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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 least adoption rates of modern technology.
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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 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:
- Growing importance of legal technology in legal workflows
- Managing increasingly complex information
- 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.
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.
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.
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.
As the role of the paraprofessional continues to evolve, firms are recognizing the value that paraprofessionals bring to the table. Paraprofessionals are no longer seen as just support staff, but are becoming integral members of the team and are playing an increasingly important role in client relationship management. In this blog post, we will explore how the role of the paraprofessional is changing and how firms are supporting their teams in more client engagement.
In this post, we’ll look at:
- The role of the paraprofessional is changing and becoming more important
- Paraprofessionals are playing an increasing role in client relationship management
- Firms are recognizing the value that paraprofessionals bring to the table
- Firms are supporting their teams in more client engagement
Paraprofessionals are becoming the main point of contact for clients and are often the first point of contact for new mandates. They are also playing a crucial role in setting up fixed-fee mandates and cost-efficient solutions for clients. This shift in the role of paraprofessionals is changing the business model for firms and is becoming an important factor in the battle for talent.
Watch the full interview, Collaboration and Communication: Best Practices for Legal Technology Partnerships
Firms are supporting their teams in more client engagement by providing professional development programs specifically designed for paraprofessionals. This not only helps to attract and retain top talent but also helps to create a better work-life balance for employees. By providing stretch opportunities and development opportunities, firms can retain the valuable talent that they already have in the door.
In conclusion, the role of the paraprofessional is changing and becoming more important as firms recognize the value that they bring to the table. Firms are supporting their teams in more client engagement and are providing professional development programs specifically designed for paraprofessionals. By providing stretch opportunities and development opportunities, firms can retain the valuable talent that they already have in the door and attract top talent in the future.
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.
In recent years, there has been a growing emphasis on corporate diversity, equity, and inclusion (DEI) as essential components of sustainable business practices. Maintaining effective DEI policies are part of corporate governance, risk management, and compliance (GRC) agendas that help legal entities operate in legal, ethical, and responsible manners.
Globally, organizations are fostering more diverse and inclusive work environments. This is a strategic decision as much as a social commitment to live up to society’s expectations regarding innovation, decision-making, and overall performance.
One of the main ways to ensure DEI policies are met and maintained is through proper reporting on how the policies are implemented. Entity management software is one of the best resources to effectively track DEI policies, including environmental, social, and governance (ESG) goals for the organization.
Let’s explore that special intersection between corporate DEI reporting and entity management software. Specifically, let’s uncover how entity management platforms help corporate entities monitor ESG objectives to enforce more diversity and inclusion across the company, including at the board of directors level.
Understanding Corporate Reporting Obligations on DEI:
With increased scrutiny from stakeholders, investors, and regulatory bodies, companies are under mounting pressure to disclose their efforts and progress regarding DEI initiatives. Various jurisdictions have introduced reporting requirements to encourage transparency and accountability in this area.
For instance, Nasdaq’s proposed listing rule requires companies to have at least two diverse directors, or provide an explanation for non-compliance. Effective reporting of these obligations requires robust mechanisms for tracking and monitoring how DEI policies are adhered to throughout Nasdaq’s entire corporate umbrella.
The Role of Entity Management Software in DEI reporting
Responsible governance and effective DEI reporting require legal oversight to maintain compliance with proper regulatory authorities. That’s why a system that’s built by legal professionals for legal professionals is the best way to maintain accurate reports and promote DEI policies to support ethical governance.
Entity management software is a powerful resource designed to streamline corporate governance processes. These solutions are built with oversight from compliance officers to ensure the proper protocols are followed. Entity management software has developed into a valuable solution to enforce DEI policies, establish corporate governance protocols, and maintain compliance with the laws.
Software like MinuteBox enables organizations to centralize and automate data collection, analysis, and reporting. These solutions deliver a comprehensive view of corporate diversity, inclusion, and oversight across the corporate entity. By integrating DEI metrics with broader ESG reporting frameworks, entity management software empowers companies to holistically monitor their progress towards sustainable goals.
Board Diversity and Inclusion: A Key Focus Area
Board diversity and inclusion play a pivotal role in shaping corporate culture, decision-making processes, and overall performance. By tracking and monitoring board diversity metrics, companies can identify gaps, set targets, and establish strategies to enhance representation and inclusion.
