When asked which business processes are most critical to their enterprises, entrepreneurs are quick to mention finance, IT, and human resource management, but legal document management rarely makes the list of priorities.
With only a handful contracts and legal documents in the early stages of your business, it’s easy to overlook the necessity of good storage practices. But building a solid foundation and keeping a keen eye on your contracts and legal documents is not only a legal requirement, but will save you a lot of money, time and trouble. A few examples:
Deadlines: Just like your personal subscriptions, more and more business agreements contain an automatic renewal provision and other important deadlines (e.g., if you do not terminate, the contract renews for another year). Having an overview of important deadlines will save you a lot of money.
Due diligence and audits: Investors, regulators, tax authorities, banks, customers and others may request to see your legal documentation. By staying organized, you will save a lot of time (and potentially trouble).
Intellectual property: Trademarks need to be renewed on a regular basis – if you forget about this, your trademark protection may be lost to a competitor.
Legal document management means having simple structures and contract processes in place.
There are many possible logics for document naming and storage – and none is perfect. The key principles can be summarized as follows:
Download our full guide on essential document management and storage best practices here: products.lexr.ch/legal-document-management-guide