Lawyers and their clients will appreciate the expedited results that iManage Closing Folders legal transaction management software makes possible for a broad range of transactions.
Fed up with the mess of paperwork involved in buying a house, lawyers, real estate agents and home buyers looked for a better way. In answer, many great transaction software products came to market. Companies like EZ Coordinator, CoStar Real Estate Manager and Nekst all bring innovative approaches to closing a residential real estate transaction.
These products help real estate agents and lawyers manage the documents and data generated when buyers are purchasing a home. But they are specific to real estate closings, so they can’t help lawyers with other types of deals.
What other types of deals?
Legal transactions such as financings and M&A have grown in complexity and in volume. A transactional lawyer could be working on five deals at once, and each deal could involve hundreds of documents and countless legal entities. The transaction software on the market that targets real estate closings doesn’t support these more complex transactions. This is where a category of product called legal transaction management software, or LTM, comes in.
How is this software different?
Unlike products that target real estate closings, LTM is specifically built for corporate lawyers, serving a broader range of legal transactions. These include public and private financing, M&A, and tax reorganizations.
LTM tracks the details of a transaction, including the closing checklist, documents, versions, schedules, and signatures — centralizing it all in a single online platform. This makes it easy to find documents and signatures, as well as to manage related communications.
In addition, LTM saves hours of effort at critical stages of a closing by automating tasks that a human would normally complete. This includes creating signing packages, making last minute changes — like dates — to documents, and compiling fully executed versions of each document.
Closing the books with Closing Folders
Lawyers can instantly create professional closing books and send them out when the transaction is completed. And in a world where technology continually raises the bar for speed and efficiency, clients will appreciate the expedited results that LTM makes possible.