Processes like managing and tracking conditions precedent (CPs) and generating transaction bibles take up large amounts of lawyer time on a transaction and still rely on Word documents to manage what could be hundreds of CPs
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
An intuitive platform created using legal design thinking and tailored by lawyers to address all of the nuances of a given type of transaction
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
The Results According to A&O
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
"We limited the CP calls to one call only to say that we will be using Legatics… we estimate that we’ve saved about 25% of the time that we would need to spend on the matter without Legatics."
- A&O Senior Associate, Warsaw
A superior client experience as a closing process that was estimated to require six months to complete could be completed in three months
"We would not have closed the transaction in such a tight time frame without Legatics. Legatics was instrumental in ensuring that the parties’ timing requirements were met."
- A&O Partner, Singapore
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
"There were about 1500 CPs on that transaction and it was a full-time task to manage them. With Legatics, we’ve run a similar transaction with half as many people being involved in processing the CPs and those two people spent only about half their time on doing that."
- A&O Partner, London
With everything updating in real time and located in one central place, you run a much smoother process with a positive client experience
"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."
- A&O Associate, London