance to mitigate these risks. According to a survey conducted by PwC, the average cybersecurity budget for organizations in 2021 was $19.8 million, representing an increase of 9% from the previous year.
Many institutional investors, including private equity, funds, REITs and other investment companies, were long known for less transparency while offering better returns in exchange for higher risk. Meanwhile, today's environment, characterized by higher competition and lower margins, makes transparency more important as investors demonstrate a higher interest in gaining better visibility on invested assets.On the other side of the spectrum, regulators impose more demanding transparency standards on financial markets to protect investors and prevent money laundering. Such standards raise the bar for KYC and due diligence and create additional pressure on M&A teams. Below we go into more detail on how corporate visibility affects KYC, due diligence and M&A and what changes are needed for asset management firms to stay current.
Today, asset managers need a clear visualization of the ownership structure to optimize their portfolios and provide a clear picture to the board and investors. Below we discuss why visualizing organizational structure is so important and how entity management software can help asset managers simplify complex entity relationships.
As businesses multiply the number of their legal entities and work across several jurisdictions, tax compliance becomes a high-risk area fraught with adverse tax adjustments, fines and penalties. The challenges of tax compliance become all the more complex, with legal entities being in a state of constant flux due to M&A deals, restructuring and rationalization programs.
When asset management firms expand their portfolios, their legal entity structures become more and more complicated, with complex ownership connections and multiple tax structures across various jurisdictions. In this situation, asset managers struggle with managing all of their investments and investors and fulfilling their administrative work. In addition, this ever-growing complexity in a quickly changing regulatory environment places a heavy burden on the whole organization, including legal, tax and accounting teams.
With a growing number of complex business structures, management of those business entities has never been more needed. Yet, this results in an entity management system that matches the complexity that comes with these structures. You may find that your business has expanded with multiple entities for a number of reasons, be it to reach business goals, or that the regulations you must meet have become increasingly burdensome and convoluted.
In 2022 Athennian’s Diversity, Equity and Inclusion (DEI) Committee refined its mandate in four key areas. Here is a closer look.
The responsibility of entity management is often delegated to an organization’s legal department. However, as you are well aware, the in-house legal team is not the only department with related responsibilities. Your tax and compliance departments also play critical roles.
Keeping up with trends in today’s world can be challenging. It is easy to become numb to the onslaught of constantly evolving technology available, each one with a promise to revolutionize the business world. However, as we start another year around the sun, business and legal professionals are already gearing up to learn what trends can enhance their internal processes in order to uncover new sources of revenue.
With the global adoption of greater corporate transparency and the public's close attention to ESG factors, general counsels seek to gain more visibility into the corporate structure. At the same time, the rising compliance burden makes GCs consider new ways to manage their costs by bringing administrative legal work in-house.These causes and other factors make entity management even a bigger priority for GCs in 2023. Below we discuss in more detail the challenges created by the UBO regimes, the lessons learned after loud ESG and subsidiary scandals and how adopting entity management software can help GCs attain better control over governance and compliance costs
A centralized database with document updating features lets departments edit and correct documents and share data in real time. Information needed to complete or update a document can be called up immediately when the error is noticed. Consistency is the key to correctness, and that is the key to transparency.
There is no question that proper entity management is vital for PE funds, but keeping your entities in check does not have to be a painstaking process that consumes your precious resources and hinders your ability to serve your clients.
Sometimes, it isn’t what you know, it’s what you don’t know that hurts you. As big companies become big multinationals and delegate more responsibility to local subsidiaries, the parent company can sometimes lose oversight of what is happening in the farthest reaches of their corporate structure.
When clients partner with a firm to manage their equity, they are trusting that entity with their financial future. The firms that take that responsibility seriously will cultivate trust among clients, strengthen their brand reputation, and promote business continuity. Conversely, those that fail to do so risk exposing their clients to unnecessary dangers and find the continuity of their business in jeopardy.
