Due Diligence Report – Real Estate and IP – proving your net worth

posted in Compliance Management, Contract Management, Entity Management, General Counsel, How-to, Reporting

Think you could turn around a prompt and thorough due diligence report verifying your company’s net worth if a potential investor or buyer came along? It is estimated that every year 7.5% of all company documents are lost and 3% are misfiled at a huge aggregate cost to businesses to locate or recreate these files. Not to mention that failure […]

How small legal departments can cope with an increasing workload

posted in Cloud technology, How-to, Legal Innovation, Legal Technology

If you think your job is more demanding and time consuming than a year ago, you are not alone. About 3/4 of in-house lawyers say workloads have increased compared to 2016. The question is, how can small legal departments cope with this increasing workload? For small legal departments that lack the budget to increase headcount or outsource legal work, this […]

Your new plan for risk mitigation

posted in General Counsel, How-to, News

The importance of risk mitigation planning and different approaches to reduce or mitigate risk is becoming a popular topic in industry events and reading.

How to Manage Your Meetings with Help from Technology

posted in How-to, Legal Technology

Meetings are a common tool that are widely misunderstood. We’ve all sat in a meeting that never ended on a Friday afternoon, the meeting where nobody pays attention, and the meeting where everyone wonders why they’re even there. Part of the reason why meetings are so unpopular is because they’re unstructured and conducted on paper, which leaves everyone with no choice but to sort through the chaos. Organizations that aim to boost their productivity can use the Meeting Management module from Effacts that enables them to meet more efficiently.

5 ways to increase your efficiency this year

posted in How-to, Legal Technology

Many legal departments set out to become more efficient at the beginning of the year, but how many of them actually follow through? While it’s easy to get caught up in touchscreens, mobile devices and customized features, legal technology is about finding ways for legal departments to work more efficiently so you can spend more time focusing on strategic business priorities instead of administration and repetitive tasks. Since the new year is a good place to start, here are 5 ways to work more efficiently:

10 Items to Include in your Organization’s Social Media Policy

posted in Cybersecurity, How-to

Whether you like it or not, your colleagues are most likely talking about your organization on social media or browsing their timelines during office hours. Sometimes common sense isn’t enough to prevent colleagues from a thoughtless Facebook post or an untimely tweet. A lapse of judgment can turn into a huge problem, which is why it’s time for you to review your organization’s social media policy (you do have one, don’t you?). Here are 10 essentials you need to take into account.

10 Essentials for Creating a Document Retention Policy

posted in How-to, Legal Risk Management, Legal Technology

You’ve got a pile of legal documents and your Effacts database is installed. Now what? Before you start uploading all your documentation, now is the time to create a document retention policy for your organization– or review your existing one. No organization wants to experience the moment when they realize a document that has become the subject of litigation has already been deleted. To avoid making a potentially costly mistake, we recommend including the following components in your organization’s document retention policy.

Do’s and Don’ts for Effective Database Management

posted in How-to, Legal Risk Management, Legal Technology

When it comes to database management, there are a heap of clichés to describe the term. “Practice what you preach,” “garbage in, garbage out,” and “time is money” are just a few. A database that is designed and managed well is guaranteed to help your corporate legal department increase their response time, work more efficiently, and minimize their legal risks. Here are some do’s and don’ts to help you make the most out of your Effacts database.

A Gold Mine of Information: The Data Archive

posted in General Counsel, How-to, Legal Technology

For many corporate legal departments, data archiving is like chasing a moving target with closed eyes. In today’s information society, how well an organization manages their data can mean the difference between success or failure. According to a data archiving study by IDC and sponsored by Iron Mountain, based on a survey of 1,011 members of senior and executive management, the most successful organizations that have implanted data archiving gain key insights to improve business outcomes. The top 15% of companies surveyed generated more than $10 million in additional revenue as a direct result of mining their data archives. Although the news of success stories has generated considerable interest, few companies have the structure in place to fully manage and monetize their data archives.

Tips for Paralegals to Improve Legal Workflow at a Company with Automation Software

posted in How-to, Legal Technology

Corporate paralegals face unique challenges managing entities at their companies. There is a huge demand to keep up with contracts and compliance, or else a business will suffer. As a result of this demand, Effacts has created software solutions that can help paralegals revise and enhance their legal workflows. Here are some simple ways Effacts can help corporate paralegals improve their legal workflows: