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Some industries are ripe for modern technology, while others are slow to adapt to innovative solutions. Broadly speaking, the healthcare sector, hospitality sector, construction industry, and agriculture industry are some of the largest sectors of the economy with the lowest adoption rates of modern technology.

You could argue that the legal community, while not quite as rudimentary as some of those other sectors, also has a general case of technophobia. Law firms have relied on traditional workflows involving pen and paper or Microsoft Office files to manage client information. To this day, many firms still adhere to the old ways, potentially placing themselves at a competitive disadvantage.

It begs the question: what lies at the root of these technophobic fears, and how can they be overcome? What do legal professionals need to understand about how technology can simplify their lives so that it increases adoption rates? Let’s look into that and outline answers to those pressing questions.

Legal teams understand that legal technology is a growing trend

According to the Wolters Kluwer Future Ready Lawyer Survey, which was disseminated to 751 professionals across North America and Europe, the top three trends cited by respondents are:

1. Growing importance of legal technology in legal workflows
2. Managing increasingly complex information
3. Adapting to new or evolving client needs

The findings show that 79% of survey participants cited these three key areas as the biggest trends impacting the legal industry. At the same time, only 36% of respondents believe their firm or organization is prepared to address these growing trends.

Growing client demand for tech-powered firms

In the same study, participants were asked how they evaluate a potential partnering firm’s use of legal technology, and what impact that has on their decision to enter into business with the firm.

• In 2022, up to 70% of respondents said that how a prospective firm uses legal technology influences whether they enter into a working relationship with that firm.
• The response rate is up from 41% in 2020 and 52% in 2021.
• By 2025, client interest in legal technology is expected to reach 97%.

This particular finding corresponds with other industry studies that show the influence of technology on business operations. Since the COVID-19 pandemic, 77% of business owners admit they want more flexible options to access important files.

These findings should serve as a wake-up call for technophobic law firms. Clients want to work with legal professionals who support their desire for flexible meetings and file access management. Failing to incorporate innovative solutions could result in lost business and missed opportunities to boost Legal Recurring Revenue.

Why are firms reluctant to embrace legal technology

Broadly speaking, companies in most industries struggle to embrace technology out of fear that it will corrupt their use of data. Data lies at the heart of any effective business strategy. However, if that data isn’t clean or organized, it makes it difficult to interpret any insights and feed a business growth strategy.

When looking specifically at the adoption of legal technology, here are the three main reasons law firms are resistant to modern technology.

1. Mistaken idea that managing legal technology is very time consuming

In the legal community, time really does equate to money. Legal professionals are always looking for ways to increase billable hours so they can boost inbound Legal Recurring Revenue for the firm. As a consequence, many legal minds are under the misguided belief that every minute not used for billable hours is a sunk cost.

Unfortunately, legal teams that fall into this line of thinking risk leaving their operations less efficient and productive than they otherwise could be with legal technology. The amount of time spent on administrative or clerical tasks remains stubbornly high without an innovative solution to streamline all these laborious tasks.

1. Legal technology is costly and deemed too expensive for the budget

This is the biggest reason why firms refuse to adopt modern legal technology. Without a tangible economic benefit from investing in legal technology, firms don’t see the value in carving out portions of their budget for such investments.

When legal teams fall into this line of thinking, they forget one of the fundamental rules of any business: the cost of doing business. Any company must invest in certain expenditures to maintain and improve operations. Legal technology is one of those expenditures that pays off in the form of time savings and efficient workflows.

1. Concerns that legal technology will slow things down and create lags

Similar to the time efficiency argument, some law firms believe that legal technology will slow down their rate of operations. They worry that there will be lags in productivity, diminishing the firm’s potential for growth.

The counterargument here is that legal technology is designed to introduce efficiencies to established workflows. Rather than slow things down, legal technology actually speeds things up by reducing the time professionals spend on non-revenue generating tasks.

Why entity management software is the secret to overcoming legal technophobia

Having debunked misguided beliefs about legal technology, what is the optimal solution to improve legal workflows and overcome skeptical feelings towards legal technology? The answer is entity management software, which is designed by legal minds for legal minds.

