an alm survey report - digital signatures in the legal market - conducted on behalf of arx
DESCRIPTION
Signature-Dependent Processes & the Use of Digital Signatures in the Legal MarketTRANSCRIPT
CoSign by ARX | July 2014
An ALM survey conducted on behalf of CoSign by ARX
Signature-Dependent Processes & the Use of Digital Signatures in the Legal Market
Background
In May 2014, CoSign by ARX teamed up with ALM to conduct a survey targeted at corporate legal departments, law firms and government agencies to understand how signature-dependent processes and digital signatures play a role in their day-to-day operations. Particularly, we sought to uncover legal professionals’ perspectives on:
Use of digital signatures and usage readiness
The efficiency impact of using digital signatures versus physical signatures
The benefits and concerns about digital signatures
The departments most interested in digital signatures and most reluctant
Objectives
Summary
202 respondents participated in the survey. Nearly half of them (47%) work in a corporate law department while 33% work in a law firm. By position, the three largest groups were managing partners/partners (22%), in-house corporate counsel (17%) and CLO/general counsel (16%).
Respondent profile
Key findings
40% are already using digital signatures. Another 39% are ready or near ready to adopt them.
49% of documents are printed for the sole purpose of collecting a signature.
47% sign at least four times a week; 31% sign 8 or more times per week.
An average of 1.24 days are added to processes due to paper-based signatures.
87% cited ‘security and integrity of sensitive data’ as the most important factor in a digital signature solution.
The top response for biggest benefit of digital signatures was ‘increased efficiency’ (62%).
64% cited ‘security, control, integrity and location of sensitive data’ as the top concern about digital signatures.
In which of the following ways are you involved in processes/documents that require a signature?
Detailed Findings (1 of 10)
Other involvement
Not involved/knowledgeable ofsignature processes
Sign documents 4-7 times/wk
Sign documents 0-3 times/wk
Responsible for signature processes inorganization
Sign documents 8+ times/wk
4%
5%
16%
21%
23%
31%
Total responses: 202
Describe your firm/department
Detailed Findings (2 of 10)
Other - 15% Government agency - 5%
Medium (11 to 99 attorneys) - 6%
Large (100+ attorneys) - 6%
Small (1 to 10 attorneys) - 21%
Law department - 47%
Total responses: 189
What is your position?
Detailed Findings (3 of 10)
Other
HR Management
Marketing Staff
IT Management
Marketing Management
Admin Staff (paralegal, legal assistant,…
Of counsel/other attorney
Finance Management
Sr. Associate/associate
Administrator
Dep/Asst General Counsel
CLO/General Counsel
In-house corporate counsel
Managing partner/partner
6%
1%
1%
2%
2%
2%
3%
4%
5%
7%
12%
16%
17%
22%
Total responses: 189
Does your firm or company currently use digital/electronic signatures?
Detailed Findings (4 of 10)
Yes, currently using them 40%
Plan to implement in next 12 months
12%
See the need but no plans at present
27%
Don't see the need 19%
Other 2%
Total responses: 187
In the areas you are responsible for, what percentage of documents is currently or used to be printed out for the sole purpose of adding one or more signatures?
Detailed Findings (5 of 10)
25% or less 29%
26% to 50% 13%
51% to 75% 17%
76% to 100% 34%
I'm not sure/I don't recall
7%
Total responses: 173 *Calculated from ranges Average % Documents Printed*: 49%
On average, how much time is currently or used to be added to a document requiring two or more signatures as a result of requiring physical signatures?
Detailed Findings (6 of 10)
A few hours 39%
1 day 17%
2 to 5 days 24%
More than 5 days 2%
I'm not sure/not aware of timing
18%
Average Time Added*: 1.24 days Total responses: 173 *Calculated from ranges
Which of these factors are/would be important for you in a digital/electronic signature solution? Please rate each factor on a scale of 1 to 5 where 1 is least important and 5 is most important.
Detailed Findings (7 of 10)
7%
35%
60%
68%
69%
70%
78%
81%
86%
87%
0% 20% 40% 60% 80% 100%
Other
References from outside legal counsel or legalservices providers
Vendor reputation
Integration with existing document managementsystems
Pricing
Control over user management/governance policies
Acceptance by the courts
Ease of implementation
Ease of use
Security and integrity of sensitive data
Total 2 Top Boxes
5 - Most important
4
3
2
1 - Least important
Total responses: 167
What would you say are the biggest benefits of implementing digital/electronic signatures? Please select up to 3 benefits.
Detailed Findings (8 of 10)
Other
Improved user satisfaction & trust (employees, partners, clients)
Environmental considerations (reduce paper waste, transportationimpacts, etc.)
Enabling mobile signing (for remote/traveling employees)
Lower costs (eliminating paper-related expenses)
Establishing a paperless office/full digital automation
Complying with legal, retention, audit requirements
Shortened turnaround time on signature approvals
Increased efficiency (saving time on printing, etc.)
1%
10%
17%
35%
36%
39%
39%
50%
62%
Total responses: 165
What would you say are the main reasons for concern regarding implementing a digital/electronic signature solution? Please select up to 3 main concerns.
Detailed Findings (9 of 10)
Total responses: 163
We don't see the business benefits
Resistance from employees
Management doesn't consider it a worthwhile investment
Don't require enough signatures to make it worthwhile
Have higher priority IT projects
Concerns of compliance with regulations/audit requirements
Concerns with acceptance/legality of digital signatures
Concerns of security, control, integrity, location of sensitivedata
8%
13%
20%
22%
27%
50%
56%
64%
Who in your organization would you say was/is the most interested in adopting digital/electronic signatures? Who was/is the most reluctant? Please pick up to three groups in each row.
Detailed Findings (10 of 10)
Total responses: 164
41%
25% 25%
20% 19%
16%
12%
7%
4%
28%
15%
7%
11%
15%
22% 20%
15% 12%
Most interested Most reluctant
Check out the infographic of survey results:
http://bit.ly/lglinfographic
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