3 Reasons Why Law Firms Need Digital Signatures
Law firms and legal departments sit centrally when it comes to mergers and acquisitions. According to a research by Forrester, 73% of the responding organizations handle over 500 contracts per month. That results in a paper-riddled aftermath that adds unnecessary administrative hours. Combine this with the fact that 87% of legal professionals have reported a significant increase in workload in the last five years. The key is to get more from less. With digital transformation, you can do just that! With digital signature solutions, it is possible to turn the tables around and increase the business value of legal teams by letting smart technology do the administrative part. That opens the team to do what they do best – analyze the situation carefully and provide strategic inputs to tackle legal obstacles. Here’s how digital signatures can prove helpful to legal professionals.
Sending legal notices digitally
If left to paper-based workflow, the integrity of legal notice is easily threatened if the counterfeiter gets access to the letterhead. The rest can be easily forged and manipulated, leading to dire consequences. When it comes to legal notices, security and integrity are of utmost importance. This is where digital signatures like DrySign come into the picture. Digital signatures not only eliminate the risk of document manipulation but also speed up the overall process.
Secure settlements with digital signatures
The key elements of a court settlement are the subject matter and its legitimacy, an offering statement, the capacity of the parties, and their signatures. If the parties are using the traditional, paper-based methodology, the contents of the settlements may become susceptible to tampering and forgery. In either of the two cases, the ramifications are disastrous. All such incidents and the costs associated with them can be averted by simply implementing a digital signature portal that ensures absolute security.
The role of cybersecurity in avoiding industrial espionage
NDA breaches and data theft make up for most of the corporate espionage cases. The resultant impact on the organization is long-lasting, and it may cost a small fortune to come out of the incident. We are looking at irreparable reputational damage, increased cybersecurity costs, and loss of business & customers. Enforcing NDAs and fortifying your company’s defenses requires state-of-the-art digital systems equipped with the latest security features. Digital signature platforms like DrySign go a long way in reducing infrastructural costs associated with storage and preservation, and bolstering your defenses.
Also read: Transforming the Legal Sector with Digital Signatures
The big picture
A report by the European Commission suggests that the economic impact caused by cyber theft in 2017 was around €60 billion in terms of economic growth and a potential loss of 289,000 jobs. This means that digitization is inevitable. It’s now a matter of ‘when and not ‘if’. When the tide of digital transformation hits the industrial shores, the legal sector has a lot to gain out of it. Legal professionals can save time and effort with digital signatures by digitizing agreements, deal closings, pleadings, disclosures, purchase orders, policy management, and virtually any paper-based process in their domain.
Sources:
https://www.ey.com/en_gl/tax/why-the-legal-function-must-be-reimagined-for-the-digital-age
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