The identity of a law firm can be construed rather easily based on the way it manages its documents. With so many files and records that a typical law firm must keep up with, the efficiency of their practice is directly correlated with how well their documents are managed.
Like it or not, the truth remains that one of the biggest challenges a law firm must contend with is dealing with all the paperwork. And that’s not only because they need to accurately record and maintain details about every little task to do their jobs effectively; it’s also because of various regulations. no matter which part of the world they may be based in, require them to do so. And reasonably so; after all, the documents in a law firm typically contain highly sensitive information, thus necessitating all the stringent laws as well as standards as far as legal document management is concerned. Unfortunately, it is not easy as a non-specialist may be inclined to assume. Fortunately for such firms, they have found just the help they need in legal document management solutions.
The average contract has 32 pages and is printed 40 times. That is 1,280 pieces of paper that Flowmono’s document management system could save. The legal industry has traditionally relied on paper-based contracts, which are time-consuming, prone to errors and most importantly they are a waste of time and resources. This is quite worrisome for an industry growing at a breakneck speed in recent years and is expected to reach $908.26 billion by 2025, up from $713.7 billion in 2020.
To say the sector heavily depends on paper is an understatement because lawyers must move tons of paper to close daily deals. One of the highest paper users, Law firms, spend an average of $1000(N97,000) annually per employee on paper. Another mind-boggling fact is that an average lawyer generates 20,000 to 100,000 printed pages per year.
Furthermore, according to Gartner, there is a 404% return on investment (ROI) over five years when an organization uses document management systems. All this shows that there is a growing demand for legal services that are having a direct impact on physical paperwork.
Benefits of Legal Document Management
Increased document security: Law firms enjoy security advantages such as the fact that only authorized persons securely sign their client’s confidential documents. It safeguards the record against illegal access, forgery, or manipulation. DMS offers real-time tracking features that give details on activities on each document. An effective document management system also includes a blanket of security for the organization. Different levels of access and standardization are available to be set for different users. A junior employee can be restricted access to confidential or sensitive documents. There are also surveillance features that will monitor which documents were accessed by certain staff and the time of access.
Streamlined legal processes: Effective document management systems offer the user a simple way to use, save, access, and organize their documents. This allows for a quicker way to find documents, based on how the organization is set up. These features can be customized to fit into any law practice’s model. Lawyers can use Flowmono for quick and effortless signatures on legal documents from any location and device.
Cost Reduction: Document management systems have been adopted as a viable solution by many legal companies due to the significant benefits to their bottom lines (sweet words to the ears of the finance guys). According to PwC, 84% of the top 100 firms have invested in Document Management Systems. With Flowmono, you save money on ink, paper, printers, paper, and equipment maintenance by eliminating the need for physical documents. There is a 10% reduction in overall operational expenses for document processing and a 40% reduction in document-related costs when using document management systems.
Client data protection and Compliance: Cyberattacks in the legal industry are on the rise because law firms hold a considerable amount of sensitive customer information in their possession. Flowmono is cloud-based and enables legal businesses to retain and protect client information effortlessly, preventing papers and files from being damaged, or even worse, stolen or destroyed using cloud-based technology. Compliance with required retention laws of documents can also be organized in such a fashion that any records reaching their maturity date can immediately be disposed of, saving liability issues and space in the office.
Improve collaboration with clients & partners: DMS provides a central repository where all documents are stored digitally. Clients and partners can access necessary files from anywhere with an internet connection, reducing the need for physical document sharing.
As the legal industry continues to grow, Flowmono’s innovative approach is poised to play an essential role in shaping the document management industry in Nigeria and Africa at large. Our software is striving hard to make the business processes of law firms more efficient and secure with our user-friendly application interface that can be accessed from any device.