Entity management software is a form of legal technology developed by legal professionals who represent law firms, legal departments, general counsel, and compliance professionals. It simplifies the complex aspects of entity management and streamlines operations into a workflow that’s efficient, relatable, and even fun.

Entity management software enables legal teams to create one centralized location for all client minute book records. The process of inputting, filing, sorting, and tagging minute book data is complete in a matter of minutes. This is in stark contrast to the time consuming administrative tasks conducted outside of an entity management system. Investing in entity management solutions will help your legal team, particularly your paralegals avoid feelings of burnout.

Teams that use entity management software save invaluable hours on clerical duties that can be reallocated to growing the interests of the firm. It also helps with talent acquisition, as many rising legal professionals understand the value of entity management technology. Use your firm’s adoption of entity management systems in your HR strategy. This will encourage the brightest legal minds to join your team and increase Legal Recurring Revenue for your firm.

Large organizations are demanding more access to cloud-based data storage platforms, according to Netwrix Research Lab. More companies are uploading sensitive data to cloud-based software to reduce costs and improve security, and they’re willing to increase their cybersecurity budgets to support these decisions.

In their 2022 Cloud Data Security Report, Netwrix surveyed 720 professionals all over the world to develop a greater understanding of the global appetite for cloud infrastructure. The results showed that 80% of respondents use cloud-based infrastructure to store sensitive data, and 49% have increased their budgets for cloud security in 2022.

The rise in demand for cloud-based infrastructure

The study was conducted in March 2022 for the first time in nearly two years. Netwrix stated that their purpose was to show the increased adoption of cloud-based platforms since their last report was published in early 2020.

The research was, in part, a response to the COVID-19 pandemic. As companies were forced to adopt remote work, it accelerated the need for cloud-based solutions.

While it may have begun as a practical need in response to a global health crisis, the soaring demand for cloud-based solutions also reflected a growing number of business needs. Companies saw opportunities to lower their costs, and the advanced security features integrated with cloud-based technologies allow companies to fulfill their obligations towards consumer privacy.

According to the findings in the report, the four most cited reasons organizations adopted cloud-based solutions were as follows:

• 61% of business leaders wanted to reduce their operating costs
• 53% said cloud-based solutions increase security around client data
• 45% identified abilities to organize access to secure files for remote workers
• 38% responded that cloud-based software increases their ability to match client needs

Entity management software digitizes and secures client minute book records

One of the best ways for organizations to reduce costs is to modernize their approach to minute book management. To remain compliant with federal, provincial, and state laws, companies are required to maintain accurate corporate records regarding all financial or shareholder transactions. These records allow government regulators and third-party auditors to promote corporate transparency and financial accountability.

Cloud-based entity management software digitizes and innovates upon the traditional corporate documentation process. Records are uploaded into the cloud-based platform, and the files are protected by biometric and hardware key authentication solutions. Access to the platform is restricted to those who have been granted access to the account, ensuring all corporate documents remain securely stored behind advanced firewalls.

A great example of how to implement entity management software is the experience of the company DM Law Clerk Solutions. Their organization uses entity management software to run virtual meetings with clients when reviewing and approving corporate documentation.

This feature allows DM Law Clerk Solutions to provide more flexible service to their own clients. Up to 77% of business owners want the ability to review corporate documents from remote locations as part of a more modern and efficient way to streamline approvals. By utilizing entity management software, DM Law Clerk Solutions is able to match that client expectation and conduct document reviews securely and virtually via the cloud.

Cloud-based entity management is more time efficient

Among the biggest costs facing legal professionals is the time lost to corporate recordkeeping. Studies have shown that, using traditional record keeping processes, it takes up to five minutes to scan, tag, and file a single page in a corporate document. Each corporate file is, at minimum, multiple pages long. Multiply the amount of time spent filing a single page by the number of records your organization maintains. It adds up to a lot of lost time.

DM Law Clerk Solutions improved their ability to service clients at faster rates by implementing these solutions. By uploading minute book records into the platform, their team could use the platform’s intuitive drag and drop features to manoeuver and organize the records in seconds. They successfully earned back hours of valuable working time that were effectively redistributed towards growing the interests of their business.

