A law firm needs a lot of paperwork. Many documents are required for legal procedures. Lawyers and firms can waste time searching for, processing, and storing many documents. Legal document management software is an easier way to manage legal documentation.
Law firms and public agencies have the ability to manage their legal documents with ease, while also having easy access to all of the databases via legal document management software. Legal DMS are gaining popularity due to their efficiency in document creation, storage, and processing.
From 2022 to 2030, the legal document management software market will grow at a CAGR of 9.5%. Market growth can be attributed both to the growing demand for cloud-based legal document management software and the increased need of organizations for compliance and risk management. North America will hold the largest market share for legal document management software in 2022, followed closely by Europe and Asia Pacific.
What is legal document management software?
A legal document management software (or database) that allows law firms to organize their documents. It also has the ability to search and organize them.
Software to manage legal documents has the following characteristics out of respect for the legal requirements of different industries. Document management is often able to meet the needs of law offices, which must manage large volumes of digital and mixed paper documents in different formats. They also need a searchable file system that protects their privacy.
It’s usually a cloud-based system that allows for efficient storage. It is designed to increase efficiency in law firms by making it easier for lawyers to find, edit, access, share, and even share documents.
Features of Legal Document Management Software
These are some of the features legal document management software should include.
A Legal document management platform is designed to address the primary problem of document storage. This means that there must be unlimited space for all documents. All data must be stored in the system that including audio recordings, video clips, and images. It must allow efficient document archiving in order to store legal documents in safe cloud storage.
Security & Compliance
Permission management, password protection, and multi-factor authentication are all necessary. Compliance with regulations is also important for law firms that deal with sensitive data.
Although it is not a necessity, it can be very helpful. A central system that can handle all your documents and emails reduces friction and saves time. This is because these two software programs are not compatible. To extract information from email messages on the move, look for legal document management software that can also include email parsing capabilities.
This is especially useful for law firms that already use different tools to manage their processes and wish to continue to use them/their data. The smooth flow of information will be made possible by a legal document management system that integrates seamlessly with other applications.
Management requirements can include document tagging and editing, altering roles or permissions for documents, and moving documents across folders. Many of these tasks can be automated if the software offers workflow automation.
Optical Character Recognition
Many law firms still use a lot of paper documents. To manage these documents efficiently, legal offices need an automated scanning solution and document indexing solution. This problem can be solved by software with OCR Technology.
Searching for one particular data point can be difficult when there are many files. Advanced search allows users to use multiple methods of searching, making document retrieval quicker.
Before legal documents can be sent to clients, they must first be approved. Ensure that your legal document management system allows you to create approval workflows.
Top Legal Document Management Software
Nanonets is an AI-based document-management software that includes powerful OCR and no-code workflows. It also has secure storage.
All document processes can be automated with Nanonets, including document capture, data extraction and verification, document search, document preservation, and many others. Flexible hosting options and role-based access allow you to control your documents.
Nanonets are able to manage unstructured and semi-structured documents while being continuously improved by AI-driven cognitive intelligence. When integrated into a larger document management system, it can allow for easy searchability and orderly archiving. This could save legal professionals a lot of time and effort.
- Best For: Document Management Batch Processing & Contract Administration
- Pricing: $499/month
- Automated extraction of data from emails, documents, and images
- No-code workflows for document upload, versioning and sorting.
- Integrates with over 5000+ software
- No-code document management system
- Role-based access to increase security
- Cloud and On-remise options
- No document generation options
MyCase is a case management software that offers quick training and committed customer support. It also provides continuous product updates. It allows users to save all of their case information and paperwork in one location.
It offers a wide range of features, including real-time updates, task management, document sharing, task management, time tracking, invoice creation, and payment collection. The MyCase client portal is available to help clients organize their interactions and securely share information.
- Best for: Task Management, Time Tracking
- Pricing: Starting at 49$/Month/user
- Platform compatibility
- Automated Workflows
- Affordable Pricing Structure
- Interface with intuition
- Limited Features Set
- Limited Integration Capabilities
- You can improve the email feature
3. Closing Folders
Closing Folders is a legal document management software. It allows users to track documents and close cases throughout their life cycles. It’s a central platform that allows users to collaborate and manage various aspects of legal transactions. It offers many features, including version control, schedule manager, and online signature. It helps you organize documents, improve compliance, and streamline your workflow.
