P2P

81 I L T A N E T . O R G integrate eSignature products into their practice. For example, mergers and acquisitions and private equity deals have a significantly different closing process than simpler transactions. In these transactions, attorneys representing each side of the deal distribute and collect signatures to hold in escrow ahead of closing. This ensures attorneys can continue to simultaneously finalize transaction documents and close with all required signatures in time to meet important deadlines. Generalized electronic signature services were not built to support this type of workflow, so attorneys may not practically be able to integrate eSignatures without using tools specifically built to support these signing and closing workflows. Opportunities to Nudge Despite the objections attorneys may raise to the use of eSignatures, the many benefits should cause legal organizations to consider where they can encourage eSignatures as the default method of executing agreements. Here are a few of the ways law firms can nudge attorneys to start seeing the advantages of eSignatures in their practice. Find opportunities for small wins If attorneys seem reluctant to adopt eSignatures wholesale, consider focusing on simple use cases that provide tangible benefits. For example, encourage attorneys to use eSignatures to allow clients to quickly execute engagement letters. In addition, many deal attorneys struggle with logistics to collect signatures from clients who are traveling around the time of closings. Consider using eSignatures to help attorneys gather these signatures. If attorneys experience these small wins, they will be more likely to use eSignatures regularly on their transactions and even evangelize the use of eSignatures among their colleagues. Translate the value of eSignatures in terms of realization Paralegals, associates and partners at law firms will likely have different exposure to eSignatures based on the nature of their practices. However, all of these professionals are aligned in wanting to have the highest possible realization on the hours they bill. The industry struggles to bring realization rates above 90%, but complex signings and closings are particularly susceptible to write-downs, with reported realization rates closer to 50%. By using eSignature tools to improve efficiency around the signing process, firm professionals can get paid for a greater percentage of their work around the closing and move more quickly into the next deal with substantive work that clients are more willing to pay for. Integrate eSignatures into existing attorney workflows While attorneys may not go out of their way to use eSignatures, they are much more likely to try eSignatures if they can easily integrate the technolo into existing "Encourage attorneys to use eSignatures to allow clients to quickly execute engagement letters."

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