Aside from representing clients in a court of law, lawyers and attorneys deal with many litigation papers. Having said this, comprehensively reviewing legal documents is one of the key obligations they may be tasked to do. This part of the litigation process is essential to prevent further disputes between two contrasting parties.
In this article, we’ll explain why a legal document review matters to every organization’s contract management. We’ll also list best practices to streamline your document review process without sacrificing accuracy.
Importance of Legal Document Review
Legal document review is the meticulous procedure of examining legal documents. Some examples of these include official contracts, agreements, and legal filings. This phase of the litigation is to ensure that the documents are accurate, complete, and compliant with all applicable laws.
In addition, the review process involves reading and analyzing the language used, which is critical to ensure document accuracy. Reviewing legal papers also involves identifying potential issues and ensuring that said documents meet every party’s needs and requests.
Legal contract review is an indispensable step in many legal processes, such as contract negotiation and preparation for legal filings. This crucial proceeding helps to guarantee that documents are legally binding and shall protect the interests of all concerned parties.
Not needless to say, types of legal documents requiring review include government documents, corporate agreements, and testamentary trusts, among others.
Risks of Not Conducting Legal Document Review
Besides learning what is a document review, businesses should also know about the risks of not conducting legal document reviews. Below are its top three major risks.
Legal disputes
One of the biggest issues that may ensue without a document legal review is the prospect of a lawsuit. A thorough document review guarantees the incontestable validity of a contract agreement. Hence, failure to do so is a surefire way to be legally challenged by an opposing party.
Financial losses
Not conducting thorough document reviews can ultimately lead to significant financial losses. Legal papers such as corporate agreements, licensing contracts, and wills among others all entail legally binding terms. Contract breach as a result of failing to conduct a document review could be challenged in court and incur hefty fines.
Damaged reputation
More than the hassle and inconvenience of a court proceeding is the reputational damage that will inevitably ensue. This can have long-term consequences for your business. As such, you can save yourself and your organization from this corporate horror with a document review team in place.
Tips For Effective Legal Document Management
Follow these best practices to improve your legal document management:
Organize documents
Legal papers are considered confidential, and keeping them organized and properly stored is the foundation of effective legal document management. This can be done by developing a filing system that best works for your company. With the right software, you can virtually manage and store legal documents safely.
Use collaboration tools
Legal paperwork are often managed by a team of experts. Invest in a software solution that will encourage information collaboration between members. One such tool is Fill. Our integrated platform uses Zapier to help clients link their other document-sharing apps to streamline their document management processes.
Our team-wide tools and features include shared templates, file collaboration, and team analytics. This set of handy tools can tremendously help improve efficiency and increase workforce productivity without paying exorbitant premium plan rates.
Conduct regular audits
Implementing routine audits for your organization helps to ensure compliance, security, and even risk mitigation. With this, you also allow members to identify inefficiencies and improve how they manage, handle, and organize legal documents. Doing this can help protect your organization and its reputation from losing legal cases.
Seek professional assistance
When overwhelmed with your inexhaustible pool of legal obligations, seeking professional help can lessen your administrative burden. This way, you can prioritize your other equally important tasks while entrusting the more mentally laborious matters to legal professionals.
Using Fill Features To Review Legal Documents
Fill is the perfect digital solution that’s trusted by thousands of businesses and professionals. For your legal document review processes, Fill can greatly assist with the following:
Contract management
When managing legal documents, Fill allows you to have smooth-running legal contract management. We offer free, customizable templates designed for every industry such as legal, healthcare, and real estate, to name a few.
Fill is equipped with audit trails and logs to track real-time document progress. Your high-level legal documents are also safe in our cloud-based digital repository for file backup and digital archiving.
Document annotation
During the legal document review process, annotation helps generate accurate data and encourage collaboration between team members. Fill’s text tool will help you simplify this process and allow authorized employees to provide insightful feedback on legal documents.
Signer identity verification
To ensure the security of confidential data from unauthorized human intervention, Fill’s Signer Identity Verification would be of exceptional help. With it, you can enforce multiple layers of security by running verification checks. This can be done by requiring users to upload a selfie, eSignature, and other alternative authentication requirements.
After the user has been verified, that’s the time that they’ll be granted access to your various document systems. With this strict and effective authentication protocol, it’d be exceptionally difficult for hackers and fake signers to gain access illegally.
Team collaboration
With our highly secure and paperless software solution, contract collaboration between legal document review professionals can be effortlessly achieved. Once signer identities have been verified, team members can virtually share insights to produce thoroughly reviewed and binding legal documents.
Fill: Your Paperless Partner for Legal Contract Management
Serving businesses and industry professionals for years, Fill is the paperless solution to attain streamlined legal management for your organization. Our software is 100 percent in compliance with all industry rules and regulations governing eSignature use and clients’ confidential information protection.
Furthermore, we keep high-level documents thoroughly secure with our military-grade 256-bit encryption. This advanced technology protocol protects your legal documents from security breaches and signature impersonation attempts.
Besides binding digital signatures and strict security measures, Fill provides free templates for document creation from scratch. Fill is also fully accessible from any device, laptop, iPad, or smartphone. In essence, you can send and receive documents anywhere, anytime.
Simplify your legal document processes without sacrificing regulatory compliance, data accuracy, and document security. Sign up now and use Fill for free.
