Org Chart Software for Legal Entities
Definitions & Best Practices
The legal industry is a highly regulated, risk-averse field that has historically been slow to embrace change. But from online research databases to digital contracts, it is nearly impossible to avoid technology in modern law practices. Technology like org chart software for legal entities is changing how legal professionals view, create, and maintain company structures across all industries. Firms that choose not to adopt technology risk being left behind as the industry shifts towards tech.
Why Are Org Charts Important for Legal Entity Management?
What is Org Chart Software?
Organizational chart software, more commonly referred to as org chart software, helps organizations create and maintain a record of all employees within the company. In the context of legal entity management, org chart software helps firms build, visualize, and manage complex ownership structures. Org chart software is often a feature within an entity management platform and is designed to track, manage, and share entity information.
What are the Challenges of Using Manual Org Charts?
An effective organizational chart should accurately reflect the complexities of legal entities. However, since many complex org charts are built manually or with presentation software like Microsoft Powerpoint, important details may be omitted from the chart. The problem with hand drawn charts is that they cannot update in real-time. Thus, they will only capture the ownership structure at a single point in time. The moment a share of stock is sold, a new partnership is entered, or the ownership structure changes, the org chart is instantly inaccurate. At the same time, presentation software is not robust enough to handle the intricacies of complex org charts. Although PowerPoint is an incredible presentation tool, its diagramming functionality is limited. It requires manual data entry and formatting and lacks collaboration tools for added efficiency. If any of these challenges sound familiar, your organization may be in need of org chart software.
What are the Benefits of Using Org Chart Software for Legal Entities?
Legal entity solutions capture equity ownership data about each entity, then calculate the ownership relationships for timely and accurate visualization in the org chart. A well thought out org chart executed with entity management software can facilitate effective decision making and compliance efforts while maintaining the most current data.
Eliminate manual processes
Visualize complex ownership structure
With an org chart builder, quickly view all of your entity details on one screen. Within your org chart, you can click on an entity to see details or toggle on-off details such an EIN, ownership, percentage/values, and more.
Create custom org charts
Format and share organizational data
What Is the Best Org Chart Software?
The best org chart software depends on your company’s entity management needs, challenges, and pain points. At minimum, a best-in-class org chart builder should enable your firm to:
✔ View all of your organizational data in one place
✔ Automate and update org charts using the data within your account
✔ Share your org chart internally and externally with ease
✔ Customize your org charts to present and view them  the way you need them
Ready to Automate Org Charts with Technology?
EntityKeeper eliminates the manual process of building and updating organizational charts to manage your ownership structures. Ready to learn more about how EntityKeeper can help you visualize complex ownership structures in just a few clicks? Get started with EntityKeeper today or request a demo to see the solution in action.
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EntityKeeper is a critically important component in tracking and managing our clients corporate information and compliance deadlines. Our clients group structures range from 20 entities up to 2,500! We rely on the system to ensure our clients' information and documents stay accurate and up to date..
VP, Legal Services