The Value of Electronic Signatures in the LegalTech Sector

October 6, 2020
Tools

The legal industry is embracing a new era comprised by best practices driven by technological innovation which is defining new ways of understanding and adapting to current socioeconomic conditions. From teleworking to meetings via virtual platforms, from online payments to remote contract signing, technology has become an essential ally for the legal sector in conducting their activities.

Although not all firms have needed to make a total digital transformation at this point, there is a common agreement that digital transformation is defining legal practice and new business models in a way that allows them to be more efficient and able to offer new services to clients.

One of the fundamental aspects in the digitalization process of a law firm is the implementation of an electronic signature service, which facilitates the signing of documents both in internal processes and in the provision of services to clients, in a fast and secure manner, allowing professionals to carry out tasks that provide greater added value, saving time, and resources.

The endless possibilities offered by these advances becomes more evident.

Imagine, for example, signing a contract with a client. The traditional signature process requires scheduling a meeting, the customer's commute, printing the contract, signing, file... while with the e-signature process, we can send, sign and file the document in a matter of minutes, with the maximum legal guarantee and technical security. Even in face-to-face environments, signing a paper document requires a significant amount of time and resources in its management: printing, indexing, archiving, ...

At Validated ID, through our VIDsigner electronic signature services, we work globally with pioneering firms in their daily use scenarios, such as:

  • Boards of Directors and Shareholders Meetings
  • Data Collection Consents
  • Banking authorizations and SEPA documents
  • Responsible Statements
  • Exchange of documentation between professionals
  • Signing of contracts with: Clients (signing and presentation of legal documents, corporate acts, signing of contracts between the participating parties) , Suppliers (contracts, NDAs, data protection documents) and Workers (employment contracts, confidentiality agreements)

One of the leading firms in its digitization processes is Cuatrecasas.

Cuatrecasas is gradually integrating VIDsigner's electronic signature into its business processes and is currently capable of solving some of its internal processes, such as signing documents with suppliers, contracts in different fields (GDPR, NDAs, etc.), and facilitating its client; electronic management by signing and submitting legal documents, corporate acts in which they act as secretaries, and facilitating the signing of contracts between the participating parties, etc., which they draft for their clients.

In an innovative scenario, e-signature allows providing answers with legal security to frequent situations. The technology allows establishing modern and serious relationships, with which clients feel comfortable, and facilitates the exchange of information and documents in an agile and secure manner between the firms and their clients. And at this essential point, especially for the LegalTech industry, incorporating services that provide great legal security is the key factor when deciding which technological solution to start working with.

Ramón Bernabéu - Legal Manager at Validated ID

After collaborating in the development of commercial relations between Asia and LATAM, he currently advises on digital transformation through electronic signature and Sovereign Digital Identity (SSI) systems at Validated ID.