The age of the internet has brought exciting new advances to almost every aspect of our lives, including the way we do business. Several developments in recent years have made the running and organization of a law firm simpler than it has ever been, not the least of which is the rise of e-signature use. Previously a lawyer could wait two weeks or more for a client to receive and sign a document. With e-signatures, a signed document can be returned in mere minutes. As the presence of technology in law firms increases, the advantage of using e-signatures becomes more and more relevant.
E-signatures are just as the name would imply; signatures made to documents not by means of paper and pen, but by computer or phone and signature pad. The disadvantages of only sending documentation by paper and post are numerous. From taking too much time to taking up too much space, firms are recognizing that moving to electronic-based signing methods makes the most sense both logically and economically. Below are the three main advantages to making the leap into e-signatures:
We live in an era where business moves quickly and no firm can afford to sit around and wait. Often, the time lost waiting for a client or counsel to sign a document can go unnoticed. For example, the time spent waiting for a client to sign a traditional paper medical release form could be cut down by days thus negating the possibility of a case stalling during the interim. Firms that take advantage of e-signatures can send the document directly to their client via a third-party service and within hours (or even minutes) have a signed release returned to them.
Recouping the time lost waiting for an important document, be it a settlement agreement or a medical release form, can be invaluable for your firm. It can translate into more time available for researching medical records for other clients in the event a settlement is reached and signed within days instead of weeks.
When it comes to cost efficiency, e-signatures triumph over traditional paper, which is becoming an unnecessary expense for law firms who are making the leap into a paperless operation. This switch also allows your firm cut ties with postal services and avoid some of the human error involved with document delivery.
Unforeseen errors can become a detriment to the timeliness of document delivery. According to the USPS, the amount of mail deemed undeliverable as addressed is 4.7%, excluding deliveries lost in transit. Should these issues arise, it can cause serious delays for your sensitive commutations. Anything from sending the wrong document to using the wrong address can become problematic— coupled with the typical delivery cycle of US mail, the issue may become exacerbated.
Clients entrust their attorneys with a substantial amount of personal data. It’s wise to not risk a breach of any kind that could potentially occur because of a mislabeled address or erroneous delivery.
When using e-signatures there is no need to worry about documents landing in the wrong hands. The encryption that protects your documents sent through e-signature hosts works to ensure your client’s information is always secure. The encryption provided requires the recipient to provide a piece of information such as a social security number, a set password or use a two-way authentication application. This way, the intended recipient is the only one reading your sensitive documents.
The profession of practicing the law dates back hundreds of years, and as such, some practices have become very engrained. But working to bring your firm into the 21st century will help save you time, money and stress. Below are four e-signature products on the market and some of the features they offer:
Counsel Financial does not promote or endorse any particular e-signature product. Be sure to research your options carefully and consider all ethical concerns before employing the use of u-signatures.