Transforming Business Advantages Through Legal TechBy Yaritza Rodelo | Tue, 01/05/2021 - 09:00
As I mentioned in my previous entry “LegalTech: Greater Efficiency in the Application of the Law,” LegalTech is revolutionizing the way the legal department in any company or firm operates. One of the main branches it covers is the management of legal documents and their life cycle. Legal management services cover the whole life cycle of any legal document, from its drafting, revision, comments, approvals, signatures, modifications or addendums, renewal or expiration. What do you get by using a legal platform for document administration? Peace of mind and traceability of the evolution of a document, who worked on it and had access to it. This translates into mitigation of risks, and control and quality over the documentation, which delivers value to any business.
LegalTech platforms leverage technology and refined processes to help companies to transform contracting and duty management into a business advantage, while the rest of the company achieves and improves its productivity and potentially increments revenue and cost savings by unbundling the end-to-end contracting process. Also, it bolsters the collaboration between colleagues, departments and even with clients, making documents an enabler instead of a blocker for the closing of deals. Business is made quicker, more collaborative, and more regulated by using a LegalTech platform.
With the ongoing transformation of legal services, it is necessary to have digital contracts for the digital world. This means a digital transformation that includes:
Digital workflow: create a workflow of personalization of any document, making its drafting, approval and execution dynamic and online. Normally the LegalTech platforms have a self-serve service without complicated and long implementation. The workflow allows you to build a contract generator for personalization and approvals in just a few minutes.
Digital collaboration: involve the different parties in the elaboration of the document, either the different departments and even the client.
Digital execution: electronically sign the document from the comfort of your office/home.
Digital data: secure and centralize all the information of all your businesses. Generates reports and has the necessary traceability of every action.
How does the usage of a legal platform for documents benefit other departments aside from legal? The benefits of using and implementing a legal management platform expand to the whole company, including sales, HR, investment and finance. How?
Sales: it helps to close deals with clients, by automating the flow of creation and execution of any sales agreement.
HR: accelerates the pipeline of hiring and standardize and automate company policies, streamline offer and engagement letters.
Investment: facilitates the due diligence process and accelerates the closing of any investment.
Finance: visibility of cash-related agreements.
How does a legal management service offer a competitive advantage during and post-COVID?
Today, businesses are beginning to emerge from the worldwide crisis of COVID. The legal challenges for companies are arising. To prepare for potential risks, sales teams will have to rewrite contracts before closing a deal with new clients and providers. Ongoing labor and job challenges are faced by human resources departments. To reflect shifts in supply chains, purchasing habits, and revenue sources, finance and tax teams may have to restructure their organizations.
As well as coping with everyday problems, demands and emergencies, law departments will be involved in trying to address all these obstacles. Also, the management of costs during a worldwide crisis is fundamental, and all of the above instead of reducing costs normally increase them. Therefore, the need to focus on and enhance operational strengths is key. To do so, the following are necessary:
Make your company flexible and resilient: collaborate between departments in a company, since one change in one department might affect the others.
Ensure traceability of information: the benefits of using these types of services, as mentioned, go beyond cost-savings. The benefits include risk reduction, optimization of process, automation and agility to adapt. Overall, it helps companies to take their minds off legal obstacles and focus on key issues such as growth or product development, as well as making companies more confident about improving their efficiency and in their ability to respond to any change, either regulatory, political or from any type of crisis.
Where do you find these tools in Mexico?
The legal management services in Mexico are pretty new. EasyLex is one of the pioneers in the development and implementation of these services.
EasyLex offers the easiest, safest and most affordable way to create your company and manage all your legal paperwork. Its SaaS allows you to create, edit, share, negotiate, sign and manage any type of document, covering its whole life cycle. Among the most remarkable features it offers are:
Contract workflow: automate the creation of documents without code by building and deploying your contract.
Pre-designed labels for personalization: customize the flow of the document (signers, approvals, reviews).
Manage your documents: edit, version control, comments and approvals, advanced electronic signature and digital signature, share with co-signers and reviewers and request formalization before a notary public/broker
If you want to know more or even request a demo, go to www.easylex.com
The way businesses are managed has completely transformed. With this transformation, the tools used by companies also needed to change. LegalTech solutions continue to grow in Mexico. EasyLex is part of that growth and we expect to see many more on the market.