How Cloud-Based Entity Management Ensures Client Security
Privacy protection and client services are essential to the integrity and reputation of a law firm. Corporations need to know that their confidential records will be in a safe and secure environment. If you’re a law firm, they also need this in order to trust that they can do business with you. Without those assurances, it’s hard for firms to generate new business and maintain mutually beneficial relationships with existing clients.
Cybersecurity is a growing concern for corporations, and for law firms and the clients they represent. The COVID-19 pandemic triggered a rise in cyber attacks on many institutions, including schools and hospitals. But many of those attacks were concentrated on some of the nation’s largest legal firms.
For example, in 2021, the American Bar Association put out a report that found 29 percent of law firms reported a security breach. Even more alarming is the fact that one out of five participants in that report could not say if the breach was, in fact, the first time their firewalls had been penetrated.
Digital recordkeeping is still more secure than loose paper
Don’t let those stories sour your belief in digital minute books and corporate recordkeeping. Storing corporate records in digital format is more efficient, more secure, and more cost effective than relying on traditional paper documents.
Here are some interesting stats from a report compiled by PricewaterhouseCoopers (PWC) that further paint that picture:
- It costs law firms up to $2,000 per year to maintain a single 5 drawer filing cabinet
- Over 4 trillion paper documents are circulating the US each and every year
- The rate of new paper documents is growing at up to 200 percent per year
- Legal professionals and business owners spend up to 50 percent of their time searching for corporate records, but only 5 to 15 percent of their time actually reviewing them
Pretty alarming data, right? An over-reliance on paper documentation leaves many companies and the law firms that represent their interests scrambling to find important files in very tight deadlines. When business owners want answers to their legal questions, they don’t want time wasted trying to find the right documents that can provide that clarity. They want answers immediately, and they want to trust that your firm can supply that information.
Cloud-based entity management is more secure and flexible
Rather than have paralegals and legal professionals at the firm spend valuable billable hours searching for physical client records, there’s a more modern, efficient, and secure way to help your legal team provide immediate answers to pressing client questions. That solution is to transfer your client’s records into the cloud with an entity management platform that makes it faster and easier to get clients the information they need when they need it.
When you decide to do away with loose paper documents, you make it far easier to organize and categorize your client’s minute books. Eliminate the need for those expensive filing cabinets to store physical records by instead uploading files into the cloud. This way, you create sophisticated digital documents that you can share with your clients.
The account is restricted solely to your law firm and your client. Each account is password protected with advanced encryption and cybersecurity features to ensure all minute books and corporate records can only be accessed by those with the authorization to do so.
The best part is that, since these are cloud-based entities, clients can log into the platform and access their records from the convenience of any location in the world. Records are immediately at your fingertips whenever the need arises…provided your location has Wi-Fi.
Is your firm ready to improve corporate record security and client satisfaction? Join the MinuteBox revolution so that you can transform how your firm services clients, manages corporate records, and establishes a credible reputation as a law firm that can be trusted with the security and integrity of trade client secrets.