Initially, adherence to ESG regulations was voluntary. However, governments in North America and abroad are beginning to implement legislation that will compel businesses to comply with these rules.Fortunately, businesses can overcome these challenges by operationalizing environmental, social, and governance processes. They can accomplish this by adopting modern entity management software.
Future-proofing your company starts with a solid database system that can give you the information you need when you need it and grow with you as your business expands.
Increase client confidence and find the answers you need in seconds by centralizing business data in Athennian. Unlock best-in-class security standards and workflows to automate reporting, compliance, regulatory workflows, ownership, and more.
Interdepartmental visibility has become more important than ever as enterprises collect and manage massive amounts of data. While each department needs specific data sets to fulfill its responsibilities, there is a great deal of overlap. For instance, tax, compliance, and legal departments will need access to the same basic client or vendor data. When interdepartmental visibility is low, these teams may not have access to this critical data.
In an ever-changing legal world, the very meaning of practicing law is constantly transforming. For legal teams, this means that investing in technology-based legal improvements that are both effective and cost-contained is a must. Yet, the evolution of technology-based needs has become somewhat of a double-edged sword: while it is a necessity to get ahead, it has also paved the way for increased competition amongst service providers in the same arena.
Having a user-friendly and effective entity management system is foundational for collaboration across teams, strong governance and compliance and developing investors' trust. Keep reading to find out more about the consequences of poorly maintained legal entities and why entity management should be on your startup priority list from day one.
It’s no secret that the primary goal of every business is to make a profit, and that’s where the role of the chief financial operator (CFO) comes in. Contrary to what many people recognize, however there is much more to the title of CFO than simple financial responsibilities. Today, the world of finance and accounting moves much faster than it ever did before and it can be difficult to decide which areas are more critical to focus on. From industry demands to workforce evolution and technology change, a successful accounting team requires a comprehensive software that will evolve with the changing demands and job functions of the CFO.
A recent study by Ernst and Young in 2021 showed that bigger companies with more complex structures tend to use purpose-built systems seeking to address the specific needs and requirements of their organizations. Below are some more facts on the emergence and limitations of one-size solutions and the benefits of modern purpose-built entity management software.
However, age-old and inefficient processes can ultimately slow down risk management, thus causing a greater liability and financial cost to a company. Here’s what you need to know about how hygienic entity management can speed up processes known as KYC and aid your company in maintaining financial compliance.
A central source of truth can further your digital transformation initiative, help you move closer toward overall productivity goals, and empower your legal team to operate more efficiently.
In the last survey by Ernst Young, 89% of legal departments reported challenges with their entity management. Given the spiraling change in the regulatory landscape and an ever-growing number of legal entities, these concerns make implementing the most advanced entity management software a priority task.
One of the main questions organizations are facing today is how to recession-proof their businesses and stay afloat during economic hardships.
In today’s digital era, increasingly complex technology and business regulations has become the norm. For any growing company, the need to adapt to these complex changes is imperative—it’s either that or perish. While all employees have their own battles they must face, the CFO (chief operating officer) and accounting team members are fighting to meet standards, brave regulations, and comply with rules in order to protect themselves and their employees from potential liabilities and financial penalties.
While it is understandable to feel a sense of anxiety when it comes to managing your entity related requests and legal operations in-house, doing so allows you to increase oversight of business operations without having to rely on an external third party with sensitive business information. Ultimately, there are several benefits that businesses uncover when they move entity related requests in-house.
According to the Wolters Kluwer 2022 Future Ready Lawyer Survey, entity management software is widely considered one of the most important technologies for modern legal departments and law firms. The shift from antiquated methods to a more dynamic entity management software solution is largely fueled by compliance concerns. Aging technology stacks simply cannot meet the growing regulatory requirements facing the 21st-century legal industry.
If your department experiences challenges with entity management or relies on finance and tax teams to complete compliance tasks, you are not alone. According to the EY report, 90% of organizations have concerns about their entity management, while most of them have to pull resources from tax, finance and accounting departments to address their compliance-related needs.
