If you’ve read the previous installments of our legal transaction management (LTM) series, you learned how LTM technology automates the manual tasks associated with closing deals. You also know that with an LTM, you have enhanced security, seamless collaboration, and better client experience. Even better, you now understand how investing in an LTM can lead to reduced uncollected billable hours, lower risk of costly errors, and a reputation as a technology leader.
If you’re ready to look at an LTM option for your legal team, then iManage Closing Folders should be at the top of your list of products to consider.
iManage Closing Folders is a leading LTM solution and powers over 7,500 legal transactions every month. Closing Folders automates the repetitive, often tedious tasks needed for closing deals, from creating checklists and managing versions, through capturing signatures and creating final closing books. It improves deal accuracy and saves countless hours, freeing lawyers, paralegals, and in-house legal counsel to create more value for clients and stakeholders.
The IT perspective
Lawyers and other members of legal teams love how Closing Folders simplifies and automates the closing process, but if you are an IT professional, you may have some additional questions. We have answers.
Does Closing Folders integrate with other technology we use?
Closing Folders integrates seamlessly with iManage Work, the industry-leading DMS designed for knowledge workers. This integration makes it easy for legal teams using Work for document management to access the files needed for closings. The Work integration also makes it possible for closing transactions to be managed smoothly end to end in one platform.
To ensure the entire closing process can be done remotely—and without causing interruption to your team’s current workflow—Closing Folders works with e-signature platforms like DocuSign and OneSpan, but it also natively supports PDF signature pages. No matter how you get your documents signed, Closing Folders makes it simple to get the signatures needed to finish the transaction.
Is Closing Folders secure?
Closing Folders can be integrated with technology your team already uses, but is it secure? The simple answer is yes!
Now for the full answer: Closing Folders offers comprehensive security and governance, including need-to-know protections and a full audit trail. The recommended user authentication method, SAML 2.0 Single Sign-on, provides the highest level of security and convenience for both users and administrators with centralized user management.
Customer data on Closing Folders can be segregated in one of several regional clouds of the customer’s choosing, allowing for compliance with jurisdictional and data-export regulations. Closing Folders leverages Amazon Web Services infrastructure, which meets the highest level of security, compliance, and redundancy standards. Since Closing Folders is designed to run across a minimum of two availability zones, durability is at an industry-leading 99.999999999%.
Closing Folders also creates a highly secure way of working. Instead of closing documents being copied onto external devices or sent over email, everything is held safely in the Closing Folders solution. Lawyers can additionally avoid hitting email size limits when trying to share closing documents, since everything can be accessed through Closing Folders.
The Closing Folders integration with iManage Work is likewise secure. iManage Work is already known in the industry for its safe integration with other technology, and Closing Folders is no exception. When Closing Folders and Work are used together, you can ensure documents are organized and protected from end to end.
Is Closing Folders easy to implement?
Integrations and security are accounted for, but what about implementation?
Closing Folders is the fastest technology to implement in the iManage portfolio. In fact, you can have Closing Folders up and running (training included!) in as little as one day.
This makes Closing Folders an easy victory for IT. With a simple implementation, you can solve a consistent pain point for your lawyers and staff and be the hero of your legal team.
Closing Folders is also a benefit for client retention. Impress clients by using up-to-date technology for efficient closings and avoid the embarrassing – and sometimes costly – mistakes that can happen when closings are done the old-fashioned way.
A win for everyone
Choosing Closing Folders for your LTM is a smart move for your legal team. Automate repetitive, error-prone tasks in deal closing to reduce risk and improve client service delivery—all while keeping documents safe with industry-leading security. From lawyers, staff, IT, and even clients, Closing Folders is a win for everyone.
To learn more about Closing Folders and the value of LTM, download our “Closing the Deal” report.
About the author
Gia Tammone-Park