It's a tale told in law firms in every city across the world. Another deal is underway, and the closing process is time-consuming and fraught with the risk of costly mistakes.
That’s the old way to do this. This story shows a better way, using iManage Closing Folders.
The last-minute signed pages are arriving in dribs and drabs
How do I include them?
Some clients have emailed scanned pages. I can pull those packages apart and slip-sheet each executed signature page into the correct document.
Others have sent their pages by courier, and some have even sent pictures.
What if I have forgotten a page?
I look down at my notes to reassure myself.
They are incomprehensible.
Better double-check the signing packages one more time.
This is easy, the signed signature pages have been automatically associated with the right documents.
I check the dashboard, it provides a real-time view into the status of all the signatures required, making it simple, I don't need to do anything.
...frantically buttoning her coat as she begins to rattle off instructions. “Don’t forget they added the US sub to the guarantors, so it needs to sign everything as well.”
The remaining color fades from my face. Those signing packages are now obsolete.
I need to revise every document to add the new signatory and then create the signing packages all over again.
It’s bad enough that I must sort all the signature pages yet again —they all basically look the same by the way—but knowing I’m just a single misstep away from disaster is soul-crushing.
I simply open Closing Folders, make the change in one place, and it is reflected across all relevant documents.
Once ready, I easily finalize the documents pulling them into the executed version. The signature packets and any schedules are seamlessly put together into one document.
Done. We are ready to close.
The deal is done! Now to create the Closing Book.
That too will be another world of stress.
A Friday afternoon email asking why the closing books are late will turn into canceled weekend plans.
Once more confined to this office to reorganize stacks of paper. Trying to compile the right version of the right document with the right signature page and the right schedule.
For sure, this time, I will try to get the closing books done immediately after closing.
This is perfect, with a few clicks a professional quality closing book is sent to the client right after closing the deal.
The clients are always happy with this, and it’s a nice way to finish a deal.
Right, time to enjoy Friday night, no doubt a new deal starts on Monday.