Benefits of Data Room Software for Law Firms and Life Science Companies

Most people envision that data room software is used in the due diligence phase of M&A transactions. However, many other companies can benefit from the security and efficiency of virtual data rooms, too — including life science and law firms. companies.

Many law firms handle confidential documents and records, such as client details and case records. By allowing users to collaborate with clients from any location and at any time the virtual data room can help save time and money. Many of the top virtual datarooms for lawyers also include features like an encrypted Q&A function along with document annotation and remote shredding that ensures privacy and security.

Similar to life science companies, they have to deal with a growing amount of sensitive information, such as research results and clinical discoveries. Utilizing a secure virtual data room can help them protect the information from unauthorized access and ensure that they can quickly get the licenses they require by utilizing efficient and central document storage.

Investment bankers are a different users of virtual data rooms, because they aid both the sell- and buy-side of Virtual Data Room financial transactions by sharing information and acquiring it. Access permissions for all users, which can be customized according to role, as well as folder or document level are essential for them. Furthermore, they need the ability to monitor and track the entire activity of a virtual data room through detailed audit trails and reports that can be exported to Excel.