The term “compliance” elicits feelings of frustration among organizational leaders the world over. It seems like emerging state and federal regulations are constantly moving the proverbial goalposts just as businesses think they have overcome their biggest compliance challenges. The good news is that your organization can break the cycle of frustration. In order to accomplish this, you have to reconsider the way you view compliance.
After gathering this preliminary information from participants, Deloitte researchers took a deep dive into key issues facing the legal operations industry. While all of the statistics provided in the Deloitte report provide insights into the current state of legal operations, four particular data points jolted the industry. These notable statistics are as follows:
In most cases, collaboration issues can be attributed to a lack of company alignment. If you want to maximize the productivity of tax, legal, and finance, all three departments must be in line with organizational leadership.
Today, many businesses rely on their Governance, Risk and Compliance processes to steer their organizations toward their goals, manage risks and ensure compliance with regulatory requirements. However, many of these businesses have inherited old approaches that don't work well in the ever-changing legal environment and don't allow them to scale up effectively.
At the surface level, subsidiary management is an incredibly straightforward concept. However, the waters quickly become muddied when one attempts to operationalize subsidiary management. It can be incredibly difficult for the following reasons:
Large entities' corporate structures serve as the foundations for their success. A well-designed corporate structure will help a business move toward its goals within its respective industry. The structure will also improve collaboration and cooperation between departments, teams, and individual staff members.
One of Athennian’s priorities since day one has been to create partnerships with our customers that last forever. We prioritize receiving customer feedback through various surveys in Athennian, plus our built-in Feedback Center. We say we love our customers. But how do we actually show you that we’re listening?
Corporate resolutions are important internal legal documents, providing a framework for company actions. These documents are included in the minute book and are an essential part of corporate governance.
After meeting with thousands of organizations looking to buy subsidiary management and corporate governance software, we have observed that buyers tend to prioritize the availability of features over the usability of the solution (intuitiveness, design patterns, loading speeds, user support, etc.).
Are you managing multiple franchise entities manually? Is your valuable time and monetary resources being spent on inefficient and scattered processes? If so, we have a solution to help fit your unique needs for managing a franchise business. In the face of increasingly complex regulations, organizations with multiple entities require secure, cloud-based, automated, and scalable technology to help management stay on top of business details.
In a modern business environment, many companies are more and more concerned about communicating and interacting with their shareholders and providing them with more tools and resources to make grounded decisions. Below we go into more detail about various types of shareholders, shareholder rights and how technology and entity management software help corporations with better shareholder engagement.
A registered agent, sometimes also referred to as an agent for service or statutory agent, is your official point of contact with the authorities. When companies incorporate a new legal entity, they designate the registered agent or registered office address on the formation documents.
Businesses have long been able to operate in the U.S. without needing to disclose vital information on their ownership, management, and operation. With the implementation of the Final Rule of The Corporate Transparency Act Regulations, that freedom will soon be a thing of the past. The Final Rule is a major update to U.S. anti-money laundering legislation, and compliance will be obligatory for both existing and new companies. Breaches may result in severe penalties.
Ownership transparency is the top priority for regulators aiming to end the safe havens for corrupt funds. While most jurisdictions already demand public disclosure of beneficial owners in legal entities, many of them, including some Canadian provinces, still fall behind.In 2023 it will all change for Ontario when Bill 43, Build Ontario Act (Budget Measures), 2021 finally comes into force. From January 01, 2023, the new regulation amending the Ontario Business Corporations Act introduces new requirements, obliging corporations to run a register of individuals with significant control (ISCs).
As a legal, tax, or finance professional, there is much to stay on top of. Growing your ARR, staying on top of tax laws and regulations, and organizing all your internal data are just some of the inherent tasks you will find yourself facing. A business budget focusing on a cloud-based entity management system is an investment in your company’s organizational systems, scalability, processes, and revenue growth.
Board management software are technology solutions to help organize board packages, board discussions and communications, agendas, approvals, scheduling, voting, attendance, recording minutes, and other related functions. Effective board management software should replace email and loose files with a centralized source of truth for all board information to streamline processes, avoid oversights, and ensure best governance practices.
