The Old Way vs. The Closing Folders Way
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.
It's 5pm
We’re closing tomorrow—they made the call an hour ago.
Signing packages need to go out by midnight...
What happens next?
Old Way...
My eyes strain over the closing agenda before me.
Click, click, click... open each document, scroll to the signature page, print, repeat.
Double-checking.
Triple checking.
Make a single mistake and the whole deal is ruined.
It’s a small deal but the web of individual shareholders and subsidiaries means an ever-increasing number of directions, consents, and resolutions.
To me, I only see the hundreds of signature pages that need to be circulated, signed, and returned.
I'd better order dinner...
With Closing Folders...
I open up the closing checklist, select the signing packages, and send them to each of the required signatories. It's easy because Closing Folders supports both pdf and DocuSign signing pages aligning with the firm and client's preferences. We simply send the signing package, and completed signatures are returned.
Time to head home.
30%
Time saved on checklist management
The Next Day
The last-minute signed pages are arriving in dribs and drabs
How do I include them?
Old Way...
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.
With Closing Folders...
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.
60%
Time saved on signing package creation
90%
Time saved on clients receiving signing packages
The Partner Bursts into my Office
...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.”
Old Way...
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.
With Closing Folders...
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.
95%
Time saved updating documents using variables
Closing the Closing Book
The deal is done! Now to create the Closing Book.
Old Way...
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.
With Closing Folders...
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.
90%
Time saved in closing book creation
Continue the Story
Tired of the old way? Learn how Closing Folders can change your story, bring order to your day, save you time, and create better work for your clients.
The Closing Book
A closing book, also known as a closing set, closing binder, record book or closing bible, is an important product of most legal transactions. After closing a deal, all related final documents are compiled into a closing book to distribute to the parties involved. Should there ever be a dispute over the terms of the deal, the closing book will be the first place lawyers go to look to see what was agreed on.
