Legal institutions have always suffered from large volumes of confidential data they had to work with and store. In the past, separate physical rooms were used for this purpose, but this storage method had several drawbacks. For example, it took too much time and effort to find and organize documents, and the security of physical storage facilities was highly unreliable. Virtual data rooms are advanced online solutions suitable for all sizes and types of businesses, including law firms. Learn how VDRs can help streamline legal data management.
Why use a virtual data room?
Virtual data rooms are unique online repositories that perform several useful business functions. They provide secure storage space for sensitive documents, provide data management tools, and allow sensitive documents to be securely shared and exchanged. VDRs are used by many companies of various industries and sizes to conduct complex transactions. The most frequent users of data rooms are investment bankers, startups, real estate companies, accountants, lawyers, and other corporate business people. VDR capabilities are deeply valued in today’s world, as the digital age has brought with it cybersecurity threats: ransomware, cyberattacks, data breaches, and more stand in the way of companies trying to keep up with the times and move their operations into an online environment. These solutions not only streamline your business processes and make your work easier and more efficient but also provide your business with complete confidentiality, which is not insignificant for a quality lawyer.
The main benefits of a lawyer’s data room
Below we will highlight the main benefits of for legal institutions:
- Significant cost savings
With virtual data rooms, you will have a mobile storage space for all the documents you need, so renting a physical building is unnecessary. This, in turn, saves you a huge amount of money, first of all on rent, then on payments to the employees of the physical storage, on stamps and stationery, on equipment like printers and photocopiers, and so on.
- Flexible access
If you don’t have physical stores, you don’t have to go anywhere when you need documents. The data room allows you to view and use your papers anytime and anywhere. Solutions typically support all devices and operating systems.
- High-end security
Lawyers, more than anyone, understand how important it is to use legal means to store and share documents because if you have a data breach, you could be held legally liable for non-compliance with security regulations. Virtual data rooms are certified solutions with international security licenses such as GDPR, SOC, ISO, HIPAA, and others. This proves their right to work with sensitive documents. VDR uses data encryption, dual authentication, remote destruction, and watermarking to protect login properly and file access.
- Document control
With VDRs, lawyers can communicate with their clients and exchange confidential documents without fear of the data falling into the wrong hands because you, as an administrator, can control all user activity with the papers. For example, you can set “view only” and forbid even a photo or a screenshot of the document. In addition, audit logs show who used your copy, when, and how, so you are always in control.
- Simplified data management
Easily manage large volumes of legal documents with VDR tools. Drag-and-drop will ensure that files load into your space quickly, and automated indexing and conversion features ensure that you don’t have to spend a lot of time and effort organizing documents logically; the system does it for you. VDR also scans your data and offers smart search, file viewer, and Excel for further simplified document handling.