Cloud-based entity management is more cost-effective

Another major business benefit of cloud-based entity management technology is the direct cost savings for your organization. As you save time managing your corporate documents, the time savings translate into financial savings for the business.

For example, in the legal community, firms hire clerks and paralegals to assist with the corporate record keeping process. The average annual salary for a clerk or paralegal is approximately $54,000 USD ($72,000 CDN). However, up to $20,000 USD ($26,000 CDN) of a clerk’s or paralegal’s salary, or approximately 37%, is spent primarily on managing physical binders of corporate documents.

DM Law Clerk Solutions sought to lower their own operating costs using the software. All of the time they earned back by digitizing their minute book records meant they could devote more working hours toward billable hours with their clients. Additional time devoted to servicing clients through billable hours provides an organic boost to Legal Recurring Revenue that supports the future prospects for DM Law Clerk Solutions.

When it comes to implementing new technology in a law firm, the partnership between the firm and the technology vendor is crucial for success. But what makes for a successful partnership? In a recent forum, Karen Tuschak and Karen Anderson, both legal technology experts, discussed the best practices for vendors working with law firms and what firms value most in these partnerships.

Here’s a summary of what we’ll cover in this post:

• Firms value true partnerships with technology vendors, where there is a collaboration and open communication about product development and roadmap.
• Vendors should be responsive to all team members within a law firm and listen to their feedback on how the technology is being used.
• A long-term relationship between the firm and vendor is more beneficial than a quick sale.

When working with third-party partners, law firms need to ensure that they are being listened to and included in the development of the technology they are using. Karen Tuschak, owner of Spider Silk Solutions, stresses the importance of true partnerships between firms and vendors, where there is open communication and collaboration on product development and roadmaps.

Watch the full interview, Collaboration and Communication: Best Practices for Legal Technology Partnerships

“Firms are putting innovation into their strategic plans and if they’re doing that, they need to be partnering with the technology partners,” Karen said. “The technology partners really need to make sure that they’re listening to their clients and they’re open about their roadmap.”

Karen Anderson, Manager of the Corporate Services Department at Blakes, Cassels & Graydon LLP, agrees that listening to the firm’s needs and being responsive to all team members is crucial for a successful partnership. “I think if they’re listening to all of the team members and responsive to all of the team member does, it doesn’t necessarily have to be me that’s contacting somebody. If anybody on the team can contact the vendor orpartner at any time and get a response and help, then I think that’s very valuable,” she said.

Both Karens emphasized that a long-term relationship between the firm and vendor is more beneficial than a quick sale. “Working with them hopefully for years to come is important. Companies want their software to be sticky so that the law firms continue to use it and it’s all built on the relationships,” Karen Tuschak said.

In a legal technology landscape that is constantly evolving, effective partnerships between law firms and vendors are essential for the successful implementation and continued use of new technology. By prioritizing communication and collaboration, vendors can ensure that they are providing the best possible service to their clients and meeting their needs.

Sometimes it feels that certain sectors of legal innovation grab all of the attention, especially regarding new solutions in corporate law, litigation, tax, and intellectual property. But aside from the big 4 accounting firms incorporating immigration law departments into their service offerings, few solutions move the needle when it comes to innovating immigration.

Located in a beautifully repurposed house on Bloor Street West in Toronto Ontario, the team at Sobirovs Law Firm (https://www.sobirovs.com/) offers an entrepreneurial approach when helping clients abroad bring their businesses to Canada.

The Sobirovs team hails from the four corners of the world, bringing with them a multilingual and multi-jurisdictional experience to the practice of immigration.

The success of the firm is due in large part to the managing partner, Rakhmad Sobirov, who has law degrees from Uzbekistan, Hungary and Canada. Working with a number of leading law firms throughout the world during his career, he has managed to successfully merge his experiences in corporate, international aviation and intellectual property law into a unique offering for immigrants into Canada.

