If you’ve read the first part of our legal transaction management (LTM) series, you know LTM software automates the repetitive, often tedious tasks needed when closing deals, from creating checklists and managing versions, through capturing signatures and creating final closing books. Although the monotonous work associated with closings may not affect your entire firm, automating this process has benefits for everyone (clients included!):
Faster closings. LTM dramatically reduces time spent by lawyers and paralegals on manual processes—an average of up to 20% less time per deal, up to 60% less time sending signatures out to clients, and 90% less time receiving them back. Plus, the time to create a closing book is also reduced by 90%, meaning the book can be completed in minutes instead of hours or days.
Enhanced security. Gone are the days of multiple copies of documents or copying documents between systems. With LTM, your document management is simplified and standardized on a single, secure platform. You can relax knowing security features and audit trails reduce the risk of damaging data breaches and leaked transactions.
Seamless collaboration. Firms using LTM tools report that it quickly becomes a core element of how lawyers manage their day-to-day. If using a web-based LTM tool, managing transactions virtually on a single platform creates consistency across teams, makes it easier to collaborate, and supports the new work-from-home norm.
Superior client experience. With web-based LTMs, it is easy to invite clients and other counterparties into deals to collaborate. This improves the client experience by enabling them to track a deal’s progress—including every open task, signature, and revision—without engaging with lawyers directly. Using an LTM also helps to build your reputation with clients as a trusted advisor. With you, clients can enjoy a predictable closing in both time and cost, and the enhanced security of the process means clients can rest assured that their time, budget, and data are safe. Perhaps best of all, LTM eliminates the need for clients (and lawyers) to spend late nights or weekends in a physical closing room.
The right LTM tool makes closings faster, easier, and more secure for lawyer and client alike. Combining the iManage Closing Folders LTM solution with your iManage knowledge work platform takes these gains one step further by providing your firm with end-to-end transaction management—a single source of truth for transaction documents from creation to closing. With LTM, your entire firm benefits from streamlining the closing process.
To learn more about how LTM could impact your firm, download our “Closing the Deal” report.
About the author
Gia Tammone-Park