In recent years, the legal industry has undergone a significant transformation in the way it manages records. A sector once known for its reluctance to change is now gradually embracing digital solutions for records management. This shift can be attributed to a variety of factors, including advancements in technology and the impact of the COVID-19 pandemic.
In this post, we will explore the changing landscape of records management in the legal sector and how law firms are adapting to become SmartRM (Smart Records Management) practitioners.
The shift towards digital records management
Previously, legal firms were known for their attachment to physical records, averting digitalising their processes at all costs. Ten years ago, we spoke to the Head of Procurement of a top 5 legal firm, where we asked them if the “new generation of iPad-using lawyers would want to work more digitally in the future”, to which they replied, “they will have to adapt to our ways of working”. It seemed virtually impossible for a sector that was so traditional to ever see digital change.
However, in recent years, the legal landscape has experienced a paradigm shift. Today, most legal documents are “born digital and stay digital.” The convenience, accessibility, and efficiency offered by digital records have compelled law firms to embrace this transformation. It’s worth noting that some documents, such as wills and certain property transactions, still require physical copies due to legal requirements, but it will be interesting to see if this will change in the future also.
Where has the change come from?
The availability of technology alone does not explain the sudden adoption of digital records management in the legal industry, as the change happened well into the digital revolution. One significant factor for this change has been the COVID-19 pandemic. With lawyers forced to work remotely, they were left with no choice but to rely on digital tools and platforms to ensure uninterrupted workflow. This experience gave the sector a glimpse into what embracing digital solutions can do in terms of efficiency, collaboration, and cost savings. The legal sector, therefore, realised the benefits of going digital far outweighed the costs of switching to those methods.
Managing legacy physical archives
As law firms continue to transition to digital records, a challenge has arisen regarding their existing physical archives. The cost of storing and maintaining these archives has steadily increased as providers impose inflation-busting price hikes and minimum service charges. However, many forward-thinking law firms have implemented strategies to effectively manage their legacy physical archives while embracing digital solutions.
Smart Records Management
The concept of Smart Records Management (SmartRM) encompasses a range of practices that allow law firms to optimise their records management processes. Some of the key strategies implemented by SmartRM law firms include:
Retention Policies and Robust Enforcement
SmartRM law firms have established comprehensive retention policies to identify which records are essential and should be preserved. These policies ensure compliance with legal requirements while reducing the burden of unnecessary storage costs. The enforcement of these policies ensures consistency and minimising the risk of non-compliance.
Scan-on-Demand
Rather than digitalising their entire legacy archive, SmartRM law firms employ a scan-on-demand approach. This strategy involves scanning physical documents only when needed, allowing for a more efficient and cost-effective transition to digital records. By accessing and converting physical records to digital format on an as-needed basis, law firms can save both time and resources.
Remote Storage for Inactive Records
To mitigate rising storage costs, SmartRM law firms have started relocating their inactive records to more cost-effective remote storage facilities. This approach allows them to maintain compliance with retention policies while reducing expenses associated with storing physical archives. Remote storage providers offer secure and cost-effective solutions, ensuring that law firms have easy access to their inactive records when necessary.
Elless Solutions, your partner in SmartRM
We understand the challenges faced by law firms in adapting their records management to the current digital era. As a leading provider of SmartRM services, we offer tailored solutions to help law firms with their digital record management transition.
Our expertise in the industry means that we also know how physical records management providers exploit their customers and charge them more unnecessarily. You can rely on us to renegotiate your contracts, acting on your behalf and taking the stress off of your shoulders, and save you up to 50% on your record management fees.
Reach out to us today to see how we can save you time and money.
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