Even though it has a long history and is rooted in traditionalism, the legal profession is not immune to the digital revolution. Legal tech has changed the way lawyers practise and the services they offer to their clients. Legal tech refers to the digital tools, platforms, and software that have increased the efficacy, efficiency, and accessibility of legal services. One of the most essential components in this change has been electronic signatures.
The Value of Digital Signatures for Lawyers
In contrast to the scribbling that follows from trying clumsily to sign your name with your mousepad (that does not constitute a legally binding signature by the way), a digital signature is really a mathematical procedure that uses a digital certificate or other forms of authentication to establish a link between the signer of the document and the document itself.
Unlike a paper contract, an electronic signature automatically loses its validity if a document is changed after it has been signed. You can deliver sensitive papers that need to be signed online using an electronic signature solution, which will speed up the signing process and make it easier for your clients. Continue reading to learn more about the advantages of electronic signatures for lawyers.
5 Advantages of Electronic Signatures for Lawyers
The importance of crossing your Ts and dotting your Is when dealing with contracts is something that lawyers understand better than anybody else. The accuracy and productivity of your legal practise are improved by electronic signatures since they include cutting-edge security features and workflow automation.
1. Improvements in Document Security and Authentication
While many sectors are governed by data privacy laws, lawyers are subject to even higher requirements because of the duty of secrecy. Lawyers have an ethical obligation to prevent the compromising of their clients’ personal information in addition to a legal need to protect data. With the following precautions, electronic signature platforms strengthen document security and authentication:
- When a document is signed using electronic signature technology, such as encryption or blockchain technology, each signature is linked to the signer’s identity and the document’s data.
- Once a document is signed, “document integrity” “seals” it; any attempts to change the document’s content will violate this seal.
- Audit trails that keep track of every action taken on a document, such as viewing, signing, or editing it, and provide specific details like the date, time, and IP address of the signer.
- Fraud risk is decreased through authentication and verification techniques like email confirmation, SMS codes, and government ID checks.
- Data security methods such in-transit and at-rest encryption.
2. Quick contract signing and execution
The time-consuming, conventional paper-based process of contract execution entails numerous steps, including drafting, printing, mailing or couriering, in-person signing, returning, and filing. Days or even weeks may pass throughout this drawn-out signature process. By:
- Enabling contracts to be sent and signed in minutes, regardless of geographic location;
- Removing physical obstacles so you can conduct business with distant clients and permit staff of your law practice to work remotely;
- Allowing you to deliver papers electronically to numerous parties at once so they can all sign them when it’s convenient for them.
- Giving you access to real-time data on when a document has been viewed or signed so that you can keep track of the development and legal standing of the contract execution.
- Integration with other business tools and legal software, such as contract management and customer relationship management (CRM) systems.
3. Remote approval and streamlined client collaboration
Your clients will probably become irritated if they need to make an extra journey to your office to sign documents because they are used to conducting business online. Clients can electronically sign papers from a distance using the following options:
- User-friendly online signature software makes the process simple and reduces the possibility of human error by guiding the signer through the document and highlighting where they need to initial.
- Better communication. Using an electronic signature solution can help you communicate with your clients more efficiently. Electronic submission of documents for evaluation and approval eliminates the need for in-person meetings and drawn-out phone calls.
4. Legal Workflows Save Time and Money
Paying your team to handle the laborious administrative duties related to physical documents is expensive and takes up their time with automatable legal processes. Utilising electronic signature services will:
- Reduce paperwork from drafting and printing contracts and storing signed documents;
- Reduce labour hours spent preparing, signing, returning, and storing legal documents;
- Lower costs by doing away with the need for printing and mailing documents;
- Reduce errors by guiding the signer through the document to avoid missing signatures or incorrect information, which can cause delays and a loss of money;
- Automate recurring operations like making templates for frequently used documents and reminding users to sign them.
5. Strict security and privacy compliance of e-signatures
E-signature platforms offer the tools you need to customize workflows and remain compliant. Respondents in our survey report that compliance teams are often early adopters of e-signature technology. At 32% of organizations, compliance teams are often the very first to use the technology, which is second only to IT teams. For organizations that use compliance management software to stay within regulatory guidelines, e-signature tools are easy to integrate. Looking only at the survey respondents that currently use e-signature, more than half had already integrated it with compliance technology.
Uses of electronic signatures in the legal sector
For any document that requires a signature, you can utilise an electronic signature solution. Some of the most frequent use cases in the legal sector include:
- Retainer and client engagement agreements: Typically, signing an engagement letter or retainer agreement is the first official step in creating a lawyer-client relationship. These contracts lay out the conditions of the arrangement, such as the work’s parameters, payment schedule, and confidentiality commitments. The onboarding process can be sped up by remotely signing these agreements using electronic signatures.
- Legal contracts and agreements: Regardless of where the parties are situated, electronic signatures make it possible to quickly sign documents like a bill of sale, company agreements, real estate transactions, and employment agreements. The paperwork can be sent electronically for signatures, allowing for a quick turnaround.
- Assent forms and permission paperwork: To demonstrate their free and informed assent, clients must sign consent and authorization documents such a power of attorney, release of information form, or settlement agreement. In-person meetings are no longer necessary in order to sign these crucial documents thanks to electronic signatures.
More Effectively Gather Signatures and Manage Documents
You can provide your legal practice with the ease and security of electronic signatures with DocuSign. With blockchain stamping, DocuSign offers legally valid signatures that can be used as evidence in court. Sign up today to get started enjoying the benefits of electronic signatures for lawyers and their practices.
