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Corporate Legal Entity Management: How Tech Solutions Can Untangle Regulations

Published on : 08/04/2021 08 April Apr 04 2021
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"The advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life."
Bill Gates, founder of Microsoft. 

Are you concerned about legal risk and regulatory frameworks?

Compliance law has become crucial for many business sectors such as health, government, manufacturing, insurance, and more across the globe. In-house counsel and law firm’s compliance professionals recognize and address issues before they become problems for organizations. It is a specialized practice, and due to growing demand, law schools are educating the next generation of students in compliance law. Whether you've just entered the world of corporate law or you're an old hat, dealing with corporate legal requirements can be demanding, time-consuming, and complicated.

Unlike sole proprietorships, corporations usually need additional lawyers and accountants just to keep up with operations. Record-keeping, reporting, managing fees, administering stock certificates, maintaining out-of-state or out-of-country registrations…the list goes on and on. 

Thankfully, there are new technologies available to address corporate legal entity operations. Especially in a global marketplace, it is crucial to have a system that can handle all your business variables. The right technology can take a load off staff by automating activities, reducing inefficiencies, increasing transparency, and untangling complicated regulations.

 

Software Strategy – How Can Entity Management Technology Help?

Entity management software is an industry best practice. Besides traditional data and document management, it can also:
 

  • Deliver a global view of your group's subsidiaries and shareholdings 

You should be able to manage your Group's subsidiaries and holdings on every continent with full tracking of all changes.
 
  • Enable you to view and manage the mandates of each contact
Follow the mandates of each contact and receive alerts based on the end of forecasts, end of functions, end of agreements, or other criteria. 
 
  • Automate meeting management and reporting
Lighten your administrative load with software automation that calculates the quorum and decision vote required for each meeting. View a schedule of all tasks with alerts linked to each step according to a deadline.
 
  • Analyze capital and financial data
Fill in your organization's capital and financial elements (capital, distribution, key figures, dividends, etc.). Visualize each subsidiary's evolution or participation and share them with various departments such as management, finance, accounting, etc.).
 
  • Map your company information chronologically
With the right legal business management software, you can analyze the performance and critical elements of your Group's legal life. View each company's history as-of a given date via reports.
 
  • Use information from scanned documents: 
An automated software solution helps you reduce manual data entry with automatic file creation and automated entry of key data. You can access all your documents, whether in text or image format and conveniently search and retrieve files.
 
  • Secure online signatures: 
There's no longer a need for snail-mail or wasting time with back and forth messages. Online signatures allow you to sign anywhere, anytime from any internet device. 
 
  • Automatic document creation:
Automation saves keystrokes and time. For example, generate documents that merge your templates with the data entered within your software. 
 
  • Integration with email and document software: 
Legal Entity management software can integrate with other programs and email servers like Office 365 or Outlook. This capability allows you to record data directly into the system from other platforms.


Business isn't done in a vacuum. Using a collaborative portal is another way to streamline your work, both internally and with outside parties. 

Online technology is a great way to get and stay connected, as well as managing business operations. It allows for:
 
  • Structured communication with internal and external advisors
  • Systematized processes and workflows with clients, advisors, and suppliers
  •  E-Billing – external expenses management
  • Real-time information sharing, either with your own team or other agencies
  • Internal requests monitoring and form database
  • Report creation for activities and projects
  • Document sharing and collaborative files

Whether you're looking to drive direct or indirect shareholdings, manage an agenda for your workgroup, or edit detailed sheets on each company's entity, the right software can facilitate your needs.

Whether we're ready or not, technology is becoming more and more necessary to compete in the business world. It's up to you to select the right software and stay at the forefront of new automation options. With the right program, adapting to technology will be not a burden, but a relief, and you'll wonder how you ever got anything done without it. What used to be a tangled web of regulations and requirements will be just another checkbox on your to-do list.


For more information about automating your legal operations, here are some related blogs which may be of interest: 

Watch Productivity Soar as Your Next Hire Takes on the Boring Stuff 
Embrace a Manageable Workday with Contract Automations
Rethink Your Tired Processes to Improve Everything for Your Legal Operations 
The COVID-19 Pandemic Teaches the Legal Sector a New Way of Doing Business
Add SEO (Search Engine Optimization) to Law Practices to Go Beyond Word-of-Mouth Referrals

About the author:
Legal Suite is the worldwide leader in digital transformation for lawyers. We have delivered our state-of-the-art software for lawyers, law firms, and in-house general counsel to 65,000 users for over two decades. www.legal-suite.com
 
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