Paper to digital strategy
In a law firm, keeping paper records is a major expense, and a relentless cause of inefficiency and risk. About half of all lawyers still prefer to work with paper, so most firms continue to accept the precedent of files, folders, boxes, file rooms and offsite records storage.
So what’s the answer? = ‘A fully digital matter file’
The benefits of a digital matter file are clear:
Cost reduction – Real estate costs are driven up by onsite and offsite file storage. Labour and services costs to manage the movement of paper are significant. Likewise, significant cost reductions are obtained by scanning and shredding paper records.
Risk reduction – Paper is impossible to secure, and easy to lose. It cannot fall under the same security regime built for electronic information. When paper is turned into a digital asset, it is absorbed by the existing digital security system it also goes without saying that from a business continuity perspective digital files are best. Should anything happen to your office or storage facility then records can be lost for ever. If files are stored electronically your firm could be back up and running quickly and seamlessly.
Productivity gains – Paper impedes matter centricity, mobility, collaboration and information access. All of these essential work methods are advanced by making paper records digital and available from the document management system (DMS).
Compliance – Law firms must now meet or exceed their client’s standards of Information Governance, retention and disposition for records. By making paper records digital as a best practice, compliant paper records disposition is easy.
Quality of work – Electronic tools continuously improve the legal work product, but those improvements don’t apply to paper records. A ‘paper to digital’ best practice enables a fully digital matter file.
And what’s more a firm can have their cake and eat it! A ‘paper to digital’ strategy can still give users who want to work / read / notate paper, the ability to do so!
So how is this possible?
We have partnered with DocSolid as they have brought to the market two products (KwikTag and Postmark) that make a paper to digital strategy a reality for law firms and legal departments. That’s all they focus on, so they are the market leaders in this area… what Tikit adds to this is our knowledge of the legal sector and our ability to deliver these solutions as part of a wider document lifecycle strategy that can have far reaching benefits for your firm.
57% of the paper stored by a law firm is a printout of a document already stored in the firm’s document management system. And that paper burden grows another 39% when you account for all of the other matter related paper scattered around the firm. It is estimated that 50-70% of the storage costs would evaporate if law firms would stop storing paper copies of what they already have stored electronically!
With Postmark every document stored in your firms DMS is given a code which means when it is printed users can instantly see that there is already an electronic copy saved in the matter file and that it can be shredded with confidence once they have read it.
But we all know that some lawyers like to print copies of a document so that they can hand annotate…well they still can – the document would just need to be re-scanned and because of the code the annotated version would automatically be stored in the correct matter file for future reference.
Postmark can be integrated with many leading document management solutions, including Net Documents and iManage.
You can then add to these savings the labour costs to manage all of this paper, the wider efficiency and compliance gains the firm makes as it becomes more digital plus the reduction in the risk of storing paper records.
Kwik Tag makes scanning and storing paper documents in to your firms DMS quick and simple. Instead of scanning, emailing and then profiling individual documents you can now scan documents in bulk, even if they are not related to the same matter.
Click here to view the KwikTag video.
It is clear that booth Postmark and KwikTag have the potential to reduce the costs firms incur from printing, transportation and storage or paper documents, but there is also evidence to support the thinking that the easier that a firms makes it for users to engage with digital matter files, the higher the adoption rate of their DMS as a whole and thus ensuring higher ROI on other applications your firm uses when they are utilised fully.
Or you can read some interesting articles and case studies:
To visit DocSolid’s website and find out more, click here.