Accurate corporate data is essential for legal professionals to make informed decisions, ensure compliance, and mitigate risks. This industry relies on professional corporate information services, such as those offered at CRO, to provide them with the data they need to assist clients and perform their roles to the best of their capabilities.
As leading providers of these services, we are at the forefront of the legal sector and have worked closely with law librarians and legal professionals for decades. Using this unique experience, here, we highlight the importance of reliable company information and explain how CRO’s corporate information services provide the necessary up-to-date data that legal professionals need to stay competitive and compliant.
Key Corporate Information: What You Need and Why It Matters
Legal professionals, such as law librarians and solicitors, rely heavily on accurate data, but what information do they need?
Information About Directors
When a client is considering partnering with a new company, they will need to find out everything they can about the directors. This information is essential for learning about how the company is run, whether there have been any legal disputes in the past, and the type of people they will be dealing with on a regular basis. Information such as the names and personal details of the directors may be easy to access for the client, but legal professionals will be able to access other data, such as the appointment dates and resignation dates of past directors and the roles and responsibilities within the company using corporate information platforms such as CROinfo.
Shareholder Details
As well as information about the individuals who run the business, clients may also need to know about shareholders to help inform them about the ownership and control of the company. For instance, if a client is considering merging with another business, they must have access to the shareholder structure. This information includes the current distribution of shares among shareholders and any changes in shareholding over the past few years. Using this, the client can assess potential risks or conflicts of interest before deciding to merge with the company and finding out that it will not work when it is too late.
Financial Records
Before working with an individual or company in any capacity, having a thorough understanding of their financial health is crucial. Legal professionals can perform a bankruptcy search, for example, which is essentially a risk assessment used to get a clear understanding of a company’s or individual’s financial stability and, in turn, the reliability of a potential business partner or client. This is a necessity for gauging the risk of future financial difficulties and allows people to make the best decision for themselves and their company before it is too late.
The Importance of Accurate Corporate Data in Business and Law
As mentioned, the right information is crucial when it comes to the law; without accurate and up-to-date information, legal professionals cannot perform their job. As detailed, this data could be anything from information about directors to compliance records.
Using this information, legal professionals have critical insight into a company or individual and are able to assess the data at their client’s request to provide the best result for them. This could be, for example, a client requesting information about a company’s financial health before deciding to partner with them. Using data, such as financial reports, legal professionals can provide their clients with the information they need to make the right decision for them.
To understand the importance of this vital information, we must also look at what happens if legal professionals do not use accurate corporate data. For example, inaccurate corporate data can result in non-compliance with regulatory requirements. This means that legal professionals may inadvertently advise clients based on outdated information, potentially exposing them to legal and financial risks. Not only is this likely to damage their client’s business, but it would also damage their reputation as a legal professional, which is why it is essential to ensure that only accurate and up-to-date data is used.
How CRO Ensures Data Accuracy and Reliability for Legal Professionals
As discussed, this information is crucial for various reasons, but getting the data may seem challenging. This is where CRO steps in with our corporate information services for solicitors and other legal professionals. CROinfo provides a comprehensive suite of services used to gather accurate, up-to-date, and reliable data in a user-friendly way, making getting the necessary information quick and easy.
We are an excellent, cost-effective choice for the legal sector, which is why many legal professionals choose our services over those of our competitors. If you are interested in learning more, please do not hesitate to contact our information services team at +44 (0)2920 990800 or via email at [email protected], and you will receive a prompt response from our expert team.
