What is legal transaction management software?
Legal transaction management software helps lawyers and their clients manage and track every aspect of a transaction.
This kind of digital platform is part of the growing global legal technology market, which is expected to reach an impressive value of $63.59 billion by 20321.
Why are so many firms investing in these tools?
Legal transaction management software can save your practice time, increase your profit margins, stop document mismanagement and boost your compliance.
Imagine harnessing the power of advancing tech to keep track of the various processes, tasks and documents that go into every transaction, whether it’s M&A, real estate or corporate banking.
No more Word or Excel nightmares.
If you’re looking to improve client relations, close deals faster and boost profit margins in an increasingly competitive commercial market, it’s worth exploring how this kind of software can help you.
A good legal transaction management tool should provide you with one centralized dashboard for all your document needs. Most major platforms include these key features:
- List management
- Signature management
- Binder creation
- Robust administration controls.
But with so many providers in the market, it can be tricky to know which suits your needs best.
Some programs offer an end-to-end solution to help you manage an entire transaction, while others focus on addressing a specific issue like coordinating the execution of multiple documents.
Lucky for you, we’ve compared the top 6 legal transaction management tools and looked at four key areas: the type of software, geography, which practice areas it’s best suited to and collaboration capabilities.
Keep reading for our top picks in 2024.
A quick note – due to the variety in firm size and practice areas, most software providers don’t provide pricing information online. To find this out, we recommend contacting each provider individually.
Top legal transaction management software providers in 2024
- Legatics for large-scale, document-heavy transactions
- HighQ for bespoke transactions
- Closing Folders for US transactions with a high number of signatures
- Lupl for varied legal work
- Litera Transact for US private equity/venture capital deals
- Dealcloser for corporate transactions
- SimplyAgree for US small scale transactions
Simplify your transaction management with Legatics. Get started by booking a demo today.
Top features to look for in legal transaction management software
When it comes to choosing your new legal transaction management software, it’s best to find a tool that’ll work across the firm for a variety of transactions. This will help with adoption, stakeholder buy-in and give you the best ROI for your investment.
Here’s what we recommend looking out for:
- Flexible lists: streamline your deal flow with flexible list management systems. Whether you want to create a list of documents per transaction, or a checklist to track completion items, choose a platform with customizable list templates and import options.
- Streamlined signatures: speed up transactions with electronic and wet-ink signature capabilities. The best platforms let you easily collate signatures and automatically match them back into your documents. Make sure your software integrates with popular e-signature tools like DocuSign.
- Branded binders: compile, organize and export your documents into a single PDF in just a few clicks. The right software will instantly create a perfectly formatted index with document hyperlinks and let you customize your binder with your firm’s logo/colors.
- Administration controls: boost software adoption by using a platform with advanced administration controls and analytics. These can help you track who’s using the software, how many matters are open and which practice areas may need a hand.
Legatics can help you increase deal efficiency and reduce time on manual tasks. Discover how by booking a demo today
References
1 https://www.fortunebusinessinsights.com/legal-technology-market-109527
Disclaimer: We wrote this article in July 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only. Readers should consider their specific requirements when evaluating providers.