Entity management software simplifies this process by offering features, such as customizable board matrix templates and structured organizational charts. These features allow corporate entities to create and visualize their board’s composition, breaking down the members by demographic variables like gender, ethnicity, age, skills, and other relevant factors.
Compiling these records into structured organizational charts enables chief stakeholders to make board nomination decisions that shift the corporation closer to their DEI goals of greater diversity, ethnicity, and inclusion at the highest levels of the corporation.
Leveraging Entity Management Software for DEI Reporting:
So how does entity management software simplify and structure DEI reporting mechanisms? Here are some of the platform features that will help legal entities improve documentation, frameworks, and reporting of DEI requirements.
Streamlined Data Collection and Analysis
Entity management software automates data collection processes, allowing companies to efficiently gather information on board composition, demographic profiles, and other relevant DEI metrics. By standardizing data collection and providing real-time updates, the software ensures accurate and up-to-date information for reporting purposes.
Enhanced Reporting and Transparency
Entity management software empowers companies to generate comprehensive reports that highlight DEI progress, providing key stakeholders with transparent insights into the company’s commitment to diversity and inclusion. These reports can include visual representations, comparative analysis, and historical trends, enabling organizations to effectively communicate their efforts to investors, employees, and the public.
Mitigating Risk and Compliance
Non-compliance with reporting obligations on DEI can have reputational and legal ramifications. By leveraging entity management software, companies can mitigate compliance risks by ensuring accurate data collection, streamlined reporting processes, and adherence to regulatory requirements. This proactive approach strengthens the organization’s reputation and demonstrates its commitment to DEI initiatives.
Final takeaways
In an era where stakeholders demand greater transparency and accountability, companies must prioritize DEI and demonstrate measurable progress towards sustainable goals. By leveraging entity management software like MinuteBox, organizations can streamline their DEI reporting obligations and effectively track their ESG goals, specifically in relation to board diversity and inclusion.
This software empowers companies to collect, analyze, and report data, offering comprehensive insights into their DEI efforts and fostering a culture of transparency and continuous improvement. As organizations strive for sustainable success, integrating entity management software into their governance practices becomes an invaluable tool for achieving meaningful DEI outcomes.
Ready to help your organization implement DEI reporting protocols and take a step towards greater diversity, ethnicity, and inclusion? Join the MinuteBox revolution and establish centralized reporting systems that improve corporate governance and enforce compliance.
The legal industry is constantly evolving and with it, so is the technology that supports it. One area that has seen significant advancements in recent years is legal entity management. In this blog post, we will explore how legal entity management is impacting corporate practice and how it can streamline processes and make them more cost-efficient.
Here’s a summary of what we’ll look at in this post:
- Legal entity management is impacting corporate practice in a big way
- It streamlines processes and makes them more cost-efficient
- It allows for easy access to information and documents, even across different time zones
- Legal entity management can connect to other areas of practice and enhance overall efficiency
The move to legal entity management has been a game changer for the corporate practice. Karen Anderson, Corporate Services Manager at Blakes, Cassels & Graydon LLP, highlights the benefits of this technology and how it is impacting the way corporate lawyers work. “It’s exciting because it streamlines the processes and it makes everything more cost efficient. We can do things in a lot less time than we did historically. And other offices can access this information. Vancouver is on a different time than us, but they can access it late in the afternoon if people are no longer available or whatever it may be.”
Watch the full interview, Legal Entity Management: Streamlining Processes and Enhancing Efficiency
The ability to access information and documents quickly and easily has been a huge benefit of legal entity management. This is especially true for corporate practices where there are a lot of documents and information to keep track of. “It also helps on transactional work because all the documents are there and you can share them in a minute. In days gone by you would have been collecting PDFs, copying the minute book, but now it’s all at your fingertips.”
What’s more, legal entity management can connect to other areas of practice and enhance overall efficiency. “Legal entity management can spread into other area’s as well, and that’s exciting to me!”
The legal industry is constantly evolving and with it, so is the technology that supports it. Legal entity management is just one example of how technology is impacting the way lawyers work and making the process more efficient. As this technology continues to evolve, we can expect to see even more improvements in the way the legal industry operates.
