Insights and updates
from MinuteBox
Law firms everywhere rely on their ability to charge billable hours in order to boost profits for the business. Between certified legal professionals, paralegals, and private investigators; firms have an abundance of human resources to manage and profit from client relationships.
One expectation for a number of firms is the need to increase Legal Recurring Revenue. By measuring Legal Recurring Revenue as a performance benchmark for all associates of the firm, your business can:
- Plan growth forecasts for an entire calendar year
- Ensure the business remains financially stable with no gaps in revenue
- Find the perfect time to raise funds from investors in order to support growth
- Reinvest earnings into professional growth and development, making your firm an attractive business for newer legal professionals
Firms lose Legal Recurring Revenue to recordkeeping
Managing client expectations and ensuring all paperwork is properly documented for an upcoming case is a timely affair. It’s said that firms spend approximately $20k per year per legal professional to manage documentation and minute books for clients. That’s a lot of salary to invest in recordkeeping that, in addition to direct financial costs, also eats up a lot of time that could otherwise be spent growing revenue opportunities for the firm.
It makes sense that minute book recordkeeping cuts into your firm’s bottom line. Everything that’s included in these tasks, such as printing, copying, filing, and searching for lost documents all requires time and resources to complete. While the tasks themselves may appear tedious, they’re all necessary to protect client privacy and increase the chances you’ll win your case.
What if there was a faster way to complete these tasks?
Rather than stick with the old ways of doing things, your firm could modernize how you maintain minute books with modern technology. Using cloud-based entity management solutions, you no longer need to store physical binders and documents at your office. Instead, all minute books and important records can be uploaded into a safe and secure cloud-based environment.
The best part of these solutions is that they allow your firm to store, scan, sort, and share important records within minutes. Rather than physically sort through each individual record, your team of paralegals can transform those physical records into secure digital documents.
All of that time spent on managing records can instead be used to complete tasks that directly contribute to the growth of the firm. With cloud-based entity management technology, your paralegal team looks like a group of rockstars in the legal community!
No coding or development experience required
Not every law firm has an IT department; even in those rare firms that do have in-house technical support, there are still few experienced developers to spare. Relying on coders with limited time to access, upload, manage, or share digital documents costs nearly as many working hours as physical minute book recordkeeping.
That’s why cloud-based entity management solutions are so valuable for growing firms. Enterprise grade scanning services are built directly into the platform’s capabilities, which means you can transition your record book collection to the cloud efficiently, securely, and with the highest commitment to quality standards for your clients.
All scanning can be completed within the four walls of your office to maintain client security. This ensures that all private data is fully protected throughout the transition to digital documentation. Once uploaded to the platform, cloud-based security parameters protect all client records and minute books from public exposure. Access is strictly limited to the very few professionals who have been given permission to view the account.
Earn back more time to grow Legal Recurring Revenue
No code entity management solutions make it faster and easier to complete the tasks that help maintain client relationships. By giving more time back to your paralegal professionals, your firm can dedicate more time and manpower to servicing growth and managing Legal Recurring Revenue that will ultimately improve the firm’s bottom line.
Solutions like these have helped both large and small firms take the next step in their own respective journeys towards growth. We have a great Q&A style story with the founder of the multidisciplinary firm Hub6, who successfully focused on delivering growth thanks to the technological solutions implemented that streamlined the day to day management of the firm.
Is your firm ready to be the next Hub6? Join the MinuteBox revolution so that you can implement no code entity management solutions across your law firm’s operations and earn back more time that you can devote towards boosting revenue for the business.
Let’s say you manage a law firm. Business is booming so much that the needs of the legal team outpace the amount of resources your existing team can provide. That means it’s time to expand the size of your office with new lawyers and paralegals.
The skills and job description of a law clerk are fairly consistent from firm to firm, and lawyers are on the job to analyze, administer, and utilize legal files on behalf of their clients. Experienced lawyers and law clerks are motivated to work for firms where they can make the most effective use of their time. One of the ways your firm can stand out is through the technology used by your team of paralegals to simplify their day to day tasks. Young, upstart professionals eager to take on the world are far more attracted to modernized firms that utilize digital, centralized solutions.
What do high quality legal professionals want in a firm?
Trained lawyers and clerks are motivated, go-getting and they want to make a difference for their firms. They recognize the value in spending more time on tasks that can help grow the firm and generate fresh revenue to expand the business.
Since this is the mindset of passionate professionals, what will make your company attractive to eager hires? Firms that believe in and practice innovative solutions are in prime positions to recruit the next generation of quality legal talent. Young upstarts are familiar with how technology automates many rudimentary tasks, and they’re eager to manage more of their own tasks with the assistance of platforms like cloud-based entity management solutions.
