Benefits of Data Room Software for Law Firms and Life Science Companies
When most people think of software for data rooms, they usually picture it being used in the due diligence process of M&A deals. Virtual data rooms could also be beneficial to other companies like biotech and law firms.
Many law firms deal with sensitive documents and information such as client information and case records. By the ability to collaborate with clients from anywhere and anytime using a virtual data room, it can save both time and money. Many of the top virtual datarooms designed for lawyers include features like an encrypted Q&A function that allows document annotation as well as remote shredding to ensure privacy and security.
Life science companies also deal with large amounts of sensitive information, such as research results and discoveries in clinical practice. Using a secure, virtual data room can help them protect this information from competitors and help them quickly obtain the required licenses through efficient and central document storage.
Investment bankers are also a common user of virtual data rooms as they help both the sell and buy-side of financial transactions by sharing and collecting information. For them, granular access permissions that can be customised based on role and at the level of the folder and document are crucial. Furthermore, they need the capability to track and monitor the entire activity of a virtual data room by providing detailed audit reports and trailing trails that can be exported to Excel.
