Innovation and efficiency are two invaluable perceptions that should automatically come to mind when clients think about your business. From business leaders to corporate counsel and legal professionals, everyone wants innovative technology that provides clear, concrete solutions in the most efficient manner possible.
In the legal community, there’s been a slower adoption of innovative technologies. Many law firms and corporate counsels still rely on paper files to document minute books, corporate records, and business transactions. Many firms continue to stick with the old ways of doing things, despite the fact that 77 percent of business owners want more efficient access to corporate records than what their legal representation currently provides.
Benefits of subsidiary management software
Firms that have chosen to modernize their processes for minute book recordkeeping use subsidiary or entity management software. These solutions help companies define and manage their business entities within digital environments.
All minute books and corporate records from a business are uploaded to cloud-based systems. In essence, this allows anyone with account credentials to view the documents, at their own convenience, from anywhere in the world.
In addition to the added efficiency and cybersecurity features, subsidiary management platforms are also cost saving solutions for firms. Believe it or not, some businesses spend up to $20k per year for the time spent by each legal professional to manage physical binders of corporate minute books.
By moving all corporate documents to a cloud-based secure environment, those records can be found, sorted, organized, and pulled within minutes. As a result, all of those hours spent sorting through files are reallocated towards areas of the business that directly contribute to growth.
Why companies need subsidiary management systems
Subsidiary management solutions help companies become more efficient. Their benefits outline compelling reasons to implement these platforms and innovate your existing processes.
But what are some of the core business reasons why a firm needs subsidiary or entity management platforms? Here are three prime examples of how these solutions can improve your organization.
Reduce overhead and administrative business costs
It costs most companies up to $2,000 to store one five drawer filing cabinet at the office. Depending on the volume of physical corporate documents you have to maintain, you could need dozens of filing cabinets to properly organize all of the paperwork. On top of the storage costs, you have to factor in the amount of time spent filing, sorting, and managing all of those minute book records.
Subsidiary or entity management software radically simplifies the entire process. Get rid of those filing cabinets and help your clerks and legal professionals dedicate more time towards billable hours for clients.
This is also a great selling point to attract new clients to your business. If you can guarantee to your clients that your firm has the ability to minimize time billed for administrative work, your legal services look a lot more enticing to companies in need of those services.
Improve direct relationships with your clients
Nowadays, people have instant access to information. Due to this convenience, people expect immediate answers to their questions so that they can move onto other parts of their days.
Here’s a scenario: suppose you have a client asking about a particular document in one of their corporate records. If you have to go through paper documents one by one to find that record, it’s going to take a lot of time before you can get back to the client with an answer.
In another scenario, a client of a different firm that does use subsidiary management software asks the same question about one of their records. Due to the speed and convenience of finding those files within the platform, that client has their answer within minutes.
In these two scenarios, which client do you think is the most satisfied and would positively rate a firm for having exceptional customer service? By using modern technology, you can build more interpersonal client relationships that become lifelong business partnerships. This may even result in your satisfied client providing free word of mouth advertising to help you gain brand new clients for the firm.
Attract the most prolific talent to join the firm
There are always experienced legal professionals who are ready to make a change in their careers. But they don’t want to just go to any firm; many professionals look for companies that utilize innovative technology because they understand those firms will operate more efficiently.
An efficient operation means more opportunities to increase Legal Recurring Revenue. The opportunity to earn more and contribute real growth towards a firm are very attractive benefits to a highly motivated professional.
Subsidiary management solutions are prime examples of innovative technology that are transforming how the legal entity space operates. Experienced legal minds are attracted to these new and bold solutions, which will help your firm attract these talented professionals rather than lose out to the competition if they’re looking to make a change in their careers.
Are you ready to bring innovation to your legal organization? Join the MinuteBox revolution so that you can become more efficient, provide greater client satisfaction, and help attract the most sought after legal minds in the industry.