Make it easier to share minute books
Motivated lawyers and paralegals all understand that time is money. They want to execute tasks as efficiently as possible. This includes the process of sharing minute books and chasing down the appropriate party for a signature to help move files along.
Show the next recruit of talent that your firm is a leading innovator when it comes to entity management technology. Use a platform that makes it easy to share entire minute books or gives you the ability to restrict access to particular pages. You’ll have faster, better organized and more secure legal transactions that will help your team complete their tasks more efficiently. They can rededicate more of their own time towards the tasks that are most likely to boost revenue for the firm.
Solve the “single key holder problem”
One of the biggest struggles for any firm is finding the right information at the appropriate times. In many cases, one person is designated as the single key holder or the gatekeeper to many of the firm’s records.
For an upstart legal professional, this way of doing things is not efficient and is deemed unproductive. Using cloud-based entity management platforms, you can solve this problem by hosting all minute books and company recordsin a secure cloud-based database. Anyone with access to the platform can simply go in and pull out the appropriate files to send off on an as needed basis. This helps your team make better use of their own time, which is a very attractive selling point if you want to hire the next generation of talent to your team.
Dedicate more of your team’s time towards billable hours
A 2018 poll of Canadian law firms found that 40 percent of respondents believe that blended or hybrid law clerk/legal assistant positions had become “somewhat more common” in the two preceding years. Another 12 percent of participants anticipated those types of jobs would become even more important over the following two years.
Why is this an important trend? Paralegals have the skills and training to perform many of the tasks that might otherwise be assigned to a legal professional. You can assign billable hours for any work the respective clerk completes for your client’s case, but at a lower rate than a lawyer’s time would be billed, creating benefits for your clients.
It means law clerks can perform valuable work and earn money for your firm. At the same time, you’re not overloading expensive billable hours to your client for fixed fee or routine work. This means you can get the tasks done, earn some money for the effort, and still provide more value-added services to help your clients’ needs.
Are you ready to bring the highest quality talent to your business? Join the MinuteBox revolution so that you can create an environment that is guaranteed to attract the best and brightest law clerks to your firm.
Cloud-Based Tech Helped Many Industries. It’s Legal’s Turn
Cloud-based technology has made an impact and, in many ways, revolutionized how people share both personal and professional information. Think of platforms like Slack, Okta, or Box that allow users to send and receive files within secure password-protected environments.
Similarly, platforms like Facebook or LinkedIn have made it very easy for any individual with an account to share updates with friends or followers. Plus, with one direct message to a specific point of contact, you can pass along important files relevant to the conversation.
Modern technology has made connectivity easier than ever before. Yet in some industries, such as the legal professional community, innovation has not been so openly embraced. The question is: why are so many law firms still relying on clunky old software or, even worse, binders to store, manage and share important documents?
Some law firms worry about security and cybersecurity
Some of the reluctance by law firms to embrace cloud-based entity management solutions is the fear of being hacked. To be honest, those concerns are not without some merit. In a recent survey of 450 UK-based companies, two thirds of respondents admitted they were the victims of a cyber attack in the first 18 months of the COVID-19 pandemic.
However, cyber hacking isn’t exclusive to cloud-based servers. Large organizations with on-premise servers are still the victims of cyber attacks. While on-prem and cloud-based servers are both targets for malicious acts, cloud services like Google, AWS and others have thousands of PHd-level security teams working to keep those servers as secure as possible. Most law firms are limited to a small team of cybersecurity experts, making resource allocation at law firms a very real challenge to protect those on-prem servers from potential hacking.
Additionally, physical binders stored in the office itself are susceptible to fire, theft, unintentional misplacement, and other causes of loss or damage. Any of these misfortunes, accidental or otherwise, could compromise the security of those files and potentially risk exposing secure client information.
Finally, cloud-based security is more vital than ever as coronavirus forces more firms to embrace remote work as an acceptable norm. Cloud-based entity management platforms allow colleagues and clients to share confidential information without the risk of exposure.
Why law firms should embrace cloud-based solutions
Aging technology has made on-premise servers more vulnerable to cyber attacks. Cloud-based solutions use more sophisticated technology that includes additional layers of security to protect your clients’ rights to privacy. Nevertheless, we can acknowledge that there are no foolproof solutions when it comes to security, so let’s focus on value. The irrefutable fact is this: firms that use cloud-based entity management platforms can improve their bottom line, streamline their operations and create economies of scale to facilitate faster growth.
Cloud-based servers are cost-efficient
On-premise servers are expensive to maintain and, as previously noted, most law firms only have a limited number of professionals who can keep those servers secure. Not only are you paying for the server hardware, but you have to factor in salaries, maintenance, and other capital costs to keep them functional.
By migrating your files into the cloud, you can scale down or, if you choose, eliminate those on-prem servers from your office. All of those operational costs to maintain the servers can be reinvested back into the business in favour of growth-based strategies.
