Legatics made managing a notoriously admin-heavy process much easier and faster, saving countless hours that were better spent on value-add work.
BCLP
BCLP Accelerates Diligence Process in Real Estate Transaction with Legatics
Overview
With over 1,275 lawyers in 31 offices across North America, Europe, the Middle East, and Asia, BCLP is a fully integrated global law firm that provides clients with connected legal advice, wherever and whenever they need it. In one instance, BCLP utilized Legatics as a diligence tracker to streamline a significant real estate transaction involving the sale of eight student accommodation buildings.
Challenges
Managing multiple parties
Real estate transactions often involve multiple parties conducting title due diligence on the properties concerned, creating complexity in coordination.
Handling labor-intensive processes
Junior lawyers traditionally collate responses in Word and Excel documents, which can span hundreds of pages, making the process very labor-intensive.
Tracking transaction progress
Keeping track of over 300 cross-transaction diligence requests and ensuring clear ownership of outstanding actions was challenging without a centralized system.
Our Solution
Tools for the job
Legatics enabled BCLP to efficiently manage over 300 cross-transaction diligence requests within a single list, where all requests, replies, documents and actions are centrally logged. It allowed the team to track transaction progress without the need for manual status updates before progress calls.
Additionally, with clear ownership assigned to outstanding actions, it was easy to identify accountable parties, speeding up the resolution of issues that might have previously slowed progress.
Results
Efficient transactions
Legatics streamlined the handling of a complex real estate deal
Efficient diligence management
BCLP replaced a labor-intensive process with a streamlined, efficient system.
Real-time tracking and updates
The platform allowed for real-time tracking of changes and progress, significantly improving transparency and accountability.
Expedited issue resolution
Clear ownership of actions expedited the resolution of issues, ensuring smooth transaction progress.
Improved client collaboration
The collaborative platform facilitated better communication and coordination with the buyer’s lawyers, enhancing overall transaction efficiency.
Try Legatics today
If you use Word to manage your transactions, you can use Legatics. Using Legatics is that simple.