Legal transaction management platforms allow you to automate manual processes and collaborate on deals globally in a live, central, secure environment. While you and your firm can gain a myriad of benefits, our first hand experience has shown that the five most prominent reasons for using legal transaction management software are as follows:
1. Reduced risk of error
Lawyers are entrusted with some of the most important aspects of a deal. They work tirelessly to ensure that it runs smoothly and without error. However, with multiple parties working simultaneously on hundreds or even thousands of documents, it becomes harder and harder for accuracy to be guaranteed. By collaborating on a central, secure platform, you reduce the risk of error. You and your clients are no longer trawling through emails to find the most up to date version of a document because at every stage they can be uploaded directly to the relevant line item. Security is paramount and with this in mind, you are able to apply access controls guaranteeing that parties only see what they are supposed to.
2. Free lawyers from tedious tasks, to focus on technical legal work (and give them greater job satisfaction)
Traditionally, junior lawyers are overburdened with tedious, administrative tasks and have little time to spend on interesting legal work. By automating a large portion of the administrative tasks associated with running a deal, you have more time to focus on the work that you went to law school for and as a result, lawyers are typically reporting higher levels of job satisfaction. In fact, 83% of lawyers expect that greater use of technology will increase their productivity.
3. Greater transparency (which means fewer calls and emails)
Using a single, secure platform means that any party can log on at any time and see in real-time what the status of the deal is and who needs to do what next. Clients are no longer spending their days chasing you for updates and you are no longer spending your days holding all parties calls to bring everyone up to speed, only for the status to change again the very next day and for you to have to go through the same all over again.
4. Increased deal momentum
Large, multi-jurisdictional deals with multiple checklists, hundreds of documents and tens of parties involved typically take many months to complete. You’re reliant on emails and calls to push the deal along, chasing already overburdened teams to remind them of the tasks needing action, all while manually updating a static Word document to track the progress. Wouldn’t it be better to have live notifications every time a party completes a task so that the next person can tick off their items on the to-do list? This way, you keep momentum going and reduce the time it takes to close the deal.
5.Improved client experience
In an increasingly competitive legal landscape, law firms and their lawyers are seeking new ways to remain competitive. How can you give yourself the best chances of winning new business and keeping it? By making sure that your client has the best experience. By reducing risk and increasing transparency. By making sure that your client spends less time on calls and emails. By closing the deal faster and with less stress.
If you’re interested in learning more about the benefits of legal transaction management software, contact us on firstname.lastname@example.org.