The priority of any business is to increase revenue. In order to achieve that objective, it requires a strategic deployment of time, resources, and manpower that can be used to initiate revenue-driven activities that will ultimately help grow the business.
In the legal community, the objective remains the same as any other entity: how do you grow revenue, in this case, Legal Recurring Revenue, to support the interests of the firm? At the same time, diligent recordkeeping of minute book minutes must be preserved with the highest standards of quality assurance.
When the average law firm has only 3 full time employees, it’s even harder to walk that fine line. However, firms can give themselves a competitive advantage over their competitors by investing in sophisticated subsidiary management technology.
What is subsidiary management software?
Subsidiary management software enables legal entities to digitize their minute book record keeping processes. Cloud-based subsidiary software uploads all minute book records into structured, organized digital documents that simplify how legal professionals review and share minute book records with clients.
MinuteBox is one of the leading subsidiary management solutions. It uses biometric & hardware key authentication technology to safely secure all minute book records in the cloud. MinuteBox also integrates with Touch ID, Windows Hello, and FIDO Key support to make it easier for authorized users to access minute book records and corporate documents.
Since it is a cloud-based solution, account holders can access all records with speed, efficiency, and proficiency from anywhere in the world. Records are always at your fingertips, streamlining the entire review process with speedy solutions to uncover crucial information in seconds.
The bottom line is that subsidiary management solutions like MinuteBox make minute book record keeping a lot more fun for legal departments. But they also provide significant business benefits that translate into more opportunities to increase Legal Recurring Revenue for the firm.
More efficient minute book record keeping
To really understand the benefits of subsidiary management solutions, let’s break the benefits down using a few plausible scenarios.
The paper minute book record challenge
In one scenario, a firm has all client minute book records in paper documents. All of those binders are stored within large filing cabinets at the offices of the firm. Labels are attached to the files that, theoretically, makes it easier to find those records in fully stuffed cabinets.
However, let’s say there’s a particular file within that binder that needs to be amended or verified. How much time do legal professionals have to spend combing through the entire binder just to find that one particular page containing the record in question?
This is one of the main reasons why, according to a Legal Trends Report, only 2.5 hours per working day are devoted to billable client hours. Environments that retain outdated manual processes to update minute book records are sacrificing too much of their legal professionals’ time that could otherwise be reinvested into revenue-driven initiatives.
The subsidiary management solution
In the second scenario, a firm has a subsidiary management solution to streamline the entire minute book record keeping process. Instead of binders of files stored in filing cabinets – all of which costs valuable office space – the records are stored digitally in the cloud.
If a client has a question about a particular minute book, the search for that file is significantly more efficient than using the paper record format. With a quick search in the subsidiary management platform, the record can instantly be pulled up for review. All the pages are organized similarly to a PDF document, enabling legal professionals to quickly scroll to the page in question and provide a clear answer to the client’s question.
This entire review process is completed in a matter of minutes. When all minute book reviews are conducted this way, legal talent can spend the majority of their days on billable client activities. They’ll also have the time to actively recruit new potential business for the firm.
Efficient minute book management boosts client satisfaction
Let’s stay with both of those scenarios for another minute. One firm uses the paper minute book review process, and the other firm has a subsidiary management solution in place. In this hypothetical situation, the client asks to clarify information contained in their shareholder ledger. They want to clarify details about a particular share issuance on a specific date.
Both firms rush to uncover the answer to that looming question. One legal team must go through their filing cabinets, uncover the minute book record in question, and then search through the file to find the page that documents the share transaction. The other team does a quick search in their subsidiary management platform and brings up the file in question in a matter of seconds.
Which firm is likely to better satisfy the client? Given that client satisfaction is a critically important factor in boosting client retention, which firm is most likely to retain the client’s business for the foreseeable future?
It’s an obvious answer that emphasizes the main underlying benefit of subsidiary management technology. Companies that can conduct minute book reviews instantly help their employees earn back valuable time that can be used to further the interests of the firm. Additionally, a speedy solution to uncover important information provides clients with instant satisfaction that their concerns are immediately addressed.
This is why all legal entities should embrace the benefits of subsidiary management solutions like MinuteBox and incorporate their time saving attributes into existing minute book record keeping processes.