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Legal28 March, 2017

4 ways Legisway beats other cloud storage solutions for in-house legal teams

There is no mistaking the power of cloud storage. Cloud solutions offer legal departments the ability to increase access to shared documents and move away from less secure methods of document storage, like paper files or saving files on a hard drive. However, generic document storage software like Dropbox or SharePoint do not always meet the specific and varied needs of inside counsel. For example, generic document storage software can be limiting when you need to perform specific legal tasks, like tracking contract deadlines, collecting data to identify risk, or generating reports on claims. And this can be a major barrier for GCs who needs to assume a more strategic role and create real value for the business.

Here are four ways Legisway beats other cloud-based document storage solutions to support GCs and in-house legal teams to become more strategic:

1. It’s not just about storage but increasing efficiency

Cloud storage solutions let you safely store documents. However, if you can’t work with the legal information when you need to, you are not full leveraging the promise of cloud technology.  In fact, to adopt technology, users need to see how it can improve their daily lives. This is why Legisway isn’t just about storage, but about increasing efficiency and how you work with legal data. Legisway doesn’t just store your documents, but helps you manage all of your legal information, from entity, contract, compliance, claims, IP, meeting, data privacy and real estate data in once central repository that is cross-referenced so you can quickly gather insights and generate reports. Plus, with the ability to set up alerts for deadlines, track matter status, configure e-signature capabilities or asses risk levels, Legisway can true transform the way you work.

2. Providing insightful reports to help you become more strategic

As General Counsel, you’re sitting on a vast amount of data that could be valuable to you and your business. Your ability to quickly transform data into accurate, reliable reports is key to making the transition from legal counsel to strategic business partner. Generic document storage solutions often fall short in this regard since they are not set up to meet the specific reporting and insight needs for GCs. Instead, with Legisway you can easily see the big picture. All your contracts, claims and company information are consistently captured in one place and cross-referenced, ready for you to generate reliable reports at the touch of a button. Furthermore, when it comes to corporate housekeeping, you can quickly pull up historical data or create up-to-date org charts (tasks that can take days when you don’t have a cross-referenced system in place) so that you can concentrate on higher-value tasks.

3. Managing legal risks & compliance

In-house legal teams have always been responsible for mitigating risks to the company, however GCs have also seen a significant increase in regulation in recent years. Indeed, compliance has become a major focus for GCs. Whether you’re preparing for an audit, due diligence or performing a risk evaluation, generic cloud storage can limit your ability to pull complete and up-to-date records of compliance and risk information.

While some generic cloud storage solutions do allow you to perform full text searches to find information that is often in the small print of contracts and policy documents, Legisway goes a step further by providing you smart tools to compile, present and share this information with colleagues or auditor in an efficient and secure way. Furthermore, GCs need a structured way of collecting the legal data to identify, track and report on those risks. Legisway enables you to efficiently manage legal risk combining legal expertise with a structured approach to collecting relevant data. Your Legisway dashboard will give you a simple solution to identify legal risks, shape your organisation’s appetite towards them, control their impact and report on them.

4. From sharing to collaboration

Cloud storage solutions make is easy to share documents like contracts, agreements and policies with colleagues and third parties from one central location. However, GCs also need a structured way to collaborate with the business. Generic storage software may allow you to collaborate on documents, but they don’t offer the structured approach that ensures compliance to internal policies and risk mitigation. With Legisway, you can create a self-service centre for the wider business, enabling them to access and manage legal documents while you retain oversight and control. You can set up automatic task alerts, provide templates for standard contracts and manage user permissions to ensure only the right people can access sensitive information.

The transformative effect of Legisway

Legisway gives you a secure central location to store and share legal documents, full of smart functions to search, analyse and report on all of your critical legal data quickly, easily and with certainty. It makes finding information faster. It makes reporting on it easier. And it makes meeting deadlines foolproof.  Legisway helps you collaborate more effectively with your whole organisation and empower them to be more legally savvy.

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