Today VDR software provides opportunities for the complete systematization of all production processes in a law firm. In this article, we are going to discuss basic recommendations for choosing a legal practice management software provider.

Virtual data room for legal practice management

Document management is the most important component of the activity of any legal company, which allows accounting and systematization of incoming business, administrative and current documentation. The coherence of the work of the entire company depends on a well-organized file-sharing system.

Legal document management is associated with a whole chain of work with documents, including their creation, approval, sending, receiving and storing. Violation of at least one of the points can significantly affect the company’s activities. The automation of such procedures will streamline document flow, reduce costs and protect against reputational and legal risks. Thus, nowadays most legal organizations implement SaaS services like virtual data room (VDR) for systematization of information and organization of collective work of lawyers.

VDR is a secure cloud-based platform that ensures digital data warehouses and a set of collaborative tools for efficient management. Data room for legal practice management will allow:

  • carry out the competent movement of documentation along the shortest path at minimal cost
  • control the passage of the document with the fulfillment of tasks within a strictly established time frame;
  • systematize the registration and accounting of all incoming and outgoing information;
  • archiving documents;
  • provide a secure collaborative environment.

Why do legal companies choose VDR?

Today most legal firms choose data room following the next reasons:

  • The VDR document management system provides for the possibility of certifying information carriers with a special electronic signature and then encrypting them. This allows you to check whether the information is genuine, as well as find out who the author of the file is. In addition, thanks to the use of electronic signatures, the storage of documentation will be secure.
  • With the help of the data room deal management automation, you can track the progress of office processes, starting from the work of the performer at his workplace and ending with the transfer of the processed document to the archive. This allows you to find weaknesses both in the work of personnel and in the workflow itself.
  • VDR automation will minimize the cost of searching for a document, reducing the loss of working time by more than 30%. And you can simply forget about such a phenomenon as the loss of information with electronic document management.
  • You can search in the VDR database not only for a specific document but also for certain sequences. Search options are limited only by the imagination of the company’s employees and the competence of the staff of the electronic document management system.

How to choose a reliable data room provider?

The modern VDR software market for legal practice management offers different alternatives. There are various characteristics of systems that allow computerization of management processes, according to which they are classified:

  • applied technologies of office work;
  • functional characteristics;
  • compliance with key business objectives;
  • software implementation;
  • price.

Here you need to identify the main tasks and determine the importance of each of them. Often the goal is to increase the transparency and manageability of processes, but this can be done without office automation. It is recommended to divide each task into several local ones. It will not be possible to achieve an increase in transparency quickly, but it is possible to set a shorter term for agreeing on contracts, as well as to view a report on the labor costs of a specialist for the implementation of each project in real-time.