Managing legal projects in the traditional way typically means endless email chains, tracking the project’s status in a Word or Excel checklist, and searching for legal documents in a variety of places – never being 100% sure you have the latest version.
It’s little surprise that this way of working is prone to error, slow, and contributes to a lack of job satisfaction for lawyers. In this article, we discuss four benefits of transaction management software and how it can help lawyers work more efficiently.
1) Everything brought together – in one place
The top benefit of transaction management software is the instant access it provides to your transaction documents. With your key files in one place and accessible to all relevant participants, keeping up with email chains and searching for the latest version of files are a thing of the past!
2) Increased transparency and real-time status
Using one platform, or having a ‘single source of truth’, means that all parties in the transaction can see its status in real time, and view any actions they need to take. With this increased visibility, calls and emails to check progress are greatly reduced. This improved transparency is also likely to be well-received by digitally-savvy clients who are demanding more of law firms and expecting 24/7 service, in line with their experiences elsewhere.
Having a platform clients can access independently, at a time they choose, adds value to the service they’re receiving and will differentiate your law firm from competitors.
3) Closer collaboration
A transaction management platform is a collaborative space in which deal participants can communicate in and refer to, as needed. This applies not only to your lawyers but to your clients and other third parties, too. The convenience of using a central, secure platform that users can access at any time also makes communicating across time-zones much easier.
4) Keeping things moving
Working on large, complex deals involving multiple jurisdictions and parties can take months. The volume of admin work associated with these transactions is often daunting. Manually updating a collection of checklists and spreadsheets, and chasing parties to action tasks can become a job in itself. Transaction management software removes this burden – replacing static, offline checklists with dynamic digital ones, and email or telephone reminders with automatic notifications. So, why give yourself extra work?
Introducing Legatics 2
To respond to the evolving needs of today’s lawyers, we’ve launched Legatics 2 – our second-generation platform. With enhanced functionality, a host of new features and 40+ templates for almost every practice area, Legatics 2 is the essential project management tool for modern law firms.
Our intuitive new platform makes creating your ideal lists simpler than ever – with our legal text import tool and the ability to import tables from Word and Excel. The platform’s ‘Start from another list’ feature also allows you to quickly reuse an existing list from the same or a previous matter. On top of this, our advanced permissions give you the control over confidentiality you need, whilst ensuring easy collaboration.
These are just a few of the fantastic new features Legatics 2 has to offer. To find out more about the benefits of transaction management software first hand, book a product demo today!