What intrigued me, perhaps more than anything else, was the firm’s personal investment in helping their clients help themselves. Recently, Sobirovs launched ImmigrationShop.ca (https://www.immigrationshop.ca/), a teaching tool designed to help new immigrants manage much of the immigration process themselves. As Sobirov himself explains, “ImmigrationShop is unique in the sense that it allows us, the lawyers, to share our legal knowledge with the general public. Rather than saying “pay me and I will do it for you”, we are saying “come and learn AND do it with us!””

Using videos, consultations and lawyer application reviews, the ImmigrationShop workshops offer a “hand-holding” approach for potential immigrants. While there is a cost associated with watching the videos and taking the online workshops, immigrants undertaking the process themselves can save thousands in potential legal fees.

I had the chance to sit down with Rakhmad Sobirov and probe the ImmigrationShop a little bit deeper. I think his responses reflect a positive trend in lawyers taking initiative to create unique business models and revenue sources, all while increasing client value and satisfaction.

How long have you been practicing law?

I have been a lawyer in Uzbekistan since 2003, but have been practicing law as an Ontario lawyer since 2012. When I immigrated to Canada in 2006, I decided to go back to law school from the beginning and study the common law system in order to become a full-fledged Canadian lawyer.

Given your broad legal experience, when did you realize you wanted to focus exclusively on immigration?

Immigration law is constantly changing, and businesses, domestic and international clients rely on experienced lawyers to help navigate the complex immigration laws and regulations. We effectively facilitate the international relocation of executives, investors, high-skilled workers and their accompanying family members, starting from temporary visas for business visits to Canada to eventually obtain Canadian permanent residency or citizenship.

We realized there is a large market for unique, tailor-made and creative legal solutions for foreign business owners, investors and high-net-worth individuals interested in bringing their businesses and families to Canada.

It’s a win-win strategy for us as Canadian lawyers who ourselves immigrated to Canada. We have a deep understanding of the challenges that are often faced by immigrants or foreign businesses entering new markets. On one hand, we are contributing to the Canadian economy by bringing in capital and expertise from outside of Canada. On the other hand, we are helping established families from outside Canada make a new home and build a better future for themselves and their children.

We understand our clients very well. Our practice is best described as an “immigrant to immigrant approach.”

Have there been any recent innovations, technologies or opportunities in the area of immigration in the last 5-10 years? Any technologies devoted exclusively to this area of legal practice?

Overall the field of immigration law remains pretty conservative with few novel solutions available for law firms or their clients. It is dominated by the “do-it-for-you” model. That is, you hire a lawyer/immigration consultant/Quebec notary and pay him/her, and the service provider does all immigration applications for you.

What we see in immigration law more often is the danger of the unauthorized and unlicensed practice of immigration law by “ghost consultants,” “travel/visa agents” and so-called “helpers.” They would complete all applications as if the applicant were doing it himself/herself. There are plenty of horror stories of such shady practices and we want our clients to trust us and not worry about being swindled. With the launch of ImmigrationShop, we hope to tackle this problem by educating potential visa and immigration applicants.

What inspired the creation of ImmigrationShop? How long has it been in development? What do you hope your clients (and future clients) will get out of it?

First, we have deep knowledge of the common repetitive inquiries that people ask us about immigrating to Canada. We constantly receive queries asking “How to come to Canada as a student/worker/tourist/businessman?” or “How to claim refugee status in Canada?” We identified a certain level of repetitiveness in our practice.

Second, based on these findings, we wanted to consolidate our expertise into useful material in order to reference and share multiple/unlimited times. We realized that our knowledge had scalability and can serve for the benefit of future visa applicants.

Third, we realized that interested potential immigrants living outside of Canada could not always afford the legal fees of Canadian immigration lawyers. That could be one of the reasons why these people go to unlicensed service providers or complete the immigration applications themselves using the information they find online. Obviously, in so doing there is a level of risk involved.

Analyzing all these circumstances, we thought “why don’t we, the licensed and experienced Canadian lawyers, empower the applicants by transferring our knowledge directly to them? We could do it by transferring our expertise, tools and tips, and train those applicants on how to prepare strong visa and immigration applications. In a way, we would share our expertise with them at a fraction of our standard legal fees.”

