Success with e-signature at Oakwood Solicitors
March 14, 2016
Legalesign Case Study with Oakwood Solicitors (formerly Michael Lewin Solicitors). What can using electronic signatures do for a business? For Oakwood Solicitors, e-Signatures cut out form filling errors, reduces the sales cycle and increased conversion rates, leading to an estimated savings of £50,000 ($75,500+) per annum.
• 75% reduction in Sales Cycle Time
• 35% increase in Conversion Rates
• 100% reduction in incorrectly submitted documents
• 100% reduction in mailing costs
• Estimated savings of £50,000 per annum
Oakwood Solicitors was established in 2001 and has quickly grown to become a large nationwide provider of legal services. The two core principles of Oakwood are excellent legal services and the very best customer care. With this in mind, company management decided to adopt an e-signature contract process that was robust and easy to use for clients and employees.
Paper contracts were printed and posted to clients. Contracts were liable to be misplaced, incorrectly or incompletely filled out and could wait for a signature for more than a month. The company decided to research e-signature solutions that could streamline the process, improve customer satisfaction and improve conversion rates.
After trialling a number of electronic signature providers, Oakwood found that Legalesign was the most effective system for streamlining their contract process. Legalesign was also selected since it put customer care at the heart of the business.
How Legalesign improved the signing process
One of the more significant considerations facing Oakwood was that clients were failing to complete the signing process correctly.
After adopting Legalesign the signing process became simpler for clients and delays became a thing of the past.
‘Legalesign guides you through the process, step-step, so by the time the client hits the send button you can be sure all the signer fields have been correctly filled’.
In addition, real-time document tracking enabled staff to track the progress of their contracts; confirming whether their email had been received and whether a client had visited the document. This significantly improved their ability to effectively follow up their clients.
Oakwood Solicitors sends more than 7,000 contracts a year and at an average of 25 pages each. Switching to Legalesign generated an immediate cost saving of £5,000 per year in postage. Oakwood notes that this does not account for the many hours of employee time it saves per year. Estimating twenty minutes saving per document equates to a time saving of £45,000/year.
In addition contract turnover time has been cut dramatically and errors in form filling by signers has been eliminated. Previously the time to receive a completed contract was between 4 days and 4 weeks, but with Legalesign it is now just over a day and is often within an hour (over 50% of all Legalesign contracts are signed within the hour on average). The overall results have been a 75% reduction in contract signing time and a 35% increase in conversion rates.
For more information visit Oakwood Solicitors website.