For many lawyers, the administration associated with the deal process is cumbersome, tedious, and stressful. Collaborating with multiple parties through back-and-forth emails involves running endless comparisons, attaching large files (that hit firewalls and bounce back), manually tracking the status information in a checklist and—perhaps worst of all—constantly searching your inbox for the latest version of a document. Oh! And don’t forget the constant calls and emails from clients asking about deal status.
These tasks are repetitive and certainly not the substantive work for which you went to law school. Moreover, clients are increasingly writing these tasks off, refusing to pay highly skilled lawyers to do jobs they think should be automated. Equally, lawyers add little value and are bored doing them.
Technology has opened the door to quick, easy, and accessible collaboration in so many areas—shouldn’t the deal process also be one of them?
It is now. Litera Transact transforms the typically manual, labor-intensive, and error-prone process of managing legal transactions into a secure, collaborative digital workspace that can be used in any deal, any time, anywhere. With Litera Transact, managing the deal is simple whether you’re working at the office, at home, or on the go. Goodbye, old-school transaction management. Hello, innovative deal process.
Manage Deals Anywhere
Typically, managing legal transactions requires you or a team member to have access to a printer and a scanner. If you don’t have these in your home office, you have to trek to the office to retrieve hard-copy documents.
As we move to a more digital workflow, cybersecurity breaches are on the rise. Lawyers are a prime target for hackers looking to profit from valuable, confidential information on their clients’ dealings. To adjust to the new, distributed workforce and serve the increasing number of clients who also work remotely, law firms need the proper digital tools in place to allow for seamless and secure collaboration among legal teams, clients, and other external stakeholders.
Litera Transact’s secure checklists are accessible anywhere you have the internet, provide meaningful insights into every stage of the deal— from tracking the status of each checklist item to reviewing and comparing document versions. If a panicked client calls seeking a status update, you can quickly log onto the Litera Transact platform from anywhere, filter the deal by status, and brief your client within seconds. With Litera Transact, you can significantly reduce time spent on status calls and other administrative tasks like updating static closing checklists and sending updates through email. Instead, you can focus on the high-value work that matters to the client.
By moving to a live and secure environment that is always accessible to all deal parties, Litera Transact dramatically reduces the risk of documents and tasks being overlooked or missed in your bulging email inboxes. What lawyer doesn’t want more time and less risk of costly and embarrassing errors in their day?
Instant Access Any Time
Litera Transact hosts all deal information in a single secure location, accessible to every authorized party at any time. This is especially beneficial for global deals, when conflicting time zones make all-party calls near impossible to schedule. Now everyone, including your clients, can see exactly where the deal stands, search and filter the deal checklist by task responsibility in real-time. This effectively reduces the need for status calls.
All Deal Data in One Place
With Litera Transact, gone are the days of manually updating due diligence checklists and repeated all-party status emails. All parties in the deal have access to a built-in virtual data room (at no additional cost) where documents and files can be uploaded, stored, shared, and reviewed. The Litera Transact platform also allows you to control who has access to folders and documents stored in the data room, providing extra security for confidential and privileged information. Now you and your team can track and execute diligence reviews effortlessly.
Get Deals Done
Today clients demand more for less from their law firms, which often results in write-offs to reduce client fees. Clients also expect quick answers from their legal team—no matter the time of day. With Litera Transact, you can significantly improve every stage of the deal process by automating tedious administrative tasks, transparency on status, and secure data storage accessible anytime, anywhere.
Are you ready to experience increased collaboration, profitability, productivity, and efficiency in all of your deals while amazing your clients?
Learn how we’re changing transaction management. Download our white paper, Close Any Deal, Any Time, Anywhere: Applying Innovation to 6 Stages of the Deal Process to see how Litera Transact can transform your deal process.
Topics: Transaction Management