Onboarding new clients is all too frequently a complex and multi-stage process, creating bad initial impressions for clients, and long lead times before your firm can start work. One of the key problems we see across the industry is also lack of visibility across the firm in terms of client progress through an onboarding funnel, and lack of MLRO oversight across different practice areas.
But the first experience your client has can be slick – a marketing coup rather than a frustrating, fragmented exchange of personal information. It can be a competitive advantage, both operationally and in terms of client experience.
A problem that’s been longing to be solved
We set out to solve a problem that’s long been neglected – taking the myriad of operational elements that go into an onboarding flow with no-code workflows that enable you to replicate your firm’s current process, per client, per risk profile, or per practice area.
It’s not just about KYC or KYB – though we focus on CDD with a rigour that creates best in class compliance and oversight across the firm. It’s about replicating the myriad back and forth steps around onboarding – from terms of business to source of funds to payment on account – through customisable drag-and-drop workflows.
1. Radically improve client experience
You can only make a first impression once. Whether your clients are first time house buyers or sophisticated company directors, consumers of legal services expect the same digital slickness they get in any other industry they interact with. Many top firms see a branded client onboarding experience that can be completed in under 5 minutes by their clients not only as generating a faster file opening time, but as a sleek client marketing activity.
2. Make compliance transparent and consistent
Bank grade KYC and AML reduces regulatory risk, while also giving your Money Laundering Officer full visibility of which clients have undertaken which checks, when. Our MLRO dashboard gives full audit trails and you can do a deep dive to understand when KYC needs refreshing.
3. Faster cash flow
Reduce lockup and drive faster cashflow by collecting payment as part of onboarding workflows, or separately. Workflows mean that you can request payment linked to matter number or in relation to a specific invoice, driving faster payments as well as reduced complexity around reconciliation.
4. Drive data insights
Your clients’ experience also drives business insights. From how different departments are performing, to how valuable your clients are, you can use data to better understand what’s happening across the firm. Additionally, auditable records support regulatory compliance.
Having a benchmark for all your activities can assist you in having an independent perspective about how well you perform compared to other firms, dive into performance gaps and identify areas for improvement.
Simple to use technology can leverage your fee earners. Legl helps 150+ law firms achieve a seamless, fast and effective client onboarding and due diligence, through beautiful, intuitive workflows built by lawyers for lawyers.
Curious to find out more about our clients’ experience?