One benefit of cloud computing is that it allows lawyers to back up their data offsite, thus providing a safety net in the face of onsite data loss caused by a computer or server failure or a natural disaster, such as a fire.
One of the benefits of using a cloud computing platform in your law practice is offsite data back up and business continuity. It’s a convenient and simple solution for data back up, it happens automatically and gives you one less thing to worry about. Read more…
Information gathering and note-taking apps can help busy attorneys manage the constant stream of information and avoid information overload.
Sometimes, in this new Web 2.0 world, it’s easy to feel overwhelmed with information. Organizing the flow of information, for both work and personal uses, is one way to manage the constant stream of information and reduce information overload. Read more…
A virtual deal room is a convenient tool to securely organize and share large volumes of documents during the Private Placement process. An online document repository, or virtual deal room, is an attractive alternative to email for collecting and sharing this information in an organized fashion while keeping the data safe.
Recently, I have been talking to professionals that specialize in issuing private placements. A private placement is a funding round of securities that are issued to a select group of targeted, private investors. In my discussions, it has become apparent that there is an opportunity for professionals in this space to leverage the capabilities of a virtual data room, particularly if they manage more than one of these transactions annually.
Managing cloud computing risk using new products and services.
One of the primary concerns expressed by lawyers and other business owners when considering moving data and processes to the Cloud is risk. Understandably, business owners are wary of outsourcing confidential information and express concerns regarding the security of their data. Another concern involves the sense of lack of control over company data and the inability to monitor the software processes used to organize the information.
Environmental health is a growing global issue and demand for renewable energy is accelerating. Solar energy has grown at 30% per annum over the past 15 years while wind power grew close to 32% in 2009. As Firmex, virtual data room technology, becomes more cost-effective and easy to use, the software is increasingly useful to the renewable energy industry.
Over the last year, Firmex has been signing a significant number of renewable energy developers - in particular solar and wind energy. As the health of the environment continues to be a growing global issue, demand for renewable energy is accelerating. Solar energy has grown at 30% per annum over the past 15 years while wind power grew close to 32% in 2009. In 2008 some $155 Billion was invested in renewable energy up fourfold from 2004. Investment fell 40% in 2009 due to the economic crisis though experts expect that to rebound.
Virtual data rooms allow lawyers to store documents online, offering lawyers and their clients convenient access to important legal files.
In my last post we discussed how digital dictation systems can offer busy lawyers much-needed flexibility in the creation of legal documents. The next step, once you’ve created documents using digital dictation, is to store your documents online using virtual document management and collaboration systems. These convenient and efficient online platforms offer lawyers a 21st Century alternative to traditional document management systems.
Firmex is in the business of providing M&A advisors, lawyers and corporate executive staff a secure online data room for sharing critical operational, legal and financial documents with 3rd parties. Recently, a group of lawyers were convicted for trading insider information which was gleaned from picking through other lawyers’ client documents and another company was saved from losing all their documents in a fire by storing everything in their Firmex virtual deal room.
Firmex is in the business of providing M&A advisors, lawyers and corporate executive staff a secure online data room for sharing critical operational, legal and financial documents with 3rd parties. Not surprisingly, as the company’s CEO, I run into resistance from senior partners and executives about putting critical and highly confidential company information on the Internet. They are worried that it’s “not safe.”
Over the next few months, we will be making Firmex simpler for our clients to administer their virtual datarooms / workspaces and interact throughout the application
As developers we constantly focus our attention on the performance of our Firmex platform. While this concentration will always be an important aspect of what we do, it is imperative to direct our attention to exactly what we are developing and how it is being used. Since launching the new Firmex service-based architecture, our web application has experienced huge gains in speed and performance, paving the way for us to develop new ways to streamline workflow for our users.
Firmex’s software engineers, busily developing hyper-secure code that drives virtual data rooms full of mission-critical documents that are accessed by 10,000s of users every month, should be treated to an open creative space that is as dynamic as their work.
Ad agencies and design firms, as creative shops, have always used the design of their spaces to inspire their employees to creative heights. But, really, it’s in every business owner’s interest, no matter what industry, to build an employee environment that invites creativity and productivity.
Virtual data rooms offer law firms an encrypted method of communication that is far more secure than the unencrypted email currently being used by many lawyers.
As discussed last week, the unencrypted email systems used by most law firms are inherently insecure and place confidential client data at risk.
Firmex’s unlimited use virtual data rooms expand the use investment banks have for their deal rooms exponentially; hasten deals to close and help avoid unnecessary risk.
In any deal, time is risk. The longer it takes to close a deal, the greater the potential for the transaction to get derailed. Being prepared ahead of time is one way to avoid time delays and risk.
Lawyers may not realize that email is inherently insecure and that the encrypted client communications offered by many cloud computing platform are a better, more secure alternative.
Email security in its current form is inherently flawed and many lawyers are unaware of this disconcerting fact. Most emails are no more than mere postcards, the contents readily viewable by anyone who cares to look.
Lawyers and law firms can avoid costly air travel delays by taking advantage of innovative alternatives to face-to-face business meetings, such as virtual data rooms or online workspace services, which offer a cost-effective way to organize and deliver content online.
Let’s face it, these days, business air travel is a costly proposition—it’s expensive and takes up valuable time. Read more…
The Due Diligence M&A process involves buyers and sellers of businesses connecting with other buyers and sellers to complete transactions. In today’s market place, the process of Due Diligence has been streamlined by collecting the information in digital format and sharing it online in a virtual data room.
In the business world, Due Diligence refers to the act of investigating information related to people and businesses. This can be on a voluntary basis as in conducting a background check on a future employee, or it can be a legal requirement as in investigating the legal issues around a corporate takeover bid. However, the most common type of Due Diligence performed in business typically relates to that which is performed in relation to a merger or acquisition (M&A). Read more…
At LegalTech NY 2010, the problem of information overload was tackled during one of the Keynote panels and it was agreed that creating tools that allow for access to better, more pertinent information is key.
Two weeks ago, thousands of attorneys and other legal professionals descended upon Manhattan to attend LegalTech New York, hoping to catch up on the latest legal technologies and innovations. Read more…
Most virtual data room providers charge per dataroom, page, number of users. Which are the benefits of an unlimited use virtual deal room model? Why does such a model makes sense?
It has always puzzled me as to why virtual data room providers charge per data room or per page or total number of users. How can any company running a deal know exactly how many pages of documents they will have? Or how many users are going to access the deal room? Read more…
Legal and Financial Advisor are Raising the Bar: Online Documents = Better Client Service
Being organized ultimately means less mistakes, getting the work done faster and providing superior service. Whether it is completing a transaction, structuring a businesses or managing a clinical trial are volumes of documents. Having documents highly organized, accessible and online access reduces the voicemails, “lost” e-mail attachments and miscommunication that frustrates any collaborative process. As one attorney commented Read more…