Mergers and acquisitions, also known as M&A, is a complex process that has become a more frequent occurrence for businesses in a post-pandemic world. While there is quite a bit of information out their surrounding the necessity of legal entity management as it pertains to entities and subsidiaries. We want to help you look at the big picture and provide some contextual information that can help you understand why a sound legal entity management system is a necessity for procuring the best M&A deal. Here are six reasons that we found.
In 2020, 74% of legal operations executives said that cost control was a top priority, and that was before the coronavirus pandemic wreaked havoc on businesses, the labor force, and the global economy as a whole. The need has never been greater than it is in a post-pandemic world.Whether you are a small business or a multi-jurisdictional franchise, creating a well-defined legal operations budget is a necessity. Doing so can ultimately help you achieve your short-term and long-term goals and improve both department and company efficiency as a whole.
Mergers and acquisitions (M&A) are a part of the business life cycle that you are probably familiar with, yet even those with years of business experience may be trying to navigate uncharted and uncertain waters of a post-coronavirus era. It’s not necessarily a bad thing, but it has impacted the opportunities that businesses have for mergers, acquisitions, and global expansions. Businesses today must be deal ready at any time for these vital events that may ultimately become missed opportunities. Below, we describe the dangers of a substandard entity management system and how you can implement one that helps your business stay deal ready at any time.
Whatever the size of the business, corporations are required to have annual resolutions to comply with the laws. In addition, annual resolutions can be signed in lieu of an annual meeting of shareholders, which is often used by smaller businesses. These documents are an essential part of corporate governance and compliance.
Business leaders who fail to embrace corporate transparency could potentially alienate their client base. To make matters worse, they may also incur fines and other penalties if they violate provisions of the CTA. In light of these facts, ensuring corporate transparency is key for 2023.
Today, a virtual minute book is not just a scanned copy of the physical version. When legal professionals migrate to a virtual minute book, they still scan paper documents but don't keep the latter in the physical form, taking the electronic version as an original.
The ability to execute mergers & acquisitions and other corporate transactions is one of a General Counsel’s top performance metrics. Failure to successfully execute corporate transactions can harm a legal team’s reputation among the executive team, investors, and the Board of Directors.
The U.S. Corporate Transparency Act (CTA), enacted on January 2021, has created additional reporting obligations for legal entities who now have to disclose their ultimate beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The new law targets the practice of using shell companies to hide illicit activities and will affect over 25 million existing legal entities, as well as all new entities opened after the regulation comes into effect.
Org charts are among the most powerful tools to represent an organization to board members, auditors, investors, and shareholders. An effective org chart can serve a multitude of purposes, including showing ownership connections within a corporate structure, historical relationships and other details.
For countries with large amounts of concentrated wealth, corporate transparency offers a way to determine whether reporting obligations have been adequately met.While there have been many attempts by lawmakers in the United States to reduce criminal activities associated with financial reporting, none have had the impact of the Corporate Transparency Act (CTA).
As real estate developers grow in size, they can no longer rely on old practices for managing their legal entities. Trying to solve new challenges without changing the underlying approach often leads to cost problems, hinders growth and creates pain points for collaboration with internal and external actors.
Real Estate Investment Trusts (aka REITs) have been popular investment vehicles, with many being traded on major exchanges, enabling easy investing in real estate. Meanwhile, managing REITs is associated with additional challenges due to their complex and diversified structure.While all REITS heavily rely on governance and compliance work, many of these organizations still have manual processes for their entity management, which hinders their business growth. Below, we discuss more in detail the main pillars for changing your legal entity management, boosting data visibility across the organization and increasing the quality of your compliance.
If you’re running a business, especially one with multiple subsidiaries, we’re sure you have learned by now that you can’t do it all by yourself. Even with multiple employees working to ensure compliance across several jurisdictions, you may still find yourself wondering whether your subsidiaries have the tools and resources necessary to stay afloat and sustain the business growth you plan.
