KYC (Know Your Customer)
This feature helps you check affiliated companies and persons when opening a mandate
How this feature creates benefits
The KYC feature in your Vertec software for lawyers helps you to automatically audit affiliated companies and individuals when opening a mandate, saving you time while ensuring compliance requirements are easily met. The feature provides a structured basis that can be flexibly adapted to your internal audit processes.
It allows for transparent documentation and traceability of audits – it is immediately clear who has completed a task. The history of audits is also recorded in a traceable manner via entries such as “audit completed on”. This allows you to manage risks more specifically and minimize sources of error in the mandate audit.
How it works
When opening a case, a new KYC check can be started by right-clicking. The next step is to select a template (e.g. “Standard”) that automatically sets a standard field such as “special due diligence” (yes/no/none). The templates can be flexibly adjusted or recreated in the settings.
- Based on the template, a checklist of activities is created, divided into areas such as: company data, documents, risk analysis and risk assessment
- Marking of the individual steps as “not necessary” or “done/complete" is possible
- Easy traceability of which employee has set a flag and when, including optional remarks
- Documents related to the checks can be saved directly in the activities
- Definition of roles under the “Personal Checks” tab (e.g. beneficial owners or legal representatives), public interest or links to politically exposed persons (PEPs)
Frequently asked questions
What exactly does “business-oriented law firm management” mean?
“Business-oriented law firm management” means that in addition to file management, deadlines and invoices, Vertec also provides you with all the important data for the economic management of your law firm. This is completed by our “best-of-breed” understanding of software and our practice-based industry expertise for the rapid development of individual functions. The concept is based on easily customizable functions, which yet cover 80 % of the industry's standard requirements.
With only little effort, your specific requirements can be implemented in your software solution quickly and easily. Vertec stands for industry expertise, developed together with our customers in Germany and Switzerland.
How do I control time entered on cases/projects for invoicing?
Many companies often use Excel for time and performance recording or other time tracking tools. Afterwards, this data is copied manually to Word for invoicing. Before invoicing, the back-office must obtain approval from the recorder or employee responsible for the performance delivered. After invoicing, it sends the invoice again for final approval. Often changes are made to texts or services entered.
Vertec helps you save a lot of time here. Approval procedures ensure that the correct services appear on the invoices and approval by the person responsible is granted. The services can be approved periodically and then blocked for further adjustments. Individually for each case or project, you can also implement any other approval procedures. You can, for example, approve individual services or grouped services on individual service lists. Once a month, the supervisor or responsible employee checks the services and releases them altogether for invoicing.
Your back-office or administration can see at a glance which services can be charged and which should remain open until the next billing cycle. By this approval procedure, fewer subsequent adjustments to invoices need to be made.
Also a plus: internal communication is reduced to a minimum.
How do I create an offer on a case?
You create a new offer on an existing case. You select the service types (performance) and assign them to the offer. The budgeting follows as the next step.
One clear advantage: Case and offer are linked directly, which helps you save valuable time.
How can I test Vertec without obligation?
You may test Vertec for 30 days free of charge and without obligation in your personal test environment.
Start your free trial now.
Is Vertec a software for lawyers?
Yes, Vertec is a law firm software that is specifically designed to run your law firm economically successful. Vertec is particularly suitable for modern law firms from 20 employees.
Vertec is available in On-Premises operation or runs in the Cloud Suite.
The scope of features ranges from collision checking to mandate management and deadline monitoring to individual invoicing processes, debt management and profit distribution.
In short, all typical processes that occur in a law firm on a daily basis are mapped.
As the ideal foundation for successful law firm management, Vertec helps you increase your productivity by providing you with just the tool you need to efficiently organize your law firm, digitize workflows and ultimately ensure smooth case and mandate management.
Vertec adapts to your processes – not the other way around.
What are the differences between a software for law firms and law firm management?
A software for law firms is a specialized software for lawyers that optimizes the everyday work of the legal professionals. For example, it continuously maps processes and thus creates transparency in your daily business. It focuses primarily on mandate-related and billing-relevant tasks.
Typical features include:
- File and Mandate Management
- Collision checks
- KYC
- Time tracking and recording
- Deadline monitoring
- Fee billing (e.g. via RVG in Germany)
- Debt management
- Document management
- Invoicing and controlling
Law firm management, on the other hand, describes the holistic organization and management of a law firm – in terms of legal, business administration and staff. A modern law firm software is part of efficient law firm management and contributes to smooth work.
The areas of law firm management also include:
- Organization of workflows and processes within the law firm
- Planning of staff on cases and mandates
- Controlling and analyzing relevant KPIs (such as turnover/billables, capacity utilization, profitability)
- Client retention
- Strategy and law firm business development
Law firm management is therefore to be considered in a more comprehensive way and goes beyond the purely legal features of a law firm software. Law firm management is the strategic and organizational approach that sees the law firm as a business enterprise that needs to be run economically successfully on the long term. Law firm software, however, is much more the operative tool for your daily work.
