Believe it or not, there was once a time when lawyers through a word processor and fax machine were enough. Spoiler alert: they weren’t.
Now, in-house lawyers have their pick of technology — from e-billing software to contract lifecycle management (CLM) to AI. Legal teams have largely adopted cloud-based legal software and are reaping the benefits of these modern tools.
Moving from on-premise (hardware-based) software towards cloud-based software has helped legal teams become more agile, better collaborators, and exceptional risk mitigators. In addition to giving tech-savvy legal teams a greater competitive advantage, here are 4 other benefits of cloud-based legal software:
Going Paperless
Many modern businesses use Environmental, Social, and Governance (ESG) frameworks to assess the sustainability of their business practices. Paper contracts, for example, while they hold valuable terms, are not environmentally sustainable. Not only do they require tons of paper to execute, but many companies often misplace them after a period of time, which means all those trees die for nothing.
Cloud-based legal software enables digital contract creation and execution, making online agreements easier to access, update, and store. And it makes printing unnecessary.
More Security
Paper contracts can be easily corrupted by natural elements, destroyed by over-eager interns, or lost in a hectic move. Likewise, contracts stored on hardware like your desktop can be destroyed or manipulated and lose their integrity.
Cloud-based legal software significantly reduces the risk of accidental destruction. Its centralized location, data encryption, and various permission levels make it a safer option for contract storage than physical paper or on-premise software.
Improved Visibility
With paper contracts and on-prem software, there is no such thing as real-time updates. For example, if commercial counsel updates the liability clause in the fixed-price contract on their desktop, the GC won’t have immediate access to the updated terms unless counsel sends the version that’s on their computer.
With cloud-based legal technology, updates happen automatically and almost immediately. Also, when this software integrates with other cloud-based technology, the data is more likely to be accurate and up-to-date at any given time, which spells better communication with other collaborators.
Automatic Updates
Software updates for on-prem software can be annoyingly disruptive when you’re already on a roll. Many of us are guilty of clicking ‘remind me later,’ which causes its own security risks, sure, but at least it doesn’t interrupt your concentration. The alternative is to stop whatever work you’re doing and wait however long it takes for the software to update, and by that time, you’ve lost your focus.
Most cloud-based legal software has automatic updates that happen remotely and usually in the middle of the night. The software vendor tends to schedule these updates on a specific schedule in order not to interfere with the regular flow of legal work.
Takeaways
From working more seamlessly and improving collaboration to saving the environment and protecting your contracts, the benefits of cloud-based legal software help legal teams work more efficiently and securely and set them up for success in the modern business world. See how LinkSquares CLM can bring your company into the 21st century. Request a demo today.
