Legal Transaction Support

The Top Benefits of Outsourcing Legal Document Review Services

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Carolyn Hedley

Mon, 02/19/2024 - 12:00

Companies are continually seeking innovative strategies to streamline operations and maximize efficiency. Among the myriad of options available, one of the most impactful is the decision to outsource legal document review services. According to a 2022 Deloitte Outsourcing Survey, 64% of companies use external service providers for their legal department. This choice not only offers a practical solution for managing voluminous legal documents but also provides a strategic advantage in today’s competitive market.

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Six Benefits of Outsourcing Legal Document Review Services

Here, we explore the top benefits of this approach, emphasizing why more businesses are choosing to outsource legal document review services.

1. Cost Efficiency

One of the primary advantages of outsourcing is the significant cost savings it offers. Legal document review can be a resource-intensive process, demanding substantial investment in terms of personnel, training, and technology. By opting to outsource, companies can convert fixed costs into variable costs, paying only for the services used. This shift not only helps in budget management but also eliminates the need for large capital expenditures, freeing up resources that can be invested in core business areas.

2. Access to Specialized Expertise

Legal document review requires a high level of expertise and knowledge of the latest legal standards and procedures. Outsourcing providers specialize in this field, offering a team of experts who are well-versed in the nuances of legal documentation. This ensures that the review process is conducted with the utmost precision and in compliance with current laws and regulations. By leveraging this expertise, businesses can ensure the highest quality of document review, mitigating risks and enhancing the legal robustness of their operations.

3. Scalability and Flexibility

Business needs can fluctuate, and having the ability to scale services up or down based on demand is a significant advantage. Outsourcing legal document review provides this flexibility, allowing companies to easily adjust the level of services according to their current needs. This adaptability is particularly beneficial for businesses that experience seasonal spikes in demand or those undertaking large, one-off projects.

4. Enhanced Focus on Core Business Functions

Outsourcing non-core functions like legal document review allows businesses to focus on their primary objectives without being bogged down by the intricacies of legal processes. By entrusting this task to an expert external provider, companies can dedicate their internal resources to activities that drive growth and innovation, ultimately gaining a competitive edge in their respective markets.

5. Risk Mitigation

Legal document review, when not conducted properly, can pose significant risks, including compliance issues and potential legal liabilities. Outsourcing to a reliable provider ensures that all documents are reviewed meticulously and by the latest legal standards. This meticulous approach significantly reduces the risk of overlooking critical details, thereby safeguarding the company against potential legal challenges.

6. Access to Advanced Technology

Outsourcing providers often invest in the latest legal technology to enhance the efficiency and accuracy of the document review process. By using these services, businesses can benefit from cutting-edge tools without the need to invest in them directly. This ensures a more efficient review process and keeps companies at the forefront of technological advancements in legal document management.

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Considerations With Legal Document Review Services

When outsourcing legal document review services, it's crucial to partner with a provider that brings specialized expertise and technological proficiency. Look for a team with extensive experience in your industry and a track record of handling complex legal documents, ensuring they understand the nuances of your legal and regulatory environment. The right provider should employ advanced technology for document management and data security, enhancing the efficiency and accuracy of the review process while safeguarding sensitive information.

Flexibility and robust quality control are also paramount. Your chosen provider should offer scalable services to accommodate fluctuating document volumes, maintaining high quality and consistency without compromising timelines. Inquire about their quality assurance measures and ensure they have stringent security protocols in place to protect the confidentiality of your documents. Transparency in pricing, with a clear, understandable cost structure, is essential to avoid unexpected expenses and ensure the partnership aligns with your financial planning.

All-in-all, selecting the right legal document review provider involves a careful assessment of their expertise, technological capabilities, scalability, quality control standards, and commitment to confidentiality and cost transparency. A meticulous approach to this selection process will lead to a partnership that not only meets your immediate needs but also supports your long-term operational objectives, ensuring a secure, efficient, and effective legal document review service.

Tailored Legal Solutions: Transforming Your Business Operations

In an era where legal complexities can intertwine with business operations, having a robust and comprehensive legal support system is not just an option, but a necessity for success. Our Legal Transaction Support solution is designed to meet every business need, ensuring seamless operations without interruptions.

Our comprehensive services, from managing workloads and reviewing contracts to streamlining routine legal tasks, are not only cost-effective but also efficient and targeted. Our teams handle everything from large transactions and legal implementation to project management, offering precision in document review, comprehensive paralegal support, and streamlined legal research. We ensure every detail is meticulously handled, from contract abstraction to legal research, freeing your team to focus on core functions.

Our services extend to providing adaptive paralegal support globally, handling legal research through advanced data analytics, and offering thorough due diligence support. We integrate with your legal department to manage, review, and abstract documents while meticulously highlighting risks, ensuring accuracy, and preventing inconsistencies. By partnering with us, you access a suite of legal services designed to optimize your operations, allowing your business to navigate the complexities of the modern legal landscape efficiently and confidently.

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Harnessing Strategic Advantage: The Conclusion

Outsourcing legal document review services unlocks a multitude of benefits, from cost savings to subject matter expertise, enhanced flexibility, and robust risk mitigation. As businesses navigate the complex corporate landscape, this approach emerges as a strategic asset, driving efficiency and sustainable growth.

Our Legal Transaction Support Solution is crafted to provide strategic support, ensuring seamless navigation through the complexities of the legal landscape. By partnering with us, companies do more than streamline their legal processes; they position themselves for success, transforming legal operations into a cornerstone of business excellence in a dynamic world. Contact us today to learn more!

