- March 22, 2022
- Frank Kettenstock, Chief Marketing Officer
As the legal industry is traditionally monetized by the billable hour, how do law firms use electronic signatures to improve their business? To answer this question, let’s look at how eSignatures can benefit law firms.
Innovative law firms are turning to electronic signatures to improve efficiency and client access to gain an advantage over their less proactive competitors. Law firms can now collect signatures from customers, employees, and partners using digital signature technology.
An eSignature solution lets you bring revenue in faster
eSignatures can help firms reduce their lead intake time. With eSignatures, firms can sign new clients much more quickly, which brings revenue in quicker.
You can offer better client service
Having a reliable eSignature gives you the chance to offer better client service. Clients will appreciate how much less they must spend on paperwork. It will make their experience easier. As a result, this can improve the overall experience of your clients.
Make the entire signing process more efficient and organized
Many law firms still use outdated paper methods, which are detrimental to their workflow. Not only will this method speed up the signing process, but it will also help them organize their files more efficiently.
Unlike paper, eSignatures do not require any human interaction. Your software can do all the heavy lifting of routing documents at each step as they’re signed, even checking to ensure signees have placed their John Hancock in the correct place. They can even automatically remind signees that their signature is needed. Everything that a human team must do to keep documents that need to be signed flowing can be done by the right eSignature software, but faster and more efficiently.
Client data protection
Cyberattacks are a regular threat to the legal industry, as law firms hold confidential information for their clients. Legal firms can use cloud technology to save and protect their client information, keeping it out of risky file cabinets and under the watchful eyes of their cloud service providers.
Law firms can use electronic signatures to avoid printing, paper, ink, and other associated costs such as equipment maintenance. Law firms can manage document signing more efficiently by consolidating the cost of signing documents into one monthly fee.
Avoid regulatory fines, malpractice suits
Electronic signature solutions offer law firms a sophisticated data security system that reduces the risk of data breaches that could lead to regulatory fines or malpractice suits.
Improve communication with legal partners and clients
Inefficient follow-ups can often hinder law firms that cannot move away from traditional paper signing. Electronic signatures can help to reduce the amount of time and resources required to organize and track documents. Law firms can track any outstanding signature requests using an established and trusted eSignature system with minimal effort.
An enhanced audit trail can increase document visibility
eSignature solutions with enhanced tracking capabilities assure law firms that clients’ confidential documents will only be signed by authorized personnel. This protects the document from being accessed, forgery, or altered by unauthorized individuals. An embedded audit trail provides additional information about the transaction, including the signer, date, and time, as well as the digital certificate used for digitally signing the document.
Law firms can use digital signatures to streamline their legal processes, store client information securely, reduce human error, and increase efficiency. Firms will capitalize on the benefits of eSignature solutions and gain a competitive advantage over less forward-thinking competitors.