Initial negotiation has finished and the term sheet’s been finalized.
Now, it’s time to turn to the CP checklist.
In large commercial real estate financing deals spanning several months with multiple obligors and participants, running the deal can become complicated, fast.
Especially if you’re in a busy practice juggling multiple transactions simultaneously (which you probably are).
Plus, in today’s competitive commercial market, where lending volume is heavily constricted, firms of all sizes are looking for ways to differentiate themselves. Smart implementation of tech is becoming a unique selling point.
Legal transaction management software can help you drive efficiency and mitigate risk in CP checklists and beyond.
So, how can you leverage the latest tech to help your transactions run friction-free?
How CP checklists can go wrong
The larger or more complex the deal, the greater the risk in CP checklists.
Tracking 100s of documents, including loan agreements, security documents, guarantees and corporate authorizations isn’t easy.
Most firms traditionally use Word documents and Excel spreadsheets that constantly get emailed around to stakeholders as the deal progresses. Version control? It’s difficult. Audit trails? Nonexistent.
Then there are the calls.
Before switching to Legatics, a Dentons team including a partner, associate and trainee, spent an additional 30 hours on costly CP checklist calls acting for a lender in a real estate financing transaction.
Now, they can spend this time reviewing documents to progress the deal forward.
Beyond unnecessary meetings and lengthy manual tracking processes, errors can be made when managing CP checklists that cost firms more than time.
4 pitfalls you’ll want to avoid
Working across multiple transactions requires meticulous coordination.
The truth is programs like Word and Excel are inadequate for handling the complexities of CP checklists, because they weren’t designed to.
The most common mistakes we see transactional lawyers making are:
- Missed deadlines due to manual tracking
- Incorrect document version control leading to confusion, outdated information and unhappy stakeholders
- Errors in manual data entry
- Friction with clients and other participants caused by inefficient workflow and communication.
Outdated tools can delay transactions and put your reputation on the line.
The good news? It doesn’t have to be this way.
Adopting a specialized legal transaction management software offers huge advantages in streamlining your CP checklist processes, avoiding friction and improving client experience.
How Dentons transformed transaction management
The world’s largest law firm uses our legal transaction management software to boost profit, slash admin hours and streamline operations.
Using Legatics’ list functionality, Dentons was able to streamline document collection, provide real-time visibility over progress and approvals, and meet all checklist deadlines.
It also supercharged closing binder production, saving the busy team 15-20 hours in compiling documents after the deal was closed.
As a Legatics partner, Dentons:
- Boosted profit margin with 3% increase in gross profit.
- Saved 30 hours in CP checklist management
- Eliminated unnecessary weekly CP calls
Legatics: the legal transaction management software for real estate
Designed by former lawyers, Legatics helps UK Top 100 and AmLaw 200 firms manage complex commercial real estate deals.
Our best loved features for this kind of transaction are centralized control, automation, real-time collaboration tools and integrated document signing.
Centralized control
Say goodbye to keeping on top of multiple Word documents and Excel sheets, and embarrassing mix-ups with outdated versions.
With legal transaction management software, all participants can access the most current information in one centralized dashboard.
Every document is securely stored and easy to find, keeping your team and stakeholders in sync.
Automation
Manual tracking is risky and mistakes are easy to make.
Legatics automates routine tasks, from sending reminders to updating statuses. This reduces human error, frees up your team to focus on advancing the deal and means every deadline is met without a last-minute scramble.
Real-time collaboration
You know how important good communication is in multi-party transactions.
Legatics enables all participants to view, comment and update documents instantly. This means fewer lengthy calls, quicker resolutions, less friction and more progress.
Integrated document signing
Gone are the days of chasing signatures.
Legatics easily integrates digital and wet-ink signatures into documents, streamlining the process and ensuring that all signatures are captured securely and promptly.
Staying ahead in complex real estate finance transactions
In this post, we’ve shown how you can make CP checklist nightmares a thing of the past. Even for large-scale real estate deals, it’s possible with the right tools.
Traditional methods like Word, Excel and email aren’t designed to handle multiple stakeholders, documents and deadlines.
But legal transaction management software like Legatics is.