Cloud-based technology makes it easy to access all relevant documents
The day to day tasks for law clerks, paralegals and other professionals are often repetitive and time consuming. This is all the more challenging when clerks are required to manually input data or other relevant information into minute books and other documentation from both online and offline sources.
Using cloud-based solutions, you can make this entire process more efficient. All minute books, contracts, and noteworthy records are stored in one secure and convenient cloud-based database. Any clerk with access to the platform can go into the account and pull all relevant files to a particular case within moments. This is a highly efficient way to make a clerk’s time more productive so that they too can get back more time to contribute to the growth of the firm.
Lower costs and more efficient operations create economies of scale
This is the key reason why you should embrace forward-thinking solutions. Lower fixed and operational costs mean you’re spending less money to maintain your business. More efficient productivity from clerks and other professionals on your team make your firm more structured, streamlined, and well run.
Add all of those benefits up and it amounts to the economies of scale that enable any law firm to set the foundation for high growth results. You can devote more time (and billable hours) towards providing true value to your clients, and spend less time on the day to day tasks of storing, securing, sharing, and updating minute books. In the end, that’s your ROI to make an investment in cloud-based solutions worthwhile.
Ready to make your firm more productive and more efficient? Join the MinuteBox revolution so that you can create an environment that is guaranteed to create the optimal conditions to scale the growth of your business.
Time is money; isn’t that the old saying? The more time spent on menial, often repetitive tasks, the less time you have for big picture solutions that help grow your business. If limited time and legal paperwork are impacting your ability to deliver results, that’s a problem. Thankfully, there are solutions.
In the legal space, time is a valuable luxury that’s often in very short supply. According to a legal billing trends report, the average law clerk spends up to 48 percent of their workdays on administrative tasks. These tasks include things like office administration, generating bills, documenting minutes, licensing and even continuing education. The report also found that 41 percent of legal professionals would dedicate more time to business development if they had it to spare.
Promote a more collaborative work environment
Disorganization is a bane of legal professionals’ existences. A disorganized office space with files spread out across desktops, in Google Drive, and even in physical binders does not promote a productive or collaborative work environment.
But what if you had the option to centralize all of those files in one convenient and easy-to-access location? The benefit of using secure cloud-based software is that it hosts all of your files so you don’t need to pull your hair out searching for them across many different spaces. Plus, your minutes and all relevant documents are searchable, sortable, and shareable with everyone who has access to the platform, which you’re able to limit with user-based permissions.
In the end, this saves you an abundance of time looking for your paperwork. More importantly, you can easily find and send files to fellow clerks, the lawyers leading the file and even the clients themselves to verify the contents of the information. It’s more collaborative and fosters a more productive working day.
Create the ability to streamline completion of daily tasks
Part of the job requirements of a law clerk are to manage the creation, filing, and oversight of legal paperwork. This includes regular tasks such as drafting documents, chasing people down for signatures on those documents or drafting complex paperwork to formalize legal transactions. In some cases, you need to be familiar with digital coding languages like javascript, CSS, Python, C++, or syntax in order to complete these tasks. Add it all up, and it’s no wonder that nearly half of a paralegal’s workday is tied up in administrative tasks. Rather than continue with the old ways of doing things, you could provide your team with a solution-oriented interface that streamlines all of these processes.
You could use platforms with built-in templates that require no coding to generate documents. They also allow you to easily send e-files to recipients for quick signatures. Ultimately, this streamlines nearly half of a law clerk’s daily tasks, allowing an entire legal team to devote more time and resources towards big picture solutions to help grow the business.
Sharing is caring, so why not make it easier?
Sharing files with both internal and external parties is a delicate task, especially if those files are haphazardly thrown around without proper security. Suppose the files contain sensitive information such as a client’s banking details or their social insurance number.
Instead of risking an unsecure file being passed around online, you could use secure easy-share links created within a cloud-based entity management platform. The sender of these files can dictate what information is relevant to the recipient, and what information should remain confidential. This ensures that all files are shared in a secure and efficient manner that guarantees transparency while still promoting a client’s right to privacy.
All of these suggestions are meant to help you see a path towards more viable solutions. If you find you’re losing more of your own time in repetitive tasks that don’t contribute to revenue or growth, you might be thinking that there has to be a better way. Now, there is one.
Interested in getting back more of your own time to focus on the growth of your firm? Join the MinuteBox revolution so that you can create an environment that is guaranteed to deliver more value to your clients.
What is Legal Entity Management?
Legal entity management is the practice of organizing, maintaining, and governing all records, documents, and compliance obligations associated with a corporation’s legal entities. It covers everything from incorporation records and ownership structures to regulatory filings, governance documents, and ongoing compliance requirements.
