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Corporate Legal Entity Management: How Tech Solutions Can Untangle Regulations
"The advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life."
Bill Gates, founder of Microsoft.
Are you concerned about legal risk and regulatory frameworks?
Compliance law has become crucial for many business sectors such as health, government, manufacturing, insurance, and more across the globe. In-house counsel and law firm’s compliance professionals recognize and address issues before they become problems for organizations. It is a specialized practice, and due to growing demand, law schools are educating the next generation of students in compliance law. Whether you've just entered the world of corporate law or you're an old hat, dealing with corporate legal requirements can be demanding, time-consuming, and complicated.
Unlike sole proprietorships, corporations usually need additional lawyers and accountants just to keep up with operations. Record-keeping, reporting, managing fees, administering stock certificates, maintaining out-of-state or out-of-country registrations…the list goes on and on.
Thankfully, there are technologies available to address corporate legal entity operations. Especially in a global marketplace, it is crucial to have a system that can handle all your business variables. The right technology can take a load off staff by automating activities, reducing inefficiencies, increasing transparency, and untangling complicated regulations.
Software Strategy – How Can Entity Management Technology Help?
Entity management software is an industry best practice. Besides traditional data and document management, it can also:
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Deliver a global view of your group's subsidiaries and shareholdings
- Enable you to view and manage the mandates of each contact
- Automate meeting management and reporting
- Analyze capital and financial data
- Map your company information chronologically
- Use information from scanned documents:
- Secure online signatures:
- Automatic document creation:
- Integration with email and document software:
Business isn't done in a vacuum. Using a collaborative portal is another way to streamline your work, both internally and with outside parties.
Online technology is a great way to get and stay connected, as well as managing business operations. It allows for:- Structured communication with internal and external advisors
- Systematized processes and workflows with clients, advisors, and suppliers
- E-Billing – external expenses management
- Real-time information sharing, either with your own team or other agencies
- Internal requests monitoring and form database
- Report creation for activities and projects
- Document sharing and collaborative files
Whether you're looking to drive direct or indirect shareholdings, manage an agenda for your workgroup, or edit detailed sheets on each company's entity, the right software can facilitate your needs.
Whether we're ready or not, technology is becoming more and more necessary to compete in the business world. It's up to you to select the right software and stay at the forefront of new automation options. With the right program, adapting to technology will be not a burden, but a relief, and you'll wonder how you ever got anything done without it. What used to be a tangled web of regulations and requirements will be just another checkbox on your to-do list.
History
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Corporate Legal Entity Management: How Tech Solutions Can Untangle Regulations
Published on : 14/08/2024 14 August Aug 08 2024Blog"The advance of technology is based on making it fit in so that you don't rea...
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In-House Counsel: Master And Manage Legal Spend With An Innovative Solution
Published on : 12/08/2024 12 August Aug 08 2024BlogManaging legal expenses effectively is crucial for maintaining financial co...
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Optimizing Legal Spend Management: Dynamic KPIs, Digitalization, and Administrative Automation
Published on : 09/08/2024 09 August Aug 08 2024BlogTransform your legal spend management by boosting transparency and administ...
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Key Challenges for Legal Departments in Managing External Expenses
Published on : 07/08/2024 07 August Aug 08 2024BlogEffective management of legal expenses requires efficient analysis and cent...
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The Crucial Partnership between Legal and Risk Teams
Published on : 09/07/2024 09 July Jul 07 2024BlogIn today's quickly evolving business landscape, the imperative of managing...
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Navigating Challenges: Confidence-Building Strategies for Legal Teams
Published on : 03/07/2024 03 July Jul 07 2024BlogLegal professionals operating within corporate environments face a myriad o...
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What are the main causes of disputes and litigation for businesses?
Published on : 26/06/2024 26 June Jun 06 2024BlogIn 2022, judicial courts handled nearly 200,000 new contract law cases, whi...
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AI and Legal Transformation at La Poste: Experiences, Initiatives, and Collaboration
Published on : 11/06/2024 11 June Jun 06 2024Blog
Aurelie Morin's Presentation, Legal Operations Manager (La Poste Group), as part of the panel discussion "The Impact of AI on Lawyers in 2024: Technology, Skills, Use Cases."
Digitalization and the use of generative AI are part of the objectives of the Legal Department's strategy at La Poste Group.
First Steps Towards AI: Training and Legal Collaboration at La PosteEven before ChatGPT became the focus of daily conversations, we had established a multidisciplinary working group covering various areas of law, consisting of 10 lawyers, to test it.
In the meantime, we have implemented some training sessions and conducted awareness-raising actions to engage the lawyers. We are 140 within La Poste's legal department, and we have created legal cafes to share with the Caisse des Dépôts group. In total, we are 800 lawyers to exchange ideas, define what we are talking about AI, generative AI, extractive AI, and what they correspond to. But also, to handle AI and test it.
Implementing AI in the Legal Landscape: Experiences and Reflections at La PosteBeyond our ongoing reflection on the impacts of AI and its use in our profession, we are also involved at a global level. One of our legal directors worked with all of La Poste's departments to draft a memo on data protection, advising all postal workers not to share any personal or company data when using ChatGPT. A group of lawyers is currently working on use cases. As a Legal Ops manager, I collaborate with our DATA/AI division and the Transformation Department to monitor the evolution of our environment in light of Generative AI.
Challenges and Initiatives: AI in the Service of Legal Transformation
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How AI Transforms Litigations to Evaluate and Mitigate Risks
Published on : 11/06/2024 11 June Jun 06 2024BlogFor businesses, litigation presents significant costs—financial, reputation...