The transformation of signature has been phenomenal; with the evolution of eSignature, we can eliminate the need for a pen and paper and can now sign any document on the go, regardless of location or time. One of the major challenges with traditional signing is tracking the document in the process. Electronic signature, also known as eSignature, has now become an important part in operations for many firms. And trust me, you will be surprised on the enormous benefits it offers. We often fail to recognize the tremendous value of eSignature as a productivity and cost-effective tool. And guess what, implementing them is incredibly simple! and not only are they affordable, but they also serve as critical tools for risk mitigation, digital transformation, and ensuring advanced security and compliance. Let’s discover how this digital innovation supports legal firms and professionals.
Problems faced by legal firms
We all know how much of a nightmare traditional signature can be for legal firms, right? Stacks of paper documents piling up, endless back-and-forth with clients for signatures, and the time-consuming task of managing physical copies. As a result, legal professionals feel overburdened, many of them are looking for ways to increase efficiency and save time and money.
Well, studies have actually shown that inefficient paper-based processes can cost businesses an average of $20 in labor to file a single document and shockingly $120 to find a misfiled document! Reputable entrepreneur Richard Branson wisely stated, “Opportunities are like sunrises.” You will miss them if you wait too long.” Adopting eSignatures is seizing the opportunity to streamline operations and enhance profitability for legal firms.
But here’s the thing, small changes can have a big impact. You don’t always need the most expensive and advanced technology to make a significant difference. Identifying bottlenecks in your daily processes like document sharing and signature collection can streamline your workflow. Electronic signatures are legally binding so firms can be certain their document will be upheld in court.
What makes Electronic Signatures legally binding?
In the context of eSignatures, it’s about adhering to legal requirements and guidelines ensuring that it meets the criteria of authenticity, integrity, and non-repudiation, as well as complying with specific regulations.
Electronic Signatures in Global and National Commerce Act (ESIGN Act) including the Uniform Electronic Transactions Act (UETA) in the United States and the eIDAS regulation in the European Union, the legal validity and enforceability of electronic signatures. The Electronic Signatures in Global and National Commerce Act went into effect in 2000, ensuring that contracts and electronic records carry the same legal weight as their paper counterparts, indicating a significant shift from paper to digital.
Let’s take a look at some major reasons why electronic signatures are legally binding and acceptable:
Legit Identification of the Signers: Electronic signatures lets signers actively authenticate and verify their identity through secure systems used in eSignatures. Additionally, some even link documents to their digital certificates for added security.
Volition to Sign: Electronic signatures are legally valid when each party displays a clear intent to sign the document willingly and knowingly. Emails are used as evidence of signer’s intent in the court as acceptance to the terms of the agreement.
Disclosure and Consent: Signers usually need to check boxes to agree to the terms and condition during authentication.
Tamper-proof Electronic Contract: After signing the document, a cryptographic algorithm generates a unique digital signature. This signature employs a “digital hash,” which gets encrypted using Public Key Infrastructure (PKI) with blockchain technology, thus making alterations, or tampering impossible.
Evidence and Digital Audit Trail: Many countries and jurisdictions have specific laws and regulations requiring businesses to keep records of transactions, including electronically signed documents for a set period of time. The retained electronic document serves as evidence between the parties. It can be used as a proof in case of any disputes or legal matters.
Case Studies: Legal firms worldwide using eSignatures have witnessed remarkable transformation
In the UK, a leading legal industry law firm reported a 50% reduction in document signing time, improved client satisfaction, and increased revenue. @Panzer Technologies, a US-based company, achieved issue resolution by using eSignature. The solution helped them save money and easily, securely, and with localization features, sign documents, NDA, and contracts. Similarly, @Mercantile Discount Bank, a former @Barclays Bank subsidiary, successfully integrated eSignature, resulting in significant cost savings on printing and document storage.
The Future of eSignatures in Law Firms
Electronic signatures will become an integral part of legal firms’ daily operations, due to the evolving advancements in technology and the increasing demand for remote collaboration.
With the growing importance of electronic signatures in legal firms, TurtleBay Biz Booster eSignature emerges as the ideal solution. We provide seamless integrations, AI-powered contract analysis, and more enhanced secure authentication methods. Not only is it legally binding, compliant with all major eSignature laws, including ESIGN and ITA-2000. It is also blockchain compatible and metaverse ready. It also enhances document management and can be deployed via a SaaS (software as a service) Model, SASI (software as service independent instance) Model or on-premises Deployment Model.
TurtleBay Biz Booster eSignature offers strong encryption, secure authentication methods and audit trails. It also offers high-level security like facial recognition, fingerprint scanning, iris scanning, photo recognition, device & location tracking, and validation via OTP (One Time Password). It has REST APIs for easy integration with third-party applications. WhatsApp Integration for 150 countries and Storage Integration, i.e. (Dropbox, OneDrive, and Google Drive). TurtleBay Biz Booster e-Signature even provides adequate redundancy (Disaster Recovery) to ensure software is up and running after any calamity.
So, track your documents through various stages of validation and verification, ensuring transparency, accuracy, and efficiency through modern advanced technology.
TurtleBay Biz Booster’s eSignature makes it an indispensable tool for legal professionals seeking enhanced productivity and a competitive edge in the digital era.
* If you have any further questions or want more information about how TurtleBay Biz Booster could benefit your organization, please do not hesitate to book an appointment with us. Contact us at 646-7914511 or firstname.lastname@example.org.
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