Electronic Signatures: Simplifying Workflows for Law Firms | DrySign By Exela
The legal industry is traditionally monetized by billable hours – one of the most critical goals of any law firm is to augment billable hours. However, for the most part, lawyers, legal interns, and other professionals attached to the field of law are held back from achieving their goals because of manual processes, paper-based workflows, and legacy technologies. These time-consuming elements force law firms to get mired in low-value tasks instead of prioritizing customers and revenue generation.
In the paper-intensive legal industry, attorneys and clients often need to get contracts, agreements, court documents, etc. signed. But the hassle of manually scanning, printing, and signing papers leads to a massive waste of time and resources.
The legal industry is foreseen to reach $908.26 billion by 2025.
With the legal industry growing at a breakneck speed and the heavy reliance on paper-based processes, law firms are more likely to be one of the most comprehensive paper users.
A single lawyer generates 20,000 to 1,00,000 printed pages annually.
The above numbers show that the growing demand for legal services directly impacts physical paperwork. However, technological advances such as electronic signatures can help bring down this insane volume of paper-based workflows while at the same time streamlining processes. Electronic signatures let law professionals sign documents online without needing physical paper. Moreover, documents signed using eSignature technology are secure, easy to manage, and legally valid. It eliminates the danger of data loss, theft, missing documents, or contract misplacement. Here’s how law firms can benefit from the use eSignature and improve their business bottom line.
Also Read: E-Signatures: Here to stay? Or on their way out?
Why do law firms need electronic signatures?
Adopting an electronic signature solution improves customer experience. Your clients can sign and share any document or sensitive agreement from the convenience of their location, irrespective of the time zones. Moreover, cloud storage offers easy and secure access to your documents, enabling you to sign on the go.
- Protect client data
- Reduce costs
- Streamline legal processes
- Avoid regulatory fines and malpractice suits
- Enhance communication with clients and legal partners
- Improve customer experience (CX)
- Better the planet
Protect client data
Since law firms retain a large amount of confidential data for clients and employees, they are always on the target lists of cyber attackers. Electronic signature solutions integrate end-to-end security into your documentation, protecting sensitive information from being stolen or lost. In addition, an electronic signature solution allows you to store documents on the cloud so that you never miss out on important deals. Moreover, some leading electronic signature software, such as DrySign, provides real-time mail trails and notification features to keep you up-to-date at all times.
Reduce costs
More paper-based workflows mean more unnecessary costs involved. Traditional wet signatures comprise not only paper costs but also additional expenses such as printing, scanning, transport, fuel, ink, storage, and environmental damage. Moreover, there is a risk of data loss or theft, which can lead to reputational damage and sometimes cost you a fortune. Lucky for us, online signatures are there to ease this burden. By integrating eSignature software into the legal processes, law firms can save high costs and time.
Streamline legal processes
With several clients, different contracts, countless agreements, and extended working hours involved, it can get overwhelming for law firms to streamline their processes, and it is challenging to maintain a count or track of documents. Furthermore, after COVID-19, it has become crucial to adopt remote or hybrid work cultures. And working in such stringent situations can only be simplified with eSignature technology – you can easily manage signing and documentation tasks and streamline processes. Moreover, as you no longer have to spend time and resources unnecessarily on document signing and management, you can focus on higher-priority tasks ensuring client satisfaction and higher revenue.
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