E-Signature technology and the law, how to proceed? E-Signature companies are prospering like never before, as the courts turn to electronic notarization.
E-Signature technology companies have seen a steady growth, and set a new legal precedent in client and attorney interests over the last five months; as the everyday lawyer, judge, and other legal professionals must find new opportunities on how to keep proceedings for law firms moving forward, minus the capability for face-to-face communications.
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E-signature technology is having its moment in history. CNBC reported that stock at DocuSign reached an all-time high. SimplyAgree CEO Will Norton said more law firms have approached his company in the last three months, compared to all of last year.
For the boost in popularity of e-signature tech companies, a framework of state laws still dampens the use; and restricts the capabilities of such tools. Many state laws overseeing the use of electronic notary signatures can vary from jurisdiction to jurisdiction, and some demand that clients and notaries be present physically.
The obstacles involved with regulations have always been an issue, and many companies’ early years were spent overcoming these obstacles, while convincing legal professionals of the viability of e-signatures.
Clients as of now seem satisfied. Norton, at SimplyAgree, indicated that “the company allows users to toggle back and forth between the use of handwritten and e-signatures on the same deal. Thus far, they seem content to use e-signatures to speed the process along where they can, even if a few stages must remain analog for regulatory purposes”
He believes regulations will be modernized to reflect the potential of e-notarization, as the company can still streamline the complete contract process. “From our perspective, our customers are going to close their deals one way or another, whether they use e-notarization or not,” Norton said.
As e-signatures remain part of the broadening contract ecosystem, the pandemic related surge in value and interest may help excel DocuSign to the top of the Nasdaq 100.
Scott Olrich, COO at DocuSign, had previously told LTN (LTN Global) that seal’s AI technologies will soon be integrated with the cloud’s suite. Auto-tagging documents for dates and signatures will be automatic; and blockchain codes will expand to better execute and monitor contract requirements when requested. This will be especially important with legal documentation, and improve the speed of the entire legal process overall.
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Sources: https://news.yahoo.com/seal-software-receives-15m-investment-100356852.html
https://www.fool.com/investing/2020/06/11/heres-why-the-best-is-yet-to-come-for-docusign.aspx
