Cyber incidents have affected about 65 percent of law firms which highlights the importance of secure data management. A vdr is an online database which allows legal teams to store and organize confidential information. They can share it with clients partners, clients and other stakeholders in a safe manner without worrying about data leakage or security breaches. Depending on the particular legal case or transaction, the data stored in a vdr may include contracts, financial records, and intellectual property documents.
When it comes to complex transactions, such as mergers and acquisitions, the legal team can utilize vdr to share sensitive information in a single platform with multiple parties. Legal teams can restrict access to certain information with granular permissions at the folder and file levels. The vdr assists legal teams conduct due diligence more efficiently by providing real-time insight.
A vdr is also used to offer legal services. It provides lawyers and other stakeholders the ability to examine documents at their convenience, no matter where they are. This can reduce travel expenses as well as increase collaboration and increase efficiency. A vdr could also allow lawyers to electronically sign documents making paperwork less cumbersome and expediting the process.
When selecting a vdr for legal services, it is important to select a system with a strong security feature and an intuitive user interface. A vdr that is difficult to use interface may make lawyers reluctant to use it and cause frustration to clients and other stakeholders. However a vdr that’s simple to use will make it easier for lawyers to find the documents they need, which can increase client satisfaction and improve the image of the firm.