An, important support function…
Due diligence is an
important support function and especially important when it comes to civil
litigation disputes, borrowings contract analysis etc. It can take days on end
to research, review, audit, carry out background checks and investigate a
particular case. That is why most lawyers assign tasks such as due diligence,coding and document review to legal back office professionals.
And most of the work
lands up in busy offices located in developing countries like India.
The security factor !
Legal documents are
sensitive. A small slip-up can lead to far reaching consequences. It is important
that lawyers first verify if the infrastructure and security protocols followed
in the organization are safe enough to handle legal data.
It is imperative that a
thorough check is carried out to find if the systems and networks are debugged.
A confidentiality agreement and the track record of the firm are important. So
what else matters?
The job requires more than just
analytical skills…
Just closely reviewing
documents isn’t enough. The job requires the hawk’s eye of a legal expert to
spot discrepancies. Not conducting a thorough due diligence check can lead to
law suits and loss of reputation. And that is why someone who has prior
experience and a good knowledge of legal intricacies is best suited for the
job.
Here are the questions you should
ask…
For corporate due diligence
- Do
you understand corporate compliance?
- Know
about the issuance of securities?
- Can you offer contract management analysis?
For
employment
- Do
you have an experienced team to review contractual, statutory terms and
obligations?
- Do
you have knowledge of unions and salary settlements?
For
licenses
- Can
you check the validity of licenses?
- Review
the sufficiency of existing licenses?
- The
procedures for transfer of licenses…
Litigation…
- · Can you determine what is the defense taken?
- · Assess the monetary and legal implications of adverse decisions.
- · Find out what is the materiality of the disagreement?
Be a part of the process !
Outsourcing doesn’t
mean you can put your feet up! For a smooth sailing due diligence support services . work
closely with the third party company to steer clear of bottlenecks.
