Legal
Benefit from collaboration by combining your diverse expertise to enhance service offerings, improve client outcomes and efficiency, and increase your competitive advantage.
The Challenge
Identity Proofing
Lawyers carry out KYC and AML checks for many business reasons, but there is significant variability on how well such checks are done. The processes are often slow, bureaucratic and repetitive. For example, in one EU country, it takes an average of 22 weeks to purchase and take possession of a house, during which you may undergo KYC 14 times. Such friction creates significant risks and costs. While the percentage of such failures in law firms may be relatively low, the transaction volume means there is significant impact in terms of financial loss, victims and relying parties consequences.
Delivering Certainty
A critical element in any legal process is the delivery of certainty. Through its security connectivity to Authoritative Sources, Sedicii delivers certainty.
Our Solution
Increased cooperation at a data level can significantly benefit legal services companies by enhancing their ability to access, share, and analyse critical information efficiently and accurately. By collaborating on data, legal firms can uncover valuable insights from large datasets, streamline case management, and improve the accuracy of legal research and due diligence processes. This data-driven approach can lead to better-informed decisions, more effective litigation strategies, and improved client outcomes. Furthermore, shared data resources can reduce redundancies, lower costs, and foster innovation in legal technology, ultimately providing a competitive edge in a rapidly evolving legal and technology landscape.
Speed & Accuracy
In all legal transactions 'certainty' is critical to the outcome. By connecting securely to authoritative sources we can ensure a fast and definitive outcome.
Protecting Privacy
We enable law firms to communicate in such a way that they never share any sensitive personal data unless they have an explicit instruction to do so.
Ensuring Compliance
Lawyers are expected to uphold the law at all times. Ensuring that their practices are compliant with all laws is critically important, especially when it comes to GDPR and the AML Directives.
Project PHACKS
The Platform for High Assurance Collaborative Knowledge Sharing (PHACKS) is an EU funded commercialisation initiative aimed at developing new markets for advanced privacy-preserving technologies where data collaboration is at the core of the participants collaboration. The project focuses on creating solutions that enable secure and privacy-respecting access to digital services and resources that leverage data assets that each of the participants hold but in a manner where those assets are not disclosed to the other participants. PHACKS leverages cutting-edge cryptographic techniques, including zero-knowledge proofs and secure multiparty computation, to ensure that sensitive information is completely protected during the data processing stages.
FAQs
Working with others offers a range of benefits, enhancing both operational capabilities and market positioning. Here’s how collaboration can be advantageous: Risk Sharing & Reduction: Collaborating on large projects or new ventures can help share financial and operational risks, making it easier to undertake ambitious projects without shouldering all the risks alone. Regulatory Compliance: Partners can provide valuable insights and resources for navigating complex regulatory environments, ensuring compliance with legal requirements and industry standards.
While the legal industry's emphasis on confidentiality and privacy can pose challenges to collaboration, it does not necessarily prevent it from happening. By adopting robust security measures such as encryption, secure communication channels, and stringent access controls, law firms and legal entities can collaborate effectively while safeguarding sensitive information. Additionally, implementing legal tech solutions that comply with industry standards and regulations can facilitate secure data sharing and collaboration. Thus, with careful planning and the right technologies, the legal industry can overcome these barriers and achieve meaningful collaboration without compromising on confidentiality and privacy.
To better serve customers through technology adoption at your law firm, you could consider implementing secure client portals that allow for easy document sharing, real-time updates, and direct communication, ensuring clients are always informed and engaged. Also utilise artificial intelligence and machine learning to streamline document review and legal research, significantly reducing turnaround times and increasing accuracy. Or, adopt e-signature solutions to expedite the signing process, making transactions more efficient and convenient for clients. Additionally, employing secure data analytics can provide insights into client needs and case trends, enabling more personalised and proactive service. Ensuring all these technologies are user-friendly and maintaining rigorous cybersecurity standards will enhance client trust and satisfaction.
Yes, the future of the Internet will likely center around companies securely implementing data sharing practices. As digital transformation accelerates and the volume of data grows exponentially, secure data sharing will be essential for fostering innovation, enhancing collaboration, and driving economic growth. Companies that prioritise robust security measures, data privacy, and compliance with regulations will build trust and enable seamless integration of systems across various industries. This approach will not only facilitate more effective and transparent interactions between businesses and consumers but also empower organisations to harness data-driven insights while mitigating risks associated with data breaches and misuse.
First thing is to reach out and get in touch. Prepare a brief on your company’s objectives and how you believe collaboration would be mutually beneficial. Let us know what you would like to achieve through the collaboration, such as improving customer services, enhancing compliance processes, or data sharing best practices. We will then assess the fit of the collaboration with your company's goals and needs, considering factors such as the consortium’s mission, member organisations, and the benefits offered.