The practice of law has transformed into the business of law, forcing law firms to continually evaluate and update their business processes in order to remain competitive in today's global legal environment. Firms are challenged to attract and retain clients, employ top talent, streamline administrative functions, ensure compliance, reduce malpractice risks and, of course, improve productivity and increase billable hours. To achieve this, they must have an easy and efficient way to create, access, share, store, retrieve and retain critical information firm wide. Further, firms need to leverage tools that relieve lawyers from the information overload burden (e.g. email management; electronic records declaration) and provide them with fully-featured anytime, anywhere access, thereby enabling them to focus on client service.
Open Text legal solutions provide law firms with an integrated product offering developed specifically to support law firms' business practices and proactive compliance needs throughout the matter lifecycle - from client intake through to final disposition:
One of the most important steps in taking on new business is conducting a thorough conflict of interest check. In today's global regulatory environment, it's critical that law firms search against both internal and external sources to identify and evaluate potential new business. Failure to do so can negatively affect the firm in numerous ways. The potential impact on revenues, expenses, time, the firm's reputation and, perhaps most importantly, malpractice settlements, is staggering. A comprehensive, interactive conflicts resolutions system can help lawyers get the information they need to quickly identify, prioritize and resolve potential exposure and begin billable work, while protecting the firm from taking on problematic business. Conflicts systems are also important for expediting Merger & Acquisition reviews as well for vetting lateral hires. LegalKEY Conflicts Management provides unparalleled searching across both internal (e.g. time & billing system) and third-party sources (e.g. OFAC/SDN; Dun & Bradstreet) with advanced filtering capabilities to provide concise and easy-to-review conflicts reports. Interactive, dynamic review capabilities help lawyers clear conflicts faster, while providing a complete audit trail of the resolution process.
With electronic documents and email usage growing at such an astonishing rate in law firms, maintaining comprehensive matter files has become more daunting. Records information is often left unclassified in lawyers' inboxes and personal folders. Further, many firms have no way to link physical files with electronic files for a complete matter record. Records personnel and IT staff must work together to make sure that all records, regardless of media type or source of origin, are managed consistently and according to the same taxonomy and retention policies. Without a systematic process for classifying, retaining, retrieving and disposing of all records, firms increase their risk exposure as well as that of their clients. LegalKEY Records Management provides firms with the ability to track and manage all records from file creation thru to final disposition. Drag-and-drop email management features, matter-centric search and retrieve functionality and silent declaration capabilities reduce end-user burden and enhance overall compliance.
For more information about scheduling a LegalKEY training session or to learn more about our eDOCS DM, LegalKEY and RM (Records Management) service offerings please email firstname.lastname@example.org or call (415)893-9897.