- Best for: Contract Management, Access, and Permission Control
- Pricing: Not Disclosed
- Integration with DocuSign
- Simple import
- Large transactions can be handled
- Integration with any other DMS is not possible
- Limited Text Formatting
4. Process Street
Process Street is a process management platform. Its primary goal is to foster effective team collaboration. It helps teams share their basic procedures and convert them into no-code workflows.
It provides a variety of functions, including employee onboarding that prepares new hires for success, and the establishment of workflows including client and employee onboarding, and tenant screening. Users can try Process Street for free.
- Best for: Process Management through Workflows
- Pricing: Starting at 25$/month/per User
- It is easy to create Workflows
- Effective Task Tracking
- The Initial Learning Curve Is Steep
LexWorkPlace is a cloud-based document and email management software. It allows users to organize documents and emails and improves collaboration. LexWorkPlace is a tool that can be used by teams to manage workflows, assign tasks to team members and monitor time and payments, as well as store and retrieve data.
LexWorkplace offers full-text search, document version control, document tagging and profiling, permissions, access management, and end-to-end encryption.
- Best for Document Classification Archiving, & Retention
- Pricing: $395/month (3 users)
- Version Control
- There is no downtime
- Inability to Save Emails
Clio is a legal practice management software. It focuses on an efficient organization, collaboration, and case management. It allows users to edit, store and organize documents in the cloud. It includes many key features such as document and case management, scheduling, billing, accounting, time tracking, and task management. Clio also includes a mobile application that allows users to view, share, upload, or upload documents. It also lets them update case statuses and connect with clients, team members, and other users.
- Prices: Starting at $39/month/user
- Best for: Managing Cases and Tracking Leads
- Comprehensive Lead & Case Management
- Simple Integration
- Separate Offerings (Grow & Manage).
- No preset templates
Also read: 8 Best Data Management Software for 2022
LogicalDOC CE is a free program that comes with an open-source database.
It supports the most popular DBMSs, but developers recommend MySQL for use in production systems. LogicalDoc allows users and organizations to secure and reliable organization, indexing, retrieval, control, distribution, and control of critical business documents. This focuses on process automation and rapid content retrieval. It also supports automatic import from shared files, and integration with Microsoft Office or Outlook.
- Pricing: On Request
- Best for: Quick Retrieval and Indexing of Documents
- Open Source plugins for improving functionality
- Programming knowledge is required for customization
- It is difficult to create backup files
Efile cabinet is a document management software that allows users to create workflows, manage documents, and tailor processes to their specific needs. It offers advanced text search, secure sharing, and e-signatures. This software is designed to assist organizations in creating, managing, and efficiently sharing documents. A mobile app is also available.
- Pricing: $699/ year/user
- Best for: Content Administration
- Accessibility and ease of use
- Drag and Drop
- Complex Search Function
- Limited Integration
SharePoint is a web-based platform for collaboration that seamlessly integrates with Microsoft Office. Although its primary purpose is document management and storage, each business will use it in a different way. SharePoint can be used by groups to create a central area that is password-protected for document sharing.
You can access its features via web applications or a web user interface (UI). You can access many features, including expanded file names, large files support, information rights management, folder sharing, and document library accessibility.
- Pricing: This is part of the Microsoft Office 365 Suite
- Best For: Collaboration
- Sharing & Collaboration
- Data Synchronization
- Multi-Device Use
- It is difficult to navigate
- Steep Learning Curve
Imanage is a content management system that secures the creation and collaboration of documents. You can also find integrations and partners like Google Workspace. It offers features such as email management, AI-based context search, and encryption to assist organizations in efficient knowledge management.
Pricing: On request
Conclusion — Top Legal Document Management Software
Automated workflows allow for task management, time tracking, and signature management, as well as collaboration and secure sharing. Legal Document Management Software can make it easier to get the activities of your law firm in order and increase efficiency
This is why legal document management software can be adopted at any time and will only rise as more and more firms realize their value.