A secure Virtual data rooms (VDR), also known as a virtual deal room is a safe & secure online repository for distribution & storage of important documents & data. Virtual deal rooms (VDR) are typically used during the due diligence process preceding a merger or acquisition to share, review, discuss & retail outlet documents firmly. Virtual Deal Rooms (VDR) now have & are increasingly replacing physical data rooms which were traditionally used to store, disclose & share documents. With the increased scrutiny to reduce costs and globalization of businesses, virtual deal room (VDR) are becoming an attractive & affordable alternative to physical data room.
Law firms benefit a lot from virtual data rooms (VDR) as it is a secure data storage and file sharing platform. All the important data & documents are stored and shared with utmost security through a secure virtual data room because traditional approaches to data protection now cannot match the complexity of the constant growing threats & IT infrastructure. It is just like waiting for the next trouble to occur at your door if the data in a law firm is not protected.
With Docully VDR you can effectively work with your entire team from anywhere in the world. Virtual deals as such also allows you & your other authorised colleagues to work on a document at once.
Main Advantages of a secure Virtual Data Room (VDR) for Law Firms:
- SECURITY- Security is the one of the most important aspect for a law firm. Virtual deal room (VDR) provide you the best security with multi-stage protection for the documents & secure data storage. Once you possess a deal data room, only authorised individuals have access to the documents, which helps to keep all the sensitive information & data secure. All your intellectual property, licenses safe & important documents are secured from falling into wrong hands.
- EFFICIENT- While virtual data room (VDR) provides data security, it also allows for secure data sharing which makes it very efficient. You can access all the sensitive data & documents, collaborate & share it with authorised individuals. It also allows different permission level, layers of security protocols can be added for increase security levels as these deny actions such as copy pasting information & taking screenshots.
- RELIABILITY- Virtual data room (VDR) is very reliable as it not only provides more security than physical data rooms but also there is no risk of loss during transit or the documents being destroyed accidentally. Also Virtual deal rooms (VDR) are less expensive when compared to traditional form of data storing. It is also saves valuable time of the firm as it can be accessed from anywhere at anytime. A missing piece of evidence or supporting documents might cause the failure of a case.
- Transactions can be tracked easily in a data room. In cases where a legal team is involved, members can collaborate no matter where they are in the world. Miscommunication and lapses can be avoided because the system shows who has viewed specific documents. Notifications will be sent to the people involved so lawyers can respond to questions and express their opinions within the portal immediately.
The legal profession involves a web of documents that need to be cohesively organized. They rely on these documents to build their cases. A secure virtual data room is thus a crucial part of the legal management and helps bring stability and credibility to the legal practice.
The DocullyVDR team is a provider of a new generation secure data sharing platform designed for businesses. The team has extensive experience in working with document sharing platforms and has been assisting the Virtual Data Room community since 2019 by providing users with free information.