Are electronic signatures safe and secure? Should I use them for my law firm?
You may have heard of a company called DocuSign, a San Francisco-based company founded in 2003 that helps businesses collect and manage electronic signatures for important documents. DocuSign has enabled more than 20 million users to sign more than 150 million legally binding documents.
Companies like dealcloser have since taken this technology one step further and applied it to the legal industry. dealcloser has designed an intuitive and secure online legal transaction management platform for corporate lawyers that makes the transaction process more efficient and accurate. dealcloser has developed a custom-built electronic signature management system that integrates directly into the deal closing process. This direct integration removes the need for third party electronic signature integrations that can fragment the closing process. dealcloser's electronic signature management system complies with the Uniform Electronic Transactions Act and the ESIGN Act - click here to learn more about both.
Are E-signatures safe and secure?
Electronic documents that are electronically signed are significantly more secure than their hand signed paper equivalents. Electronically signed documents can be programmed to capture more information about the circumstances of the signature than just the person's name, signature, and title - information such as the exact time when, and the location where, the document was electronically signed. This extra information is called metadata and metadata allows for the creation of authentic, reliable, and trustworthy electronically signed documents.
Electronically signed documents can also be protected from unauthorized tampering, which simply isn’t possible with paper documents. The potential for fraud increases with paper transactions because paper documents are so easily lost, stolen, manipulated, or forged. Electronic records can be encrypted, encoded with fraud-preventing metadata, and stored securely online.
Why switch to E-signatures if what I'm doing works?
Most firms know that it can take clients too much time to sign and return documents yet any delay can significantly impact a deal. Furthermore, sometimes documents need to be sent out for signature multiple times due to drafting errors or because signatures were missed entirely. The many issues that arise due to the use of paper documents and handwritten signatures are no longer acceptable when there is technology available that eliminates these issues entirely. Douglas Forer, of Tax Law LLP, expressed “we haven’t used paper signatures since we started with dealcloser...I don’t think we could ever go back to the previous regime!”
It's never been easier to switch to e-signatures and to make your transactions accurate, simple, and secure!