In 2000, the US government implemented the Electronic Signatures in Global and National Commerce Act (ESIGN) making e-signatures at par legally with handwritten ones. Since then, the digital signature market has exploded due to the expansion of use cases. One industry in particular is positioned to benefit greatly from these digital solutions: legal.
Savvy and innovative law firms are increasingly turning to electronic signature solutions to boost efficiency and increase client accessibility to gain an edge over less proactive competition. Digital signature technology provides law firms the capability to collect signatures from employees, customers, and partners without needing to print a physical copy, or mail or fax records.
Law firms that partner with a managed service provider (MPS) to implement a tailored e-signature solution will transform their complicated traditional signing process into a simplified, paperless signing workflow that saves time, cuts costs, and increases security.
The Value of Digital Signature Solutions for Law Firms
At face value, e-signature solutions provide attorneys and their clients a valuable and efficient process for digitally signing court documents, contracts, agreements, and other related legal documents. The overlooked value of e-signature solutions for law firms has recently been highlighted due to the onset of COVID-19. The need for digital signing solutions has never been more apparent as remote legal software has become increasingly commonplace due to the rise in remote work environments. Electronic signature solutions are helping law firms navigate social distancing initiatives and other COVID-19 related disruptions, remotely acquire new business, and maintain business continuity without the hurdle of managing physical paper documents.
Top Benefits of Electronic Signature Solutions for Law Firms
The adoption of electronic signatures is rapidly spreading across the legal industry. Due to a number of legislation changes and regulatory revisions, there is now a clear path for law firms to integrate sophisticated electronic signature solutions to simplify their workflows.
Law firms can implement e-signature solutions to streamline day-to-day responsibilities but also position themselves for post-COVID success. Law firms can capitalize on the diverse range of benefits digital signature solutions provide to receive a competitive edge over less forward thinking competition. Not to mention, firms that choose to transition away from traditional paper signing processes and move toward electronic signature technology will receive additional cost-savings, increased convenience, bolstered security, and a streamlined signing process.
Protect Client Data
The legal industry is a constant target for cyberattacks since law firms retain a large amount of highly confidential data for their clients. E-signature solutions enable legal firms to easily save and protect client information using cloud technology which prevents the documents and files from getting defaced - or worse - stolen or lost.
Many law firms are choosing to adopt electronic signatures as a viable solution due to the overwhelming positive impact it has on bottom lines. Law firms that transition to a digital signing process avoid the costs of printers, paper, ink, and other related expenses such as equipment maintenance. Consolidating the overall cost of document signing into one manageable monthly charge provides law firms a much more predictable way to manage the signing process.
Streamline Legal Processes
E-signature solutions provide law firms several avenues for streamlining their legal processes. Digital signatures can be created anywhere, on any device in under a few minutes. Legal contracts that require a signature can now be closed more quickly using mobile or tablet devices. Law firms that no longer need to spend time on document signing and document management can devote their legal professionals to higher priority tasks such as ensuring client satisfaction.
Avoid Regulatory Fines and Malpractice Suits
Since electronic signature solutions provide law firms with an advanced data security system, the risk for data breaches that lead to regulatory fines and malpractice suits are reduced.
Improve Communication with Legal Partners and Clients
Law firms that are stubborn to transition away from the legacy mindset of traditional paper signing are often hampered by inefficient follow-ups. Electronic signatures help reduce the time and resources needed to organize and track documents. A trusted and established e-signature solution will allow law firms to track outstanding signature requests with zero additional effort.
Increase Document Visibility With an Enhanced Audit Trail
E-signature solutions with enhanced tracking capabilities provide law firms the reassurance that their clients’ confidential documents are being securely signed by only authorized individuals. This prevents unauthorized individuals from accessing, forging, or tampering with the document. The embedded audit trail includes additional details about the e-signature transaction including who signed, the date and time of signing, and the digital certificate used to digitally sign the document.
An Innovative E-Signature Solution for Your Forward Thinking Law Firm
Law firms are just beginning to scratch the surface of use cases for electronic signatures in their industry. Digital signatures allow law firms to accelerate document turnaround time and reduce costs, while ensuring document privacy and minimizing security risks.
Law firms that partner with e-signature specialists can streamline legal processes, store and protect sensitive client information in a highly secure environment, and reduce the risk of human error. By capitalizing on the diverse range of benefits e-signature solutions provide, firms will have a competitive edge over their less forward thinking competitors.