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This results in

Increased amount of billable time spent on admin, potentially contributing to a failure to meet fee caps

Risk of losing track of the process and delaying closing

It can be unclear which version of a document is current, where it is located within someone's inbox and what the next steps are

Junior time is taken away from substantive legal work in order to complete tasks like renaming files and copying, pasting and reformatting CPs line by line into a Word document

 

Legatics' pattern recognition engine automatically generates a CP checklist

Parties directly action items on the platform, rather than having one associate tracking and updating parties as to the status of each item

The signing and completion process can be managed through the software, which can extract signature and collate pages, and generate Mercury-compliant emails

The CP checklist automatically updates itself to notify relevant parties of next steps for them to take

The definitive version of each document is located in one central place, and parties give their approval directly through the platform

Following closing, Legatics can automatically generate a bible, creating a hyperlinked index and renaming / renumbering each document

We spoke to members of the A&O Banking and Finance practice based in London, Singapore and Warsaw about how Legatics performed on three separate, large-scale banking transactions run out of each of these locations respectively

The time spent on creating, updating and tracking CPs is substantially reduced and CP update calls have been eliminated

A superior client experience as a closing process that was estimated to require six months to complete could be completed in three months

Time spent creating the CP checklist at the start of the transaction and the bible at the end is significantly reduced, and parties can contribute to the CP collection process in real time

With everything updating in real time and located in one central place, you run a much smoother process with a positive client experience