A&O Shearman
Legatics help streamline the transaction and improve the experience
Overview
A&O Shearman used Legatics to manage the financing of the Jawa-1 project in Indonesia. This was Asia’s first LNG-to-power project, 2019 IFLR Asia-Pacific Project Finance Deal of the Year, and one of the largest technology assisted completions in Asia. A&O Shearman were commended for their use of Legatics in the 2019 Financial Times Innovative Lawyers Awards – Asia-Pacific.
Challenges
Multiple parties
Almost 250 transaction participants
Complex deal
Over 680 conditions precedent
High transaction value
$1.8bn estimated value in the transaction
Our Solution
Tools for the job
Through the use of Legatics, A&O Shearman automated the creation of digital, collaborative condition precedent (CP) checklists from schedules of key transaction documents. The online checklists were used to manage the completion of the CP process: each time a CP document was uploaded to these checklists, they automatically updated and the relevant transaction parties were notified about their required actions and able to carry out those actions through the platform.
Through the Legatics online dashboard, A&O Shearman clients and transaction parties received live visibility of the progress of the different CP checklists and each party’s outstanding responsibilities.
Results
Efficient coordination
Estimated six-month closing process completed in just three months
Fewer emails
Thanks to increased transparency and automatic notifications
Fewer calls
Over 50% reduction in all parties’ calls
Better resourcing
Lawyer time reduced by 20%,
a six-figure cost saving
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It made the process of getting all of the documents dated and closing the deal incredibly clear and showed everybody exactly what was outstanding… It saves time and resulted in a lot less stress at the final stages.
Try Legatics today
If you use Word to manage your transactions, you can use Legatics. Using Legatics is that simple.
