Legl industry insights

For years I’ve seen law firms approach compliance with dread: an excessive cost to their business and something which gets in the way of them being able to do their job. Covid-19 and the inability to meet clients in person to conduct customer due diligence (CDD) has exacerbated this problem. I blogged about the lessons arising from the current pandemic early in lockdown, noting that tech enabled firms were better placed for the future than those that have resisted modern business tools. Many firms have responded quickly to these challenges, looking for solutions to the 'remote' problem.

Fortunately, in the period since the pandemic we have seen rapid innovation from companies like Legl enabling firms to now conduct CDD electronically, removing the need to meet clients in person or to collect physical documents. 

And with these new technologies come new opportunities. Firms now have the opportunity to approach compliance thoughtfully, as a way to deliver a great client onboarding experience. Electronic CDD isn’t just a quicker and simpler experience for clients, but it leaves them with the feeling that their data is being managed securely. It’s one of the quickest ways a firm can differentiate itself from its competitors: have an easier way for clients to instruct you. When viewed through this lens, having streamlined compliance processes becomes an investment in generating revenue rather than a “dead cost”.” 

I spoke with Legl about the new opportunities for firms and how tech is turning compliance into a competitive advantage. You can check out the full Report here.