Transforming the Legal Sector with Digital Signatures
Unlike other industry verticals, most of the operations of the legal sector are neck-deep in paperwork. Preparing, printing, scanning, emailing and following up on agreements & notices shackle and severely limit the operational capacity of legal firms. Relying on manual methods in the digital era means risking your customer base because of slow turn-around times and complex processes. Looking at the saving potential and the dire need for digitization, digital signature solutions like DrySign enable law firms by accelerating the processes, reducing costs, and providing better security measures.
Combating the inefficiencies caused due to traditional methods with digital countermeasures should be one of the top priorities. Given the competitive landscape of the market, where the spotlight is on providing value and quality service to the customer, digital signatures eliminate the need for the customer to come to office premises and physically sign the documents. This puts the company ahead of the curve and ensures the client's fidelity towards the firm.
Digital signatures make operations faster, more efficient, and secure for delivery of legal services like:
- Insertion Order
- Copyright Notice
- Patent Application
- Cease and Desist Letter
- Litigation Notice
- Corporate Mergers & Acquisitions
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Digital Signatures as a part of System of Agreement:
The term System of Agreement or SofA refers to a collection of software or a software suite that helps a company manage agreements. In law firms where the system exists in various manual fragments, there lies a high probability of inconsistencies that might result in redundancies, errors, or other operational costs. To avoid such hurdles, a modern System of Agreement connects the entire spectrum of the agreement management process end-to-end. The four fundamental pillars that constitute the system are:
This stage involves the drafting of the agreement and seeking the necessary approvals through a specific workflow.
Once the agreement is drafted and approved, it must be signed via legit, secure, and robust digital signature solutions like DrySign that provide tracking, storage, and concrete audit trails.
This phase involves updating the system with the agreement status, collecting the payment, and initiating internal company procedures as specified in the agreement.
In this step, the document is stored online in a digital repository for easy retrieval.
When we look at the process carefully, it is apparent that implementing a digital signature solution like DrySign not only takes care of the signing and managing stages but also facilitates the acting stage as it can be easily integrated with other central ERP systems. This system proves to be ideal for the B2B sector because of the highly fertile ground for corporate alliances and mergers where multiple organizations, including law firms that come together to work in tandem.
Looking at the volume of signed documents that flow through the legal sector, it needs a smart alternative more than other verticals. It can be said with absolute certainty that the tide of digital transformation is going to keep on rising, and the legal sector can make the most out of it, starting from digital signatures.