For law firms, in-house legal teams, and corporate secretaries, entity management is the operational backbone of corporate governance. Every corporation — whether a single entity or a complex group with hundreds of subsidiaries across multiple jurisdictions — must maintain accurate records of its legal standing, directors and officers, shareholders, compliance filings, and corporate decisions.
When done well, entity management reduces legal risk, keeps organizations audit-ready, and ensures that governance obligations are met on time. When done poorly — or managed through disconnected spreadsheets and filing cabinets — it creates liability, delays transactions, and exposes the organization to regulatory penalties.
What Does Entity Management Include?
Entity management encompasses the full lifecycle of a legal entity, from formation through dissolution. Key areas include:
Corporate Formation and Structure
Every legal entity begins with incorporation or registration. Entity management tracks the foundational documents — articles of incorporation, by-laws, and formation filings — and maintains the corporate structure as it evolves through amendments, reorganizations, and jurisdictional registrations.
Directors, Officers, and Key Stakeholders
Corporations must maintain accurate records of who serves in leadership roles and when appointments, resignations, and elections occur. Person management tracks these relationships across all entities in the corporate group.
Ownership and Equity Records
Shareholder registers, cap tables, and ownership charts document who owns what, how equity has changed over time, and the relationships between parent companies and subsidiaries.
Minute Books and Corporate Resolutions
Minute books are the official corporate record — they contain meeting minutes, resolutions, consent actions, and other governance documents that prove corporate decisions were properly authorized.
Regulatory Compliance and Filings
Entities must meet ongoing obligations in every jurisdiction where they operate: annual returns, electronic filings, beneficial ownership disclosures, and industry-specific regulatory requirements. Missing a deadline can result in penalties, loss of good standing, or even involuntary dissolution.
Document Management
Contracts, certificates, government correspondence, tax records, and legal opinions all need to be stored securely, versioned properly, and retrievable on demand — especially during due diligence or audit scenarios.
Why Entity Management Matters
The consequences of poor entity management are tangible and costly:
- Transaction delays — Buyers, lenders, and investors require organized corporate records during due diligence. Gaps in minute books or missing resolutions can stall or kill a deal.
- Regulatory penalties — Missed filings, lapsed registrations, or inaccurate beneficial ownership reports trigger fines and enforcement actions.
- Personal liability — Directors and officers can face personal exposure when governance obligations are not met.
- Operational inefficiency — Legal teams that spend hours searching for records in shared drives and email threads are not spending time on work that drives value.
- Audit risk — Disorganized records make audits slower, more expensive, and more likely to surface problems.
For organizations managing entities across multiple jurisdictions, these risks compound. Each jurisdiction has its own filing deadlines, reporting requirements, and registered agent obligations. Without a systematic approach, things fall through the cracks.
What is Entity Management Software?
Entity management software replaces spreadsheets, shared drives, and paper-based systems with a centralized platform purpose-built for managing legal entities. Rather than scattering corporate records across disconnected tools, everything lives in one secure, searchable system.
Core Capabilities
- Centralized entity dashboard — A single view of all entities, their status, key dates, and compliance health across the entire corporate group.
- Compliance calendars and alerts — Automated reminders for filing deadlines, annual returns, license renewals, and other recurring obligations.
- Ownership and structure charts — Visual representations of corporate hierarchies, beneficial ownership, and inter-entity relationships.
- Document automation — Generate resolutions, certificates, and governance documents from templates, reducing manual drafting and errors.
- Electronic signatures — Execute corporate documents securely without printing, scanning, or mailing.
- Secure data rooms — Share records with auditors, counterparties, or regulators through controlled, permission-based access.
- Electronic filings — Submit government filings directly from the platform.
- Audit trails — Complete history of every change, access, and action for accountability and regulatory defensibility.
Who Uses Entity Management Software?
- Law firms — Corporate law practices that manage minute books, filings, and governance for multiple clients.
- Corporate secretaries — Professionals responsible for board administration, compliance tracking, and governance records.
- In-house legal teams — Legal departments at corporations managing their own entity portfolio.
- Private equity firms — Fund managers tracking compliance and governance across portfolio companies.
- Family offices — Managing complex ownership structures across trusts, holding companies, and operating entities.
How to Choose Entity Management Software
When evaluating platforms, consider:
- Jurisdiction coverage — Does it support the specific filing requirements and compliance rules for every jurisdiction where you operate?
- Scalability — Can it handle your current entity count and grow with you as you add subsidiaries or expand into new markets?
- Data migration — How does the vendor handle migration from your existing systems? Look for guided onboarding and migration support.
- Security and compliance — SOC 2 Type II, ISO 27001, role-based access controls, and encryption are baseline requirements for platforms handling sensitive corporate data.
- Integrations — Does it connect with your existing tools — DocuSign, Microsoft Office, iManage, and government filing portals?
- User experience — The platform should make entity data accessible to both legal professionals and business stakeholders without extensive training.
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