Legal firms, outsourcing, most documentation and data collecting tasks, is no breaking news. The amount of work that leaves the lawyer’s office every day, to be handled by professionals half way across the earth has been growing steadily. At the end of the day the legal profession is business, and taking a decent check back home is important.
An, important support function…
Due diligence is an important support function and especially important when it comes to civil litigation disputes, borrowings contract analysis etc. It can take days on end to research, review, audit, carry out background checks and investigate a particular case. That is why most lawyers assign tasks such as due diligence,coding and document review to legal back office professionals.
And most of the work lands up in busy offices located in developing countries like India.
The security factor !
Legal documents are sensitive. A small slip-up can lead to far reaching consequences. It is important that lawyers first verify if the infrastructure and security protocols followed in the organization are safe enough to handle legal data.
It is imperative that a thorough check is carried out to find if the systems and networks are debugged. A confidentiality agreement and the track record of the firm are important. So what else matters?
The job requires more than just analytical skills…
Just closely reviewing documents isn’t enough. The job requires the hawk’s eye of a legal expert to spot discrepancies. Not conducting a thorough due diligence check can lead to law suits and loss of reputation. And that is why someone who has prior experience and a good knowledge of legal intricacies is best suited for the job.
Here are the questions you should ask…
For corporate due diligence
Do you understand corporate compliance?
Know about the issuance of securities?
Can you offer contract management analysis?
Do you have an experienced team to review contractual, statutory terms and obligations?
Do you have knowledge of unions and salary settlements?
Can you check the validity of licenses?
Review the sufficiency of existing licenses?
The procedures for transfer of licenses…
· Can you determine what is the defense taken?
· Assess the monetary and legal implications of adverse decisions.
· Find out what is the materiality of the disagreement?
Be a part of the process !
Outsourcing doesn’t mean you can put your feet up! For a smooth sailing due diligence support services . work closely with the third party company to steer clear of bottlenecks.