Dentons
Legatics helps Dentons save time and improve the client experience
Overview
Dentons, the world’s largest law firm, used Legatics while acting for a lender in a real estate financing deal. There were four obligors and approximately 70 documents. The deal was staffed by a partner, an associate and a trainee*.
Challenges
Time-consuming status calls
That previously took up 9 hours per week
Lack of real-time visibility
Need to manually update lengthy closing checklists against tight deadlines.
Tracking multiple document versions
Difficulty in tracking status updates
Our Solution
Tools for the job
Dentons used Legatics to manage the real estate financing deal centrally. The platform’s checklist management function automated the closing checklist and approval processes, eliminating the need for lengthy status calls that previously took up to 9 hours of lawyer time per week.
The real-time visibility and status updates meant the team no longer had to produce up-to-date Word document closing checklists against tight deadlines. This saved time and allowed junior members of the deal team to get involved in more interesting tasks, improving their overall experience. The Legatics platform made it easier to track the latest versions of documents and status updates, improving document workflow and, consequently, the overall lawyer-client experience.
At the end of the transaction, the team was able to use the platform to compile documents for the transaction in just 3 hours, reducing the 15-20 hour estimate for set up and building closing sets.
Results
Better lawyer-client experience
Improved efficiency and reduced time for building closing sets
Increased speed
18% (20-30 hour) time saving over a
2-month period
Fewer status calls
Status calls no longer necessary
Improved profit margin
3% increase in gross profits
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Vastly improves efficiency. Closing binder production is incredibly simple and quick. Intuitive and easy-to-use platform.
*In the UK, the term “trainee” refers to a lawyer undergoing a period of practical training, typically lasting two years, before qualifying as a solicitor. While there is no direct equivalent in the United States, the role is somewhat analogous to that of a “law clerk,” who assists judges or attorneys, though the scope and context of the trainee’s responsibilities differ within the UK’s legal system.
Try Legatics today
If you use Word to manage your transactions, you can use Legatics. Using Legatics is that simple.