You can be the best in the business, but without the right tools and equipment, you may be working twice as hard as your competitors with a fraction of the results to show for it. Imagine the time it takes to do a simple task at work such as inputting the data from a client’s form. Sure, it may take just a few minutes of your employee’s time, but times that over and over again and that’s the competitive edge that a counterpart may try to use to get ahead.
n some studies, legal entities are compared to building blocks that allow for framing an organization into an optimal structure. However, when using legal entities as building blocks, businesses sometimes overlook the essential characteristics and functions of their entities, which leads to omissions and ineffective practices in creating and managing new business units. Below we go to the basics and check in more detail what a corporate entity is, what it entails and what are the most effective practices for managing legal entities in your organization.
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.
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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.
Benevity is the global leader in corporate purpose software, with clients that include brands such as Starbucks, Microsoft, Merck, and Visa. Since its founding in 2008, Benevity has expanded to over 1,000 employees in many countries around the world. As a result of the expansion, Benevity's in-house legal team realized that their legacy entity management software would need to be updated and found Athennian to be the right product fit.
Despite the team’s deep technological expertise and focus on innovation, Oziel Law struggled with its previous entity management platform. The software was not user-friendly and lacked a data backup mechanism. It was clear that the company needed to implement cloud-based business entity management software.
After their merger into Dentons, Bingham Greenebaum LLP (DBG) learned that their legacy corporate subsidiary management software was phasing out of business. A transition to modern business entity management software was both critical and time-sensitive. See how Athennian brings productivity and time savings to the DBG team.
Commvault's operations require numerous corporate compliance processes, often with short timelines that require speedy delivery of sensitive documents. See how Athennian reduced costs and improved processes for this legal operations team.
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.
Leverage this template to manually track entities, ownership structures, and compliance requirements. Organize percentages, entity types, critical dates for filings and renewals, and more!
Increase client confidence and find the answers you need in seconds by centralizing business data in Athennian. Unlock best-in-class security standards and workflows to automate reporting, compliance, regulatory workflows, ownership, and more
Entity management software is a business-critical tool for collaboration and compliance that aligns legal, tax, and finance departments. Having a central living source of truth where data can be accessed securely from anywhere allows organizations to increase business velocity while maintaining clean corporate data.
Download our 2023 report for upcoming trends, industry benchmarks, and more relating to the state of entity and subsidiary management.
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
This webinar, hosted by Adrian Camara (Co-founder & CEO of Athennian) and Paul Sutton (Founder of LCN Legal), will dive into a causal analysis of corporate scandals and oversights that have led to severe financial and criminal penalties. Discover tangible ways to prevent the mismanagement of corporate data that befell companies like BlackRock & Holcim.
In this webinar, Kirsten Hansen (Director of Customer Success, Athennian) will outline best practices for adopting new technology, including change management, goal setting, and drafting a communication plan.Learn about the first-hand onboarding experience of Caroline Keller (Legal Operations Manager, Republic) and discover how her team’s technology choices have improved the operational challenges she faced as her organization grew. Unlock practical solutions for legal challenges, tips for taking on a technology project, and specifically, the pain-points that led her to adopt a cloud-based entity management software.
Hosted by Nicole Burch (Athennian) and featuring guest speakers, Tara Kim Eberhart (IPMA) and Mary Munro (Borden Ladner Gervais LLP), this webinar will outline best practices in making the most of a career as a paralegal or corporate law clerk. Learn the strategic career moves of senior-level professionals, discover essential tools to network effectively, and understand how to leverage skills to make your own strategic moves.
Dive deeper into Athennian during this live demo hosted by product marketing specialist Sydney Lawson and featuring panelists Kyle Marks (Director, Product Growth) and Jay Hedges (VP, Sales). Explore Athennian's most popular features, discover it's transformative workflows, and learn why hundreds of business professionals choose Athennian to power their entity and subsidiary management.
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.