Out With Old Ledgers And In With Entity Management Software
Let’s face facts; it’s very difficult for law firms to keep track of ledgers, records, and minute books for each one of their clients. With up to 77 percent of business owners preferring remote access to their corporate records, law firms must embrace innovative technology to provide the support that clients say they need.
One of the challenges facing many law firms is the lack of a cohesive, modern, and digital entity management strategy. Many firms strive to create a brand image as an innovative and efficient company. Relying on physical documents and outdated ledgers to manage client accounts reduces a firm’s brand perception as an innovative company.
Why physical ledgers and registers are so outdated
So what’s the underlying reason why physical ledgers and registers are so outdated? It all goes back to when the first printing press was invented in the 1400s, allowing European companies to document their receipts and expenses. When the typewriter was invented in the 1800s, it allowed some of that documentation to be delegated to the machine.
Unfortunately, progress on modernizing corporate ledgers and registers peaked with the invention of the typewriter. Since then, many firms continue to create ledgers that follow the designs created with the typewriter. At the time, this was very innovative; today, not so much.
For one thing, typewriters can’t do things like justify text. For example, on corporate records, it’s common practice to right justify numbers in columns. If typewriters are used to create those records, they don’t have the ability to make those adjustments to the text. This requires paralegals to either:
- Manually write out the documentation OR
- Sacrifice a professional looking document
The true cost of maintaining outdated recordkeeping
A paralegal’s time is very valuable for the firm. You can use your paralegals to increase billing hours to clients and contribute to sustainable Legal Recurring Revenue, provided they’re not losing time due to outdated recordkeeping. Manually managing all physical records is a time consuming process, eliminating time that could be spent on growing business for the firm.
It’s said that the average paralegal spends up to 5 minutes scanning, tagging, and filing a single document within a corporate record. Multiply that single document by the number of pages in that minute book. Time really adds up, doesn’t it.
At a time when innovation and efficiency are expected from clients, it casts a pall over a firm’s reputation to rely on outdated ledgers and physical recordkeeping. Firms limit their ability to increase Legal Recurring Revenue by sticking to these processes. On top of that, legal professionals who may be interested in joining the firm could be turned off by the idea upon learning of non-digitized record keeping processes.
The innovative approach to corporate record keeping
Your firm’s objective should be to establish a reputation as an innovative, efficient, and capable company that can provide a secure storage space for corporate records. To fulfill all of those client expectations, you need a modernized approach to maintaining those records.
That’s why successful law firms are embracing technology and utilizing entity management software to make record keeping more efficient. Using these types of solutions, all records can be stored in the cloud, eliminating the need for physical records drafted on typewriters and other outdated sources. Clients can also access their records using secure login information from any location, which is a growing trend in the post COVID-19 world.
The benefits of these types of solutions are also felt internally at the firm. You’ll be able to:
- Give your paralegal team more of their time to focus on driving revenue for the firm
- No longer wait for signatures from stakeholders; everyone can sign within the platform
- Attract new and quality legal talent to join your firm and help fuel growth
Modernization is the innovative, efficient, and smart way to manage corporate records and boost client satisfaction. Why continue to follow outdated processes?
Are you ready to make an innovative leap into the digital entity management space? Join the MinuteBox revolution so that you can increase efficiencies and attract new blood that will help grow your firm to greater success.