Our guide to LTM (Legal Transaction Software) and how it could help your law firm.
Legal transactions are complicated. It seems obvious, but some might be surprised that a simple sale of one company to another can take hundreds of documents working together in an intricate web to effect a legally binding transfer of ownership. Lawyers add a lot of value in this process. They can take all of this complexity and distill it down to digestible key terms that all the non-lawyers can understand.
Unfortunately, these webs of documents are only getting larger and more intricate. Every extra shareholder, subsidiary, or lease that a company owns can spawn another 10 or 20 documents. Many legal transactions end up with thousands of documents that need to be negotiated and signed. Compounding this are the ever-decreasing timelines for deals to get done, with many deals being compressed into a single week of work.
This is where Legal Transaction Management software (LTM) comes in. It can do a couple of things: