Signature-Dependent Processes & the Use of Digital Signatures in the Legal Market. An ALM survey conducted on behalf of CoSign by ARX

Transcription

1 Signature-Dependent Processes & the Use of Digital Signatures in the Legal Market An ALM survey conducted on behalf of CoSign by ARX CoSign by ARX July 2014

2 Background Objectives 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

3 Summary Respondent profile 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%). 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.

4 Detailed Findings (1 of 10) In which of the following ways are you involved in processes/documents that require a signature? Sign documents 8+ times/wk 31% Responsible for signature processes in organization Sign documents 0-3 times/wk 21% 23% Sign documents 4-7 times/wk 16% Not involved/knowledgeable of signature processes Other involvement 4% 5% Total responses: 202

5 Detailed Findings (2 of 10) Describe your firm/department Other - 15% Government agency - 5% Law department - 47% Medium (11 to 99 attorneys) - 6% Small (1 to 10 attorneys) - 21% Large (100+ attorneys) - 6% Total responses: 189

6 Detailed Findings (3 of 10) What is your position? Managing partner/partner 22% In-house corporate counsel CLO/General Counsel 16% 17% Dep/Asst General Counsel 12% Administrator 7% Sr. Associate/associate 5% Finance Management 4% Of counsel/other attorney 3% Admin Staff (paralegal, legal assistant, Marketing Management IT Management 2% 2% 2% Marketing Staff HR Management 1% 1% Other 6% Total responses: 189

7 Detailed Findings (4 of 10) Does your firm or company currently use digital/electronic signatures? Other 2% Don't see the need 19% See the need but no plans at present 27% Plan to implement in next 12 months 12% Yes, currently using them 40% Total responses: 187

8 Detailed Findings (5 of 10) 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? I'm not sure/i don't recall 7% 76% to 100% 34% 25% or less 29% 51% to 75% 17% 26% to 50% 13% Average % Documents Printed*: 49% Total responses: 173 *Calculated from ranges

9 Detailed Findings (6 of 10) 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? More than 5 days 2% I'm not sure/not aware of timing 18% A few hours 39% 2 to 5 days 24% 1 day 17% Average Time Added*: 1.24 days Total responses: 173 *Calculated from ranges

10 Detailed Findings (7 of 10) 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. Security and integrity of sensitive data Ease of use Ease of implementation Acceptance by the courts Control over user management/governance policies Pricing Integration with existing document management systems Vendor reputation References from outside legal counsel or legal services providers Other 7% 35% 60% 70% 69% 68% 81% 78% 87% 86% Total 2 Top Boxes 5 - Most important Least important Total responses: 167 0% 20% 40% 60% 80% 100%

11 Detailed Findings (8 of 10) What would you say are the biggest benefits of implementing digital/electronic signatures? Please select up to 3 benefits. Increased efficiency (saving time on printing, etc.) 62% Shortened turnaround time on signature approvals 50% Complying with legal, retention, audit requirements Establishing a paperless office/full digital automation Lower costs (eliminating paper-related expenses) Enabling mobile signing (for remote/traveling employees) 39% 39% 36% 35% Environmental considerations (reduce paper waste, transportation impacts, etc.) Improved user satisfaction & trust (employees, partners, clients) 10% 17% Other 1% Total responses: 165

12 Detailed Findings (9 of 10) What would you say are the main reasons for concern regarding implementing a digital/electronic signature solution? Please select up to 3 main concerns. Concerns of security, control, integrity, location of sensitive data Concerns with acceptance/legality of digital signatures 56% 64% Concerns of compliance with regulations/audit requirements 50% Have higher priority IT projects Don't require enough signatures to make it worthwhile Management doesn't consider it a worthwhile investment 22% 20% 27% Resistance from employees 13% We don't see the business benefits 8% Total responses: 163

13 Detailed Findings (10 of 10) 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. 41% 28% 25% 25% 15% 20% 11% 19% 15% 16% 22% Most interested 12% 20% Most reluctant 15% 12% 7% 7% 4% Total responses: 164

14 Check out the infographic of survey results: Try CoSign digital signatures FREE for 30 days: