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Streamlining business processes and increasing productivity are fundamental challenges for law firms. Much of the work in legal firms is document focused and the effective management of documents improves a firm’s profitability. Constant pressure to invoice more hours has reduced cycle times for processing of documents and many firms are now using electronic document management to make the classification, storage and retrieval of documents more efficient. Additionally, email has become a primary method of communication that needs to be managed alongside other documentation.

Globally stringent anti-money laundering legislation and financial reporting requirements are making regulatory compliance increasingly complex and demanding for organizations. Coupled with this trend of tightening regulatory environment is the drive for greater transparency which is compelling organizations to take a more strategic approach to both content and document management. These trends are increasing the pressure on legal practices to become more organized with their client’s data. Effective electronic document management is recognized as a critical part of compliance with regulatory requirements both from a records management perspective as well from a security and traceability standpoint.

The increased momentum in the move towards the paperless office has been made possible by decreasing costs of digital storage and the exponential growth in computing power coupled with the more affordability and greater ease of use of application software.

What is required of a document management system to meet the requirements of the legal fraternity?
This article provides some guidance for office managers who are considering their options.

Records Management Strategies mitigate Legal Risk

Since the implementation of Sarbanes Oxley Act in the United States, effective records management has become an essential requirement for good corporate governance and financial reporting. Organizations are required by law to retain certain documents for predefined periods. Legal admissibility and evidential weight of electronic documents are other important considerations when implementing a document management system.

Digital signature functionality can also provide benefits. Contract negotiations may occur between remote parties - until recently, signatories were either required to meet face to face at signing time or were required to fax contract documents and post the originals. The implementation of digital signature functionality through the use of public key infrastructure (PKI) provides the ability for legally binding electronic signatures to be applied to contracts.

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