The Law Industry is among the largest users of paper due to the enormous documentation, authentication, and verification requirements. Drafting and signing legal papers is a multi-step process that requires both bottom to top and top to bottom flow of documents.
This not only makes the signing process tremendously slow, but it also has huge cost implications. That’s where adopting Cloud eSignature Software seems like a viable option for law firms. In this article we will talk in detail about how law firms can benefit from cloud e-signature software.
The cloud-based eSignature software is hosted on a remote server that could be accessed from anywhere and didn’t require any specialized hardware. It removes all the geographical and technical limitations associated with traditional signing processes.
Using cloud e-signature software instead of the traditional documentation process has many advantages for law firms. Law firms can secure clients’ data with strong encryption and streamline the entire documentation process.
Benefits of Cloud eSignature Software for Law Firms
The benefits of eSignature for law firms are virtually unlimited.
- Reduced Costs
Going paperless comes with a lot of benefits and it mostly focuses on reduced maintenance costs, having a positive impact on the bottom line. As per research, businesses which adopted eSignature software were able to bring down the overall document handling cost by 85%.
They no longer need to get multiple prints done and get them stored as physical documents. Also, for those who are keen to experience an organised approach eSignature software with a well-defined subscription plan makes it easy for users to plan in advance and get things done accordingly.
- Improved Client-Based Communication
Legal documents often get stuck at the partner’s or client’ end when shared manually. eSignature software can be of great help in avoiding such delays due to geographical barriers. The software helps law firms monitor outstanding signature requests, keep a track of sent/received documents and make alterations in access rights.
Suggested Read: How to Create Digital Signature Electronically in 6 Steps
Court documents, agreements and contracts can be signed and shared instantly with eSignature software. Also, firms can add online self-explanatory type forms or instruction books along with the legal documents, saving a lot of the clients time and effort simultaneously.
- Complete Protection of Client Data
Issues like signature fraud and fake documents are quite common with legal documents, especially when those are managed manually. Fortunately, most of the eSignature software abides by stringent security measures to take care of the legal documents.
CryptoESIGN cloud-based eSignature management software is one such example that puts cyber threats at bay. Information stored within the software gets hosted over a premier cloud service provider having requisite access, network and database security. The platform is compatible with SSL configurations, besides being encrypted via 256-bit encryption technology.
- Enhanced Audit Trail Increases Document Visibility
Most of the eSignature software comes with enhanced tracking capabilities, making it easier for 1law firms to get proper reassurance that the documents are being rightfully signed by authorised individuals. Thus eliminating all chances of unauthorised forging, data tampering and illegal access.
CryptoESIGN, with its built-in audit trail facility, makes it easy for law firms to get their paperwork completed in an organised way. The software prevents any unauthorized access to documents by creating unique signee profiles.
- Prevents Regulatory Fines
Law firms are prone to regulatory fines due to the nature of the legal industry. Data leaks and non compliance could lead to hefty fines and penalties not only for lawyers but for their clients as well.
The fact that most of the legal documents undergo greater scrutiny makes them more vulnerable to fines and penalties. eSignature software helps law firms focus on areas like data accuracy, timeliness, compliance issues beforehand. It prevents any chance of regulatory fines and penalties.
- Empties Archives
Storing, managing and retrieving documents and legal papers is a cumbersome task for legal businesses. Larger the operation of a law firm, the more they have to spend on storage, maintenance and manpower.
Cloud based digital signing software allows businesses to upload every piece of document in the centralized and secured cloud database. It allows law firms to easily extract any required document easily saving time, storage cost and manpower.
Everything gets stored in the cloud protected under internationally acclaimed stringent security measures and adequately hosted data centres.
- Enhances Mobility
Remote access and e-signing are probably the biggest advantages of cloud based eSigning software over traditional signing. Cloud eSignature software offers online access, enabling lawyers and clients to view, sign, share and verify legal documents at any time from anywhere.
This makes the signing process lightning fast as the signee could sign the document from anywhere with the internet and a device. It also eliminates the cost of printing ,scanning and courier.
Law firms are shifting toward paperless offices at unbelievable speed. This is because cloud eSignature software offers dozens of advantages over traditional signing systems. It also overcomes every limitation of the traditional system, reducing cost and time and increasing efficiency and security.
Although the article talks about economical benefit, the greatest benefit of using e signature software isn’t mentioned on our list. That’s because it serves a greater purpose than just saving time and cost. Saving trees is the greatest benefit that online digital signature software can offer to humanity.
Nowadays, cloud based e signature software is a standard business practice in the law industry rather than just a tool. Every law firm must shift to cloud based eSigning software for efficiency, growth, profitability and maybe even survival.