Corporations hire experienced legal professionals to oversee legal entity management on behalf of the business. These hires can be either in-house, under the direction of general counsel, or as contracted members of an outside law firm.
In either scenario, legal professionals rely on their team of law clerks or paralegals to help administer entity management best practices. This includes assembling all corporate filings into one centralized database of records to maintain business compliance with regulatory laws.
How corporate entities maintain business compliance
Legal teams follow entity management practices, policies, and procedures to maintain business compliance with regulatory authorities. Entity management is a governance system that organizes the corporate records of a legal entity to improve business compliance and corporate transparency.
Effective entity management organizes records from an array of sources into structured minute book records. Examples of prominent sources to collect entity management data include:
- Organizational charts
- Organizational calendars
- Corporate workflows
- Statutory non-compliance records
- Date-based compliance records
- Clerical and administrative records
Many legal professionals use entity management software to assist with the management of corporate data in support of business compliance. Entity management software is a specialized system built by legal minds for legal minds. It simplifies how law firms and legal departments manage large amounts of corporate data in service of numerous legal entities.
Four tips to help paralegals maintain business compliance
Simplification goes a long way to helping paralegals and law clerks remain on top of the entire business compliance process. Each record of data must be inputted into the master entity management database, which requires diligent recordkeeping skills and vast amounts of time dedicated to this process.
So, how can you make life a little easier for your paralegal team, while still ensuring that business compliance is maintained? Entity management software is one of the best resources to simplify the workload. Here are four helpful ways these platforms will help your paralegal team maintain business compliance, and also preserve their own mental health.
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No-code document assembly
One of the biggest reasons companies choose not to insert modern technology into their workflows is that platforms require technical expertise to manage. Many legal departments don’t have the staffing or resources to invest in a tech guru. In fact, according to the Association of Corporate Counsel, the median total of legal staff in any given department is just six people.
The chief benefit of entity management software is that it’s built to support the non-technically savvy legal department. The platform includes no-code document generation templates, allowing teams to leverage intuitive software that easily creates and customizes legal documents with no technical requirements. This approach significantly reduces the time it takes to create documents to a few simple minutes.
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Time to consult with stakeholders
Paralegals and law clerks often wear multiple hats. In addition to managing corporate entity data, their responsibilities include serving as the primary point of contact between the heads of the legal department and the other key stakeholders of the business.
Scheduling time to converse with those stakeholders with fully briefed and informed documentation is a challenge for paralegals. Since the average team has only six functioning staff members, juggling all these responsibilities without sacrificing the requirements for effective business compliance is a tall order.
The simplicity of entity management software streamlines the entire business compliance workflow. Using these systems, legal teams save valuable hours on recordkeeping, enabling more prompt and effective meetings with key entity stakeholders. It’s a workflow that generates value and improves the efficiency of meetings throughout the entire organization.
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Greater alignment between attorneys and paralegals
Any documentation submitted to regulators will undergo meticulous scrutiny. Business entities provide transparent records to regulators, who then review and make their judgment on whether the entities meet the standards for business compliance.
Sometimes, supportive positioning statements that provide additional context to the records make or break the case for regulators. If there’s misalignment between the legal professionals and paralegals who submit the records to regulators, the argument may become diluted or confusing.
By using a platform that centralizes all records and streamlines the time investment necessary to maintain those records, attorneys and clerks can dedicate more time to making their arguments in clear, concise, and aligned manners. It will also allow any misalignments or disagreements over submissions to be squashed without leaving paralegals feeling threatened or at risk of dismissal.
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Paralegals will not succumb to burnout
The most consistent benefit of entity management systems is the time saving efficiencies they provide to resource-strapped legal teams. Valuable working time is granted back to legal departments, chiefly, the paralegals, whose primary duties are to maintain those records.
Paralegals are under enormous pressure to maintain business compliance. It’s natural to feel overwhelmed at times, especially if workloads become overwhelming due to rigid time constraints. Using entity management software, the work gets done faster, paralegals feel accomplished, and creeping thoughts of burnout dissipate into the subconscious. It’s a win all around for everyone