While many visa applications can be done by the applicant personally without involving any intermediary, the challenge is to have the right information, experience and tools (which most visa applicants lack). We help applicants become better educated, more powerful, and well-equipped to prepare their own applications, while at the same time avoiding the pitfalls of ghost consultants and scammers.

We then developed detailed training workshops in which we give the candidates the necessary tools to increase their chances of success in their visa or immigration applications. It took us almost 2 years to develop the concept and it takes us 3-4 months to prepare one detailed visa workshop. We are constantly working on creating new workshops.

You are encouraging clients to undertake much of the immigration process themselves, as opposed to seeking out a lawyer at the outset. Why? What effect do you think this will have on your practice?

We are not removing the traditional legal services from the spectrum. For complicated immigration matters, clients are encouraged to hire an immigration lawyer in a traditional way. But for clients with limited means or preferring to complete applications by themselves, we offer workshops which save them money.

After completing the relevant workshop, candidates can complete their immigration applications based on our knowledge and guidelines. Taking the study permit workshop as an example, we offer legal consultation at a discounted rate and can review completed application packages of our students on a limited scope retainer before anything is submitted to the Canadian immigration authorities.

In a traditional “do-it-for-you” model, a client would pay around $2000 for a visitor visa/student visa application done by a Canadian immigration lawyer. This price covers the lawyer’s overhead costs which are built in the lawyer’s legal fees.

We removed the administrative costs and transferred all the savings to the client. We call this the “do-it-with-you” model. It saves candidates money without compromising the application’s quality, thereby maximizing client value at a very affordable rate.

For study permit, our workshop only charges $99. The clients/students can get all the necessary information, step-by-step video instructions, template documents and sample application packages, which enables them to complete everything themselves. If the student has any questions, he/she can get a consultation for just $149, and a professional review of the completed application package for just $249. The total cost of one visa application would be less than $500.

The creation of ImmigrationShop has an implied mission of addressing the access to justice issue within the Canadian immigration system. Indeed, for people with limited financial means, many of them could not afford traditional legal services and may be left without any access to legal help. When it comes to navigating the Canadian immigration process, it is better to have the right knowledge and tools offered by licensed Canadian lawyers than to rely on your own Internet research, friends’ stories or ghost agents’ services.

Are you the first immigration law firm to offer a solution like ImmigrationShop?

To our knowledge YES! What we are trying to do has never been done by any other traditional law firm. We are turning our immigrant candidates into immigration professionals for a very specific period of time and with a very specific purpose.

What other new/unique technologies and solutions are you using at Sobirovs Law? Are there new solutions on the horizon?

While new specific projects remain our secret, I can tell that we are maximizing the utilization of technologies in our daily practice. For example, starting from basic paperless environment in our office and continuing with using automation in client intake and document drafting, we can pass more value to our customers. Tools like Calendly, amoCRM and CosmoLex (to name a few) have certainly helped streamline a lot of the administrative components of running our firm.

We constantly search for new solutions that would allow us to achieve the goals above. That’s why we got interested in MinuteBox, which allows us to maintain client’s minute books electronically. Because we deal with business owners and investors, we also provide basic incorporation and company organization services. We can use MinuteBox to maintain corporate documents easily and that saves us time and client’s money.

Once upon a time, board members and executive managers treated cybersecurity and data security matters strictly as costs incurred by their respective businesses. Today, the cost of not investing in the proper technology and opening your organization to a potential data breach costs, on average, over $6 million.

It’s clear that, in today’s climate, data security must be integrated into an organization’s governance, risk management, and compliance (GRC) protocols. Proper investments into automated data reporting platforms can actually save organizations over $2.4 million over business entities that don’t make those investments.

So how do leaders integrate data security matters into GRC protocols? How do the cost benefits of making those investments reach the ears of key stakeholders in the businesses?

What is entity data management?

A common mistake when discussing technical concerns with executive stakeholders is to use a lot of technical jargon. While many points in those meetings are very valid, they confuse non-technically inclined entity managers. The concerns are buried under a number of confusing statements, and stakeholders lose interest in pursuing the matter.

Instead, try communicating the point using more simplistic language. First and foremost, define what exactly entity data management is to help the board understand why it matters.