Legal Transaction Support

Law Firm Boosts Efficiency Using Workflow Automation

#automation

Exela helps a national law firm improve the clarity and consistency of their document processing and storage processes.

Challenge

A national law firm with twelve offices in major cities around the U.S. was struggling operationally due to a lack of well-defined and codified processes, the need for a centralized document management structure, insufficient formalization for employee training across their various offices, and limited insight into whether workflows were in sync with the firm’s needs and industry best practices. The firm had document service delivery associates on retainer whose workload could fluctuate wildly, and their staff was frequently underutilized.

Solution

At the firm’s corporate headquarters, our solution began with improvements to document workflows. What began as a system of print and copy centers on each of the 24 floors, with a larger hub on the main floor, was systematically pared down to eventually consists of a single, holistic document solution center on the main floor. This centralized document processing center was optimized for high volumes and diverse job requirements, and although the number of print and copy locations was reduced dramatically, delivery times and production capacities were significantly improved, along with user experience.

The document solution center evolved over time to handle much more than just print and copy work. An advanced eDiscovery system that monitors public court records and automates metadata extraction and summarization was put in place, and Exela’s litigation support solutions were introduced as well to help assist with intelligence gathering and case management.

Benefits

Exela’s ongoing relationship with the firm has produced a mutually beneficial partnership and many additional opportunities for collaboration. Our litigation support services have become so mission-critical for the firm that they frequently request a member of our service delivery team to travel with their litigation team to trials to support their operations. We have since created a national account management structure to drive consistent workflows at each of the firm’s twelve locations, and we continue our proactive service improvement strategy to continually nurture our more than ten year relationship.

Print and copy consolidation enabled the firm to reduce their leased floor space at their corporate HQ by two floors
$430,000 in annual savings and cost avoidance
Technology and process improvements provided savings of an additional $1.75M in the first three years of the contract
Reduced staffing demands by 35% over an 18-month period
Improved end-user experience and overall productivity

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ECM & Document Production

Legal Transaction Support

Remote Online Notarization

Exela Manages Onsite Services for Global Law Firm

#digitaltransformation

A winning service delivery model wins renewal and expansion at a global law firm.

Challenge

Exela is a longtime provider of a variety of services to over 70 percent of the firm’s offices. While service delivery varies by office, Exela’s digital solutions contribute to the effective management of copy, fax, mail, managed print services, scanning supply management, reception, and hospitality services – all delivered onsite at the firm’s various locations.

As a five-year renewal period approached, Exela Service Delivery Managers continued to work closely with the firm to discover new ways to enhance and grow our services. Exela collaboratively transformed our delivery strategies to adhere to the evolving needs of modern law practice and earned this client’s continued business.

The challenge was to upgrade technology where possible, refine workflows, expand staffing and cross-training efforts, and produce a standardized, scalable equipment platform with flexible options, managed by a single point of contact across all locations. Our goal was to do this while simultaneously maintaining our cost-saving approach and our commitment to providing high-quality white-glove service and support.

Solution

Our approach to expanding our services, in this case, was based upon rebadging and retraining the firm’s existing staff, rather than hiring an entirely new workforce. Part of this effort entails the development of detailed training manuals and an extensive, multi-track training program.

When necessary, we introduced upgraded technology, but we also retained existing print and scanning hardware where appropriate and reduced the overall number of machines, to keep costs down. We recommended a custom solution that encompassed all print output needs within a single cloud-based print management system. Our solution architects were able to create a holistic vision for the integration of new and existing technologies so that we continued to work toward a unified service and communication model across all locations.

Since our service updates placed an emphasis on the increased use of tech-enabled solutions, we made sure to focus heavily on maintaining compliance. This was particularly important in this case, because of the nature of our customer’s business. Quality assurance controls and external auditing demonstrated a secure, compliant process throughout.

Benefits

15% first-year equipment savings
10% overall labor savings
27% savings through Exela’s managed print services
Consulting support to help optimize word processing and records management

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Legal Transaction Support

Empowering You to Make Better Financing Decisions

Our Legal Services team offers a range of solutions for every business, from simple transactions to the most complex litigation projects. We help you to manage your workload, review contracts and regulations and streamline routine legal work so that your business runs smoothly without any interruptions. We’re not only cost-effective but also efficient and targeted in our delivery – all the necessary qualities to deliver faster results. From facilitating large transactions to legal implementation to project management and delivering quick, efficient results, we can help with all!

Document Review

Our services makes it possible to prepare and abstract your legal contracts along with other essential documents in order to find clauses conveniently, limit the clauses to what you have, and make certain that no details, such as term, term renewals ,increases in prices and price caps are forgotten. Our team helps you save time, allowing you to not need to get tied down to the routine documents thereby achieving volume savings. We do document review, contract review, term sheet preparation, contract redlining, contract negotiation and lease abstraction.

Paralegal Support

Exela caters to providing paralegal support to support the vast needs of organizations across the globe without resorting to add to the staff strength. This will keep overheads under control. We specialize in providing the best quality paralegal support to clients within a short time. Some of the paralegal support services are legal research, drafting, and preparation of contracts and agreements and reviewing existing letters and documents, Our services also include responding to RFEs, bankruptcy petitions and creating depositions summaries.

Legal Research

Using data analytics engines we serve the legal industry, its SMEs and enterprises. We make your legal research smoother faster and easier.

Due Diligence Support

Our legal team can blend in, within your legal department to manage, review, abstract and highlight risks. We follow an organised and efficient process of performing due diligence to ensure that each step is carried with accuracy and leaves no room for errors or inconsistencies.

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Legal Transaction Support

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