Making the case for E-signatures in Legal Departments

published on Contract Management, E-signature technology, Legal Technology
Corporate legal departments once viewed technology as an obstacle that only made their day-to-day operations more difficult. Today, they’re realizing that it can help them to work efficiently and gain a competitive edge. One of the main barriers to adopting technology is the legal department’s need for signatures. This has led them to resort to paper processes. The dependency on paper processes results in time wasted chasing signatures and spending valuable resources on paper. Meanwhile, the rest of the organization is left wondering why it takes so long for legal to answer their enquiries. This blog post explains how e-signatures will free you from paper processes empowering you to quickly obtain signatures through the cloud in total security. E-signatures are able to help legal departments overcome these roadblocks because the technology ensures documents are delivered to recipients quickly and securely. Since legal departments avoid the print-sign-scan process, they can quickly provide the recipient with a signed document that is legally enforceable. According to a report by the Association of Information and Image Management (AIIM), 81% of organizations that deployed e-signatures reach their ROI in under a year. Legal departments use e-signatures because:
  • They get more done in less time. A survey conducted by ALM in May 2014 found that processes requiring physical signatures were lengthened by 1.24 days on average.
  • The technology provides more security and control. Any reputable vendor will ensure that all changes are logged and audited.
  • They eliminate manual errors. Legal departments can quickly provide signed and compliant documents when an enquiry comes in from another business unit.
  • They reduce the time spent searching for documents. Sending contracts via email generates many messages, making it difficult to track the correct version.
  • They provide a competitive edge. E-signatures eliminate the delays associated with paper processes and provide legally enforceable documents that can be easily verified.
Contracts and agreements particularly lend themselves to e-signatures. According to a whitepaper by ARX, the estimated cost for physical signing processes is $5 (for paper, printing, archiving, scanning, replacing misplaced documents, etc.). Multiply that cost by the number of documents you’ve signed in the past week. For a corporate legal department with 10 signers, e-signatures can eliminate tens of thousands of dollars annually. Legisway offers an integration with DocuSign, leading provider of electronic signature technologies, to help sign contracts, agreements and other legal documents. DocuSign helps busy corporate legal departments to eliminate print-sign-scan so they can focus on their strategic priorities and spend less time trying to find the right document version in their inbox.