Entity data management is a legal collection of the organization’s corporate records. Examples of this data include minute book documents, organizational charts, cap tables, compliance protocols, subsidiary reports, and so forth.

What is entity management software?

Once you’ve defined entity data management, you can explain entity management software and how it can benefit the business. Entity management software is an intuitive solution to provide cloud-based data security measures for all entity data concerns.

Entity management software like MinuteBox is backed by biometric and hardware key authentication solutions. These security measures provide additional protection to entity data, restricting access to only those stakeholders with approved authorization to view those protected corporate records. Effectively, entity management software becomes a single source of record for all corporate entity data.

The MinuteBox platform also contains a built-in compliance framework. This framework deploys automated prompts when compliance deadlines, date-based tasks, and any non-compliance error notifications are triggered by human error.

As a result, entity management software is more than just a secure method of hosting legal entity data. It also helps guide GRC protocols throughout the organization, protecting the business entity from the penalties of failed corporate governance and non-compliance.

Improve stakeholders’ familiarity with data security risks

Once you’ve briefed your stakeholders on the importance of entity data security, and the benefits of entity management software, you can explain how to improve security, visibility, and transparency around legal entity data.

Explain why you need both internal and external entity data security

Most board members and executive leaders assume that data security risks and breaches most commonly occur outside the bounds of the organization. In fact, 91% of successful cybersecurity and data security breaches originate from phishing email scams sent to internal corporate employees.

To remedy this challenge, create an educational seminar for all employees that explains the dangers of phishing email scams. Train your staff how to spot the signs of these dangerous emails so that they learn how to throw them in the trash.

Also, by investing in entity management software, all legal entity data is safely secure within the platform. Any requests for private corporate records from phishing emails remain empty requests because only a controlled group of stakeholders can access those records.

Remember to avoid using technical jargon when briefing stakeholders

A small percentage of board members and executive managers will have technical experience. The vast majority of stakeholders have a rudimentary understanding, but their knowledge is very limited. Therefore, speaking in technical terms is likely to result in glossed over eyes and misunderstood responses.

Cybersecurity and data security breaches are very serious. You just need to explain the severity of those matters using language those stakeholders will understand. Boil your explanations down to a matter of cost, and highlight the cost to the organization that will result from not investing in the right data security protocols.

Emphasize the value of entity management technology to reduce risk

Relitigate the benefits of entity management software and how the platform helps reduce risk of cybersecurity and data security breaches. Emphasize how all corporate entity records are securely managed within the platform, and remind stakeholders of the additional security measures that restrict access to only a handful of users.

Highlight the real risk of the problem, but then walk stakeholders through the proposed solution. By showcasing a concrete plan to address data security risks, you’ll secure buy-in from top management so that you can move forward with an implementation plan.

Ready to address data security risks head-on? Join the MinuteBox revolution and protect all legal entity data with advanced security measures that foster the well-being of your corporation.

Some corporations have heard of cloud-based entity management software, and many others have not. However, even those corporate executives who have heard about the technology don’t necessarily know how it works or the benefits that it delivers to their businesses.

The purpose of this post is to provide a helpful breakdown of cloud-based entity management software as a viable solution to improve minute book management. We’ll also describe how the technology functions, and we’ll lay out the net benefits that help your legal team provide more effective service to new and existing clients.

What is cloud-based entity management software?

Cloud-based entity management software is trusted by legal professionals to centralize, consolidate, and organize minute book records and corporate documents into one digital platform. It enables both law firms and corporate counsel to perform secure, efficient, and diligent minute book record keeping using a process that saves an abundance of time and resources on compliance tasks.

Why is cloud-based entity management software important?

There are a number of practical business reasons why legal professionals should integrate cloud-based entity management software into their operating practices. Here is a quick overview of some of the biggest incentives to digitize corporate minute book records.

Flexible remote access to minute book records for clients

Business owners and executives increasingly conduct business outside the boundaries of corporate offices. This modern workflow was accelerated by the COVID-19 pandemic, and many companies have adapted to the new working order. In fact, a PWC survey of 120 business executives conducted during the pandemic found that 73 percent of those executives believed remote work was both successful and beneficial.

