Streamlining business processes and increasing productivity are fundamental challenges for law firms. Much of lawyer’s work 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 the 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 organisations. Coupled with this trend of tightening regulatory environment is the drive for greater transparency which is compelling organisations to take a more strategic approach to both content and document management. These trends are increasing the pressure on legal practices to become more organised with their client’s data. Effective electronic document management is recognised as a critical part of compliance with regulatory requirements from both a records management perspective and from a security and traceability standpoint.
