Reducing hard and soft search costs

Many legal practices see the search and discovery as a tedious, costly necessity. Today, with manual procedures still holding sway, it is often complex and time-consuming but its importance in establishing the facts of the matter mean that it is critical to the success of any legal case – and as such, like a lingering back pain has become something firms have learnt to put up with. Its importance is further underlined by the fact that it is seldom a one-off activity but iterative, and discovery of new information often leads to further searches to verify facts material to a case.

Gavel Keyboard

Sometimes, the same search needs to be repeated at a later date to see if any facts have changed which incurs further hard costs – buying the actual reports, and soft costs – the human time to analyse the information that has been retrieved.

Given how search, review and management of legal information underpins advice and therefore the revenue-earning capabilities of a firm, it is no surprise that in an industry suffering from information overload, forward thinking firms are looking for ways to improve the accuracy of their search process while reducing costs at the same time.

Costs

This is where automation combined with visualisation delivers unprecedented value. Imagine being
able to simultaneously perform five company searches, ten director searches and four land registry
searches all at once. What if you could have the results automatically presented to you in an
interactive visual chart, in a third of the time it takes today? Encompass Verify for Law has already
saved law firms in Australia thousands and thousands of dollars by reducing the amount of time they
have to write off on unbillable, clerical tasks associated with search and review. Now it has been
launched in the UK and the company believes it can deliver the same benefits and more to UK firms.

Mike Kearney

As a product marketing professional, Mike specialises in technologies that deliver business innovation by managing, analysing and presenting information. Mike’s career spans working in Australia, Europe and USA with experience in financial services, telecommunications, energy, pharmaceuticals, electronics and public sector, and with vendors including Netezza, Oracle, Vignette, BMC Software, and IBM.

about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

want to turn regulation compliance
in to a competitive advantage?

Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.

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