Since cloud-based entity management software stores important minute book records and shareholder data in the cloud, executives can freely access records from the convenience of any location. Rather than wait for pre-arranged meetings to review records or arrange for signature approvals, legal professionals can complete the entire review process in the cloud with speed and proficiency.

Support for client retention needs and strategies

Client satisfaction is an important KPI for legal professionals. After all, clients that are happy and satisfied with the work of their legal representatives are far more likely to retain those services for future needs.

According to the 2021 LexisNexis InterAction Marketing & Business Development Survey, there were a number of common client retention challenges faced by law firms all over the world. Some of the biggest challenges restricting higher client retention rates include:

• A lack of communication with clients, which was cited by 22.8 percent of respondents
• Data quality challenges, which were suggested by 18.7 percent of respondents
• Insufficient legal resources, as stated by 15.2 percent of respondents
• Legacy systems that are not efficient enough, according to 13.5 percent of respondents

Using cloud-based entity management software, each of these challenges can be effectively addressed and overcome. Clients can access the platform at their own convenience, ensuring they remain fully up to date regarding the status of important records. The data is sorted and organized, while advanced search filters make it easy to find specific information instantly. The platform enables decisions to be made faster and easier while using fewer legal resources. Finally, cloud-based entity management software is built with the specific purpose of making existing legal workflows more productive and efficient.

In the end, cloud-based entity management software is a valuable resource to boost client satisfaction rates, which should help improve client retention rates.

Competitive marketing and positioning advantage for your firm

Another highlight of the LexisNexis survey was that nearly 80 percent of law firm leaders said that marketing is essential to drive strategic outcomes for their businesses. Most firms intended to increase their marketing budgets by an average of 15 percent to address these needs.

One way for law firms to enhance their marketing campaigns is to position themselves as innovative leaders. Cloud-based entity management software is an innovative solution that modernizes the entire legal compliance process. Firms can accurately promote their workflows as a modern innovative way to complete entity management tasks.

Many corporations embrace innovative solutions, and they want to utilize the services of other businesses that share those same outlooks. Additionally, your firm can market itself as an innovator to attract top quality legal talent, capitalizing on how legal professionals wish to engage with clients by relying more on modern technology. Attracting the highest professional talent to join your firm expands the legal roster to better support future client needs.

How cloud-based entity management software works

Cloud-based entity management software enables your legal department to transform physical corporate records and minute book binders into sophisticated digital documents. The software includes built-in enterprise grade scanners, which you can feed with entire binders of minute book records to upload those files directly into the platform. The scanning process is conducted on-site at your corporate office, so there is no risk of any pages being lost, damaged, or corrupted during the transition.

Once uploaded onto the platform, you can organize all records into detailed documents that resemble digitized PDFs. Searching and bookmarking important files makes information retrieval easy and convenient for your legal team, ensuring clients gain instant answers to pressing questions about important minute book records.

If you’re worried about the security of your client’s corporate records, there’s no need to stress out about those concerns. Cloud-based entity management software like MinuteBox includes biometric and hardware key authentication features, providing a multi-step sequence for all representatives – lawyers and clients alike – to follow, so they can access the records in the cloud. Permissions to access the account can be managed at an administrative level, guaranteeing that all client records remain fully secure.

Net benefits of cloud-based entity management software

Finally, what are the key benefits that come from using cloud-based entity management software? Many of these benefits we’ve touched on throughout this post, but we’ll give a brief synopsis of how this technology ultimately helps your legal team achieve important KPIs.

The biggest advantage for firms that utilize cloud-based entity management software is measured in time efficiency. Given that the average lawyer only bills clients for 2.5 hours out of an 8 hour workday, solutions to accelerate minute book compliance tasks allow legal professionals to earn back valuable time that can be used to increase billable hours.

Law firms are always on the hunt for ways to boost Legal Recurring Revenue. Technology that automates workflows is highly recognized as one of the best ways to increase law firm revenue. By addressing the fundamental need to automate compliance workflow tasks, firms can dedicate more working resources towards high growth revenue-driven strategies for the firm. This enables practitioners to become more productive, more profitable, and increase both their personal value to the firm, and the firm’s overall reputation in the marketplace.