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

When most people think of data room software they usually envision it being used during due diligence for M&A deals. However, other businesses can benefit from the security and efficiency of virtual data rooms, too — like life science and law firms. companies.

Many law firms handle sensitive documents and data like client information and documents related to cases. Using a secure online data room for collaboration with clients can help save time and money by allowing users to access the same data from any location and at any time. Many of the top virtual datarooms that lawyers can use provide features such as an encrypted Q&A function along with document annotation and remote shredding for privacy and security.

Life science companies also deal with an abundance of sensitive information, such as research results and discoveries in clinical practice. Using a secure, virtual data room can help them safeguard the information from unauthorized access and help them quickly obtain the required licenses by utilizing efficient and central document storage.

Investment bankers also use virtual data rooms to share and gather information. They help both the buy- and sell-sides of financial transactions. For these users, granular access permissions that can be tailored according to role and at the folder and document level are essential. They should also be capable of tracking and monitoring activity in a virtual room using detailed audit trails, and reports that are able to be exported to Excel.

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