Lawyers, judges, legal tech providers, and other legal staff process and manage more documents than any other industry. Consequently, they have quite the comfortable lead regarding time spent (and wasted) on managing documents and signatures.
By the numbers: Lost productivity within the legal industry…
Document creation, delivery and management: 11.2 hrs./week
Time wasted (searching for but not finding stored documents, recreating lost documents, etc.): 6.0 hrs./week
➡ Total loss of annual productivity: 9.8%
➡ Total loss (per lawyer): $9,071/annually
➡ Total loss (firm = 100 lawyers): $900,000+/annually
These “losses” are simply the revenue firms will never see. If considering losses from resulting lawsuits after classified or sensitive information is leaked—an eventuality when documents are misplaced or lost—these figures spiral. Many legal firms have had to declare bankruptcy or even close their doors, while the ones that survive are left with an irreversibly tarnished reputation.
With high document counts, a pervasive loss of productivity, and the crucial need for security and cybersecurity, it stands to reason that law practices along with the rest of the legal sector would be an early and frequent adopter of document management innovation. Yet, law offices and legal service providers are on the lower end of the spectrum regarding the adoption of innovations like digital transaction management (DTM) and eSignature solutions.
Unfortunately, this is often due to firms and legal vendors simply being unaware of the benefits and versatility an eSignature solution brings to their business.
Tired of being in the dark?
Here’s four benefits law firms and legal service providers can reap when trading their manual processes for a DTM and eSign solution:
1. Cost Savings
Don’t take our word for it. Just ask the leading intake software provider, Captorra! After beginning to use AssureSign’s eSignature in 2013, they nearly eliminated their monthly printing, shipping, and storing costs. But it wasn’t just their P&L sheets cheering in adoration… The law firms utilizing AssureSign–via the Captorra-AssureSign integration–experienced an average cost reduction of 900%! Extraneous costs like overnighting documents, return postage, paper and ink purchases, and more were transformed into things of the past!
By using AssureSign, Captorra and subscribing law offices send and receive documents in minutes! What’s more, their clients enjoy a continuous signing flow, free from distractions and self-promoting tactics found among other eSign vendors, like “log in” or “create an account” prompts. When legal firms and vendors digitally transform their onboarding process, new clients are secured in minutes instead of days.
The online signing process is agile, but how do firms and legal vendors secure a document return time that’s nearly twice as fast as their competitors? They think outside the box. Inbox, that is. Documents are reviewed up to 5x faster when they’re sent using the only communication channel touting a 98% message open-rate…
2. Competitive Edge
eSign via Text—the only native electronic signature via SMS/text message feature currently on the market—receives high praises from nearly every industry. Yet, the highly competitive nature among many mass tort and other firms makes sending client onboarding forms via text msg a game-changer!
One office secures more than 60% of its clients through eSign via Text. That’s business they could’ve lost if their prospects weren’t empowered to review, complete and sign client onboarding forms from the device in their back pocket!
“Providing the electronic signature process on a consumer’s smartphone is invaluable. Over 60 percent of our own deals are closed with AssureSign’s text to eSign feature. Both our customers and my own sales team agree… mobile eSign determines whether deals are won or lost.”Chris O’Brien, President & CEO of Captorra
eSign via Text leverages the most direct and client-preferred form of communication to yield the most agile client onboarding experience possible, all without sacrificing the legal standing or security of your documents!
Security is pivotal for businesses and clients alike. It’s always recommended that businesses leverage the digital solutions meeting only the highest of security standards.
Yet, for legal firms and clients, we understand the need for an electronic signature and document management solution with best-in-class cybersecurity is a paramount concern…
“As lawyers, we are trained to protect our clients and vigorously represent their interests. We have historically protected the attorney-client privilege, the work product doctrine, and other applicable privileges with regard to our clients. In the current technology environment… Cybersecurity is yet another way that lawyers must now protect their clients.”Elizabeth Shirley, Partner, Burr & Forman
NDAs, venture capital agreements, master service agreements, job offers, client onboarding forms, and your other sensitive documents can’t be vulnerable to security blunders.
When firms choose to send documents with AssureSign, they’re entrusting a carrier-grade eSign solution that:
- Meets the standards of industry regulations (HIPPA, FERPA and more)
- Earns trusted controls certification (SOC 1, SOC 2 and more)
- Is certified by trusted security standards (FIPS 140-2, ISO/IEC 27001)
AssureSign’s geo-dispersed data centers employ multi-layered security protocols with 256-bit encryption and operate solely within the Microsoft Azure environment. It’s because of our consistent record and constant pledge to securing your documents that AssureSign’s earned and kept the trust of the world’s top brands for nearly twenty years.
According to Aragon Research, electronic signature is the foundational and essential building block of a functional digital transaction management infrastructure. In a 2019 brief, the independent research firm discusses the digital overhaul of paper-laden or otherwise manual processes and DTMs essential role in any modern, efficient workplace.
In an article published by the American Bar Association in 2017, AssureSign’s marketing manager highlighted reasons why some law offices are seeing great success in the digital era, while others lose ground to competitors…
“The firms smart enough to adopt what are now considered essential technologies like electronic signature are dramatically reducing their overhead costs along with the length of its client onboarding process. Firms that continue to leave digital efficiencies like streamlined workflows, automated document audit trails, and electronic retention of sign documents won’t be comfortable in today’s market for long.”
Ready to start outperforming competing firms? Try eSignature free for 7 days with no strings attached…
This article was authored by a field specialist or subject matter expert for distribution on the AssureSign blog.