CoSign by ARX | July 2014
An ALM survey conducted on behalf of CoSign by ARX
Signature-Dependent
Processes & the Use of
Di...
Background
In May 2014, CoSign by ARX teamed up with ALM to conduct a survey targeted at corporate legal
departments, law ...
Summary
202 respondents participated in the survey. Nearly half of them (47%) work in a corporate law
department while 33%...
In which of the following ways are you involved in processes/documents that require a
signature?
Detailed Findings (1 of 1...
Describe your firm/department
Detailed Findings (2 of 10)
Other - 15% Government agency - 5%
Medium (11 to 99
attorneys) -...
What is your position?
Detailed Findings (3 of 10)
Other
HR Management
Marketing Staff
IT Management
Marketing Management
...
Does your firm or company currently use digital/electronic signatures?
Detailed Findings (4 of 10)
Yes, currently using
th...
In the areas you are responsible for, what percentage of documents is currently or used
to be printed out for the sole pur...
On average, how much time is currently or used to be added to a document requiring
two or more signatures as a result of r...
Which of these factors are/would be important for you in a digital/electronic signature
solution? Please rate each factor ...
What would you say are the biggest benefits of implementing digital/electronic
signatures? Please select up to 3 benefits....
What would you say are the main reasons for concern regarding implementing a
digital/electronic signature solution? Please...
Who in your organization would you say was/is the most interested in adopting
digital/electronic signatures? Who was/is th...
Check out the infographic of survey results:
http://bit.ly/lglinfographic
Try CoSign digital signatures FREE for 30 days:
...
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AN ALM Survey report - digital signatures in the legal market - conducted on behalf of ARX

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Signature-Dependent Processes & the Use of Digital Signatures in the Legal Market

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AN ALM Survey report - digital signatures in the legal market - conducted on behalf of ARX

  1. 1. 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
  2. 2. 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
  3. 3. 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.
  4. 4. 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 of signature processes Sign documents 4-7 times/wk Sign documents 0-3 times/wk Responsible for signature processes in organization Sign documents 8+ times/wk 4% 5% 16% 21% 23% 31% Total responses: 202
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. 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 rangesAverage % Documents Printed*: 49%
  9. 9. 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
  10. 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. 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 legal services providers Vendor reputation Integration with existing document management systems 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
  11. 11. 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, transportation impacts, 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
  12. 12. 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 sensitive data 8% 13% 20% 22% 27% 50% 56% 64%
  13. 13. 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
  14. 14. Check out the infographic of survey results: http://bit.ly/lglinfographic Try CoSign digital signatures FREE for 30 days: http://bit.ly/lgl30trial

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