Almost 90% of Organizations Report Entity Management Challenges. Amongst the most common are:
• Meeting rapidly changing compliance requirements.
• Absent or antiquated entity management processes.
• Inaccurate and/or siloed corporate records.
• Ineffective technologies to support entity management.
Given the challenges, it’s unsurprising that around 20% of entities have been out of good standing with regulators within the past two years.
Athennian has maximized Dentons, Bingham Greenebaum LLP (DBG)’s efficiency in corporate entity creation, reducing the time from four hours to 30 minutes. "It's really streamlined the workflow," says Rhoda Everhart, Corporate Paralegal. "Now, when a client wants us to create an entity, it's just half an hour, and we have it set up in the system. We can even file their articles with the secretary of state."
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:
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.
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.