In the legal sector confidentiality is an effective formula (literally or figuratively, depending on your preference for KFC’s eleven herbs and spices or the very simple legal secret of a winning corporate acquisition). Virtual data rooms (VDRs), which are used to secure sensitive documents and due diligence, are utilized by a variety of organizations to protect privacy and confidentiality.
As opposed to traditional physical storage systems, VDRs are cloud-based and offer 24/7 global accessibility. This allows multiple users to be able to access and collaborate on crucial documents from anywhere in world. For companies involved in M&A due diligence, this feature is especially helpful as it makes it possible for both parties in the process to view the same information simultaneously while maintaining security and privacy.
VDRs for legal needs are equipped with the latest security features that guarantee that all documents are kept confidential by the client. These measures range from granular access permissions to watermarking and two-factor authentication. They also include detailed activity logs that track each document, file and user activity.
Moreover, VDRs for legal needs are designed to enhance productivity and collaboration. With this in mind, they are equipped with tools, such as document commenting and task assignments that facilitate collaboration and help keep track of updates. These platforms can be easily incorporated into programs such as Microsoft Office and Slack for greater ease of use. Lawyers are now able to work wherever they are. This is important because litigation often requires collaboration between people from different places.