Old Records Management Software Isn’t A Great Idea for Top Law Firms
Outdated records management software has become a high-profile problem for law firms of all sizes. Not only are many systems being sunsetted, others simply no longer meet law firms’ extensive paper and electronic governance needs. This situation puts many CIOs in a bind. Change is tough. And finding records management software that is easy to use by both technical and non-technical folks alike can be daunting. Faced with so many options, it’s sometimes easier to ignore the problem altogether.
However, in today’s world of increasing security risks coupled with pressures to reduce costs, it’s better find a replacement for your outdated software sooner rather than later. You’ll be glad you did. The cost savings are substantial with most systems paying for themselves within the first year or two. Moreover, browser-based solutions mean everyone can start using the system from Day One, eliminating any need for significant staff training. Here are just a few of the benefits you’ll realize once you pull the trigger.
Risk Will Be Significantly Reduced
When most CIOs think about records management software, the first benefit that comes to mind is convenience. In other words, files become more orderly and accessible. More importantly, though, is the blanket of security it provides for law firms.
System administrators can set file access levels for each employee with access for low level staff restricted for confidential or sensitive documents. There are also surveillance features that enable administrators to monitor which documents were accessed by which staff, as well as the time those documents were accessed. All these features can help in the event of an audit or data breach. Moreover, when you digitize and store files off-site—as with cloud-based records management software—your firm’s security benefits include safeguarding files from flood, fire, earthquakes, tornadoes, and other unfortunate scenarios.
Files Will Always Be in Compliance
As you’re well aware, law firms are subject to numerous laws and regulations regarding their records. Right now, federal and state privacy laws are hot topics. If your firm handles client medical records, you’ll be particularly concerned about the Health Insurance Portability and Accountability Act (HIPAA). It’s just as important to retain records as it is to discard them when they’ve completed their lifecycle and reached the end of their usefulness.
The best records management software has compliance functionality built right in. You can configure your system so that any records reaching their maturity date are immediately be disposed of according to your firm’s internal policies. Some of the better information government software also offers automatic management of legal holds, email alerts to drive disposition reviews, and automatic record classification. Not only does automating compliance save storage space, it also saves you from future liability issues.
Your Bottom Line Will Improve
When you keep your files in compliance, you’ll need to store a lot less of them. Most firms pay much more for storing their records that necessary because they’re holding on to files that are duplicates, outdated, or have fulfilled their retention requirement. As an added bonus, discovery costs are reduced when you’ve thrown out files that are eligible for disposal—it takes staff a lot less time to search smaller volumes of paper and electronic files.
Staff Will Be More Productive
Another way an upgraded system impacts your profitability is by improving productivity. By facilitating the digitizing and standardizing of files, as well their management and creation, records management software saves significant time and staff labor. Updated software not only eliminates manual searches for files and prevents the creation of duplicate files, it also automates labeling, archiving, and retrieval from off-site. Systems integrated with RFID technology can even automate the file room check-in and checkout process with employees simply swiping their badges. If you can save the average employee even 5 minutes out of every 100 minutes per day (which is a low estimate), that’s a 5 percent savings. Multiply 5 percent by your payroll expenses and you can see how much increased productivity can impact your bottom line.
FileTrail is the Best Solution
With FileTrail, law firms improve profitability by reducing operating cost, increasing billable time, and automating manual tasks. File Trail makes records tracking and management affordable for firms with as few as 20 staff. By using our cloud-based solution firms can eliminate significant capital expenses by getting rid of outdated hardware and software. FileTrail’s hosted solution features:
- Low startup costs for configuration and training.
- Low monthly fees to provide all staff with access.
- No software to install.
Download our brochure to learn how File Trail is helping firms just like yours transform their information governance today.