Showing posts with label legal outsourcing companies. Show all posts
Showing posts with label legal outsourcing companies. Show all posts

Thursday, December 10, 2020

5 Best Practices for Document Review to Enhance Your Legal Workflow




The document review process is an integral part of the legal world. Lawyers know the importance of getting the documents right in order to prepare a well-drafted contract, increase the chances of case-win, leading to better discovery workflow, improved reputation in the market, and pleasanter relationships with clients.
 

 

Here are five best document review practices law firms and corporate legal departments can adapt to bring the best results out of legal discovery. 

 

Strategize Your Plan of Action 

 

Your legal team should always start the discovery process with having a plan in hand. Strategizing a discovery plan includes setting the scope, creating a schedule, and evaluating the resources available. Each member of the document review team should comprehend what their individual role is in the process. Therefore, it is vital to define their roles and responsibilities prior to starting discovery. 

 

Planning is not only helpful for the review team to enhance their workflow; it will also help you get a clear picture of the document review costs and create an estimated budget for clients. 

 

Set and Develop SOPs 

 

Legal document review takes a lot of time and can become stressful too. That is why it will be best to define your standard operating procedures (SOPs) so that a smooth and detailed document review process can be carried out. Evaluate and document the process your team follows to complete a review successfully, then make that process definitive for all members. Every time you learn a new, better practice, make sure you make improvements and do changes to your SOP.  

 

This will ensure your team remains updated with the best document review practices in the industry. 

 

Assess The eDiscovery System You Use 

 

When evaluating your eDiscovery system, ask these questions to yourself; 

 

  • Does it have multilingual capabilities? 

  • Can it manage multiple forms of electronically stored information (ESI)?  

  • Does it ensure quality control?  

  • Does it provide functions such as duplication detection, built-in version control? 

  • Does it offer features like technology-assisted review (TAR)?  

  • For project management, does it enable both internal and external resources? 

 

Ask these questions to evaluate your current system's efficiency and determine whether you need to upgrade to a more cost-effective, reliable, all-inclusive, discovery solution. 

 

Perform Native & Image Review 

 

 

  • Native Review: Reviewing electronically stored information in its native source format is called a native review. Page counts of native files will be different in accordance with different computer settings. 

 

  • Image Review: Image review incorporates the conversion of ESI into image format. Converting all ESI data into images for review used to be common for document reviewers. However, as data volumes are large nowadays, this practice (which was standard practice) has become costly and outdated. 

 

As an efficient and cost-effective approach, you may start with native review and request images only when you know they will create value. 

 

 

Get the Right People Work for You 

 

eDiscovery is a time-consuming process; thus, you want to hire people having unique skills that will boost productivity. These people will play a key role in helping you meet deadlines imposed by a court. As it is usually challenging to find and hire people with the required legal experience, subject matter expertise, project management, and multilingual skills, you may consider outsourcing legal document review services to a reliable and reputed LPO firm. 

 

Such firms can provide you with all you look for in a legal professional before hiring. 

 

Conclusion: 

 

Besides these practices, you may also consider using technology to enhance your law firm or business's discovery process. Using the right tools will help you bring better collaboration and more accountability. This will reduce the time taken for completing discovery projects. Use technology if you want your firm to become a formidable competitor in the legal landscape. 

 

Friday, December 4, 2020

Bankruptcy: Pros and Cons with its Alternatives

Declaring bankruptcy is when your debts are unmanageable or facing foreclosure. It is a legal process judged by federal bankruptcy courts. A court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses with debts so oppressive that they have become unable to repay. 

 

 Bankruptcy is a complex process involving rigid rules and regulations that govern bankruptcy proceedings. 

 


Who declares themselves Bankrupt? 

 

 Bankruptcy is generally considered the final solution for people who have far more debts and see no way to pay their bills.  

 In 2019, 70% of the bankruptcy cases were from real estate companies. The filers owed $116 billion and had assets of $83.6 billion. This is surprising to know that individuals are filing for bankruptcy cases, not businesses. They owe money for a mortgage, credit card debt, auto loan, or student loan and don’t have the income to pay for it. 

 

 

Pros and Cons of Bankruptcy 

 

 Below are some of the Pros of filing for bankruptcy 

 

 1. Granting Full Discharge
 

Discharge means the debts are forgiven, and the individual is no longer responsible for them. If individuals have been unable to pay your bills, they may be able to have these debts legally waived.  

 

 Another alternative is to file for Chapter 13, which allows them to reorganize the debts and consolidate them into a single monthly payment.  

 

 

2. Granting an Automatic Stay 

 

 If you are granted an automatic stay, it means the creditors will not be able to chase payments or take actions against the payee until the bankruptcy is discharged or a repayment plan is finalized. 

 

 3. Appointment of Representative 

 

A trustee is appointed who will closely examine the case until the case is disposed of. They act as catalysts, handling all the communication between payee and creditor. 

 

 4. Prevention Against Further Legal Action 

It would prevent future legal trouble that is related to the non-payment of the debt. 

 

 5. Give a fresh start

Bankruptcy can potentially provide a much-needed clean chit to rebuild your financial life and healthily re-establish your credit. 

 

Below are some of the Cons of filing for bankruptcy 

 

 1. Heavy Costs: 

Filing for bankruptcy is a highly expensive affair. With filing fees, bankruptcy trustees fees, credit counseling fees, and attorney fees, they can really add up the bankruptcy cost. 

 

 2. Lengthy Process

A Chapter 7 bankruptcy is quite quick and typically discharges within a few months, whereas Chapter 13 bankruptcy is a much longer process. Filing for bankruptcy can last for more than 10 years. Significantly it becomes more challenging to secure a loan in the future. 

3. Loss of Business 

 If you have owned a business and the trustee can determine its value, they can be forced to sell them. In some instances, the trustee may operate the business until its sale. 

 

 4. Drop in your credit score

There could be a significant drop in your credit card score. 

 

 5. Loose value of assets 

The equity of the assets like home, car, and other items are lost.  

 


Alternatives to Bankruptcy 

The coronavirus pandemic has affected business in many ways, but they still make moves to protect their financial future. Filing for bankruptcy will erase many bills. Bankruptcy might be a good option when one is clashing with debts. 

 

Credit/Debt Counselling & Debt Management Plans 

Debt counseling is the best way to manage your debts. The debt management plan helps make regular payments to the credit counseling company, making payments on your behalf to the creditors. 

Debt Settlement 

Debt settlement may be an option If the debt is severely controllable. In debt settlement  

 Creditors can forgive a portion of the debt, whereas, in debt management plans, the entire debt needs to pay off.  

 

Liquidating Assets 

Selling or liquidating an asset allows us to pay off the debts quickly and easily.  
 

Debt Consolidation Loan 

 Get hassle-free payments to several creditors using debt consolidation loans. A home equity loan is a way to repay creditors. 

 

Conclusion 

 

Bankruptcy only after they pursue debt management, debt consolidation loan, and most people consider liquidating Assets. These options can help them resolve all the finances back on track and won't negatively impact your credit score. Regardless of what type of debt relief to choose, always take better care of your credit immediately by putting simple, responsible, credit-positive actions into practice. 

You can consider Legal Support World - a reputed Legal Process Outsourcing firm, providing legal support service services to lawyers and law firms across the globe since 2008.