• Transact Login
  • Litigate Login
  • Store Account
  • Customer Center
  • Support
logo
  • Solutions
    • Drafting
      • Litera Desktop
        An integrated experience with everything a lawyer needs to draft documents
      • Create
        Generate new documents and reduce manual entry
      • Check
        Analyze, proofread, and repair documents
      • Collaborate
        Compare complex documents and protect against metadata exposure
      • Publish
        Simplify your most complex PDF workflows and create text searchable PDFs
    • Workflow
      • Transaction Management
        A secure, collaborative deal management platform
      • Due Diligence
        AI/ML based solution to highlight and extract provisions automatically
      • Litigation
        A litigation management platform to connect all elements of your case
    • Firm Intelligence
      • Foundation Firm Intelligence
        Win more business and exceed client expectations
      • Pricing and Scoping
        Improve firmwide profitability and offer increased client transparency
      • Digital Marketing
        Manage and nurture your business relationships more effectively
      • Strategic Planning
        Connects your plans to everyday goals for outstanding results
      • Shipping and Invoice Management
        A single platform to manage a law firms shipping and invoice needs
      • Talent Management
        Streamline recruitment, CLE/continuing education management, performance reviews, and work allocation
      • Business Intelligence
        Retrieve, analyze, and visualize all financial data onto a highly configurable business intelligence dashboard
    • Governance
      • Governance and Collaboration
        Streamline collaboration through organized structures and access management
      • Business Continuity
        Ensure business continuity by always having access to data even during outage
      • Compliance
        Remain compliant with disposition policies by minimizing unnecessary data
      • Cloud Migration
        Kickstart your journey to the Cloud
      • Microsoft Teams Management
        Control data chaos and improve your Microsoft Teams security and governance
  • Customers
    • Who We Work With
    • Enterprise Law Firms
    • Small/Medium Law Firms
    • Corporate Solutions
    • Services
    • Case Studies
  • Company
    • Our Story
    • Management Team
    • Events
    • Partners
    • Press
    • Careers
    • Contact
  • Resources
    • Resource Library
    • The Changing Lawyer
    • LegalTech Matters Podcast
  • Login & Support
      • Transact Login
      • Litigate Login
      • Store Account
      • Customer Center
      • Support
Request a Demo Store

It's Time to Start Using Technology to Manage Transactions

On Wed 29 Sep 2021
 Over the last few decades, lawyers have embraced technology for all kinds of tasks. We use artificial intelligence to rapidly identify case law precedents, judicial analytics to better predict how judges will rule on issues, automation and advanced document technology to assemble and check our contracts and other documents, and technology-assisted review to conquer piles of ediscovery.But when it comes to running transactions, firms have been stuck on a slow, expensive, frustrating manual process. It's time for that to change.

Transaction Management the Traditional Way

Until recently, most law firms and lawyers have handled transactions manually, using time-tested'and now outdated'modalities. Traditional methods for managing deals typically include sharing and negotiating documents via email, making it difficult to locate the latest version and maintain the history in the document management system.In addition, project updates are commonly communicated through email, which get lost in the inbox, or via conference calls and meetings, where members discuss a deal's status line by line. Hours can be wasted on these calls as participants review information that is not always relevant to everyone, and the checklists are manually formatted and updated. Every shipping cycle not only introduces security risks and potential delays in the closing process, but also the possibility for undetected changes and confusion over the terms of the deal.The signature process also consumes a significant amount of time in the closing process. Signature pages are created from scratch or by using copy and paste methods. After the pages are created, signature packets have to be compiled for each signer and distributed via email or post all while someone is manually tracking the status of every signature page. Collecting all the signature pages and creating the executed deal documents can take hours ' sometimes days or weeks ' and it can take the firm months to deliver the closing binder or bible to their clients and other key stakeholders.In short, it's a paper-driven, slow, laborious, error-prone, and risky process'which means it's frustrating and expensive to boot.

How Technology Revolutionizes Transaction Management

But all that administrative drudgery, as annoying and time-consuming as it is for highly skilled lawyers, is exactly what technology thrives on. There are at least four benefits of technology-driven transaction management.
  1. It's faster and simpler. With centralized process checklists, digital signatures, and a secure collaborative online workspace, the entire closing process is radically accelerated. At the same time, lawyers are freed up to spend time on value-added activities instead of monitoring version changes and hounding parties for signatures.
  2. It reduces write-offs. It gives lawyers the ability to deliver their clients' closing books at closing. Having the ability to produce closing books in minutes and automating the steps required in creating, distributing, and tracking signature pages leads to an overall better experience.
  3. It's less risky. Transaction documents are maintained and negotiated within a secure, encrypted online platform (in any location needed for cross-border compliance) and digitally signed in real time. This eliminates the risk of mailed and emailed documents falling into the wrong hands and simultaneously clarifies changes and comments, reducing the risk of errors in the final document.
  4. It allows for better collaboration. The ability to assign tasks and set reminders for all parties working the deal keeps everyone accountable and everything on track. Real-time status updates'along with clear versioning and a transparent document revision history'allow the parties to collaborate more smoothly and simply.
By leveraging technology, lawyers can manage transactions in hours or days instead of weeks'and they can do so with ease rather than swirling confusion. Plus, technology reduces the risk of version error, improves security, and allows for better collaboration in real time.At Litera Microsystems, we've been helping our clients prepare perfect documents for years. Now, through our recent acquisitions of Doxly and Workshare Transact, we're making sure our clients don't have to throw their perfect documents into the morass of manual transaction management. At the end of the day, that leads to happier users and improved client retention.Ready to learn more? Contact Litera Microsystems for a demo. 

Posted in Legal,Transaction Management,Workflow

Related Articles

Contract Companion Product Sheet

Collateral

Contract Companion Product Sheet

What Law Firms Need From Their Business Continuity Plans

Whitepaper

What Law Firms Need From Their Business Continuity Plans

Scaling up Legal Project Management

Whitepaper

Scaling up Legal Project Management

Microsystems Unveils PDF Conversion Cleanup Feature

News

Microsystems Unveils PDF Conversion Cleanup Feature

logo
US: +1 630 598 1100 UK: +44 (0)20 3890 2860
Vision
  • One Vendor
  • Integration
Solutions
  • Litera Check
  • Litera Create
  • Litera Compare
  • Litera Desktop
  • Litera Litigate
  • Litera Review
  • Litera SecureShare
  • Litera Transact
  • Clocktimizer
  • Concep
  • Contract Companion
  • DocXtools
  • DocXtools Companion
  • Foundation Firm Intelligence
  • Kira Systems
  • Litigation Companion
  • Metadact
  • Micron Systems
  • Objective Manager
  • Prosperoware
  • PS/Ship
Customers
  • Who We Work With
  • Enterprise Law Firms
  • Small/Medium Law Firms
  • Corporate Solutions
  • Case Studies
  • Services
Company
  • Our Story
  • Management Team
  • Events
  • Partners
  • Press
  • Careers
  • Contact Us
Resources
  • Resource Library
  • Webinars
  • The Changing Lawyer
  • LegalTech Matters Podcasts
logo
US: +1 630 598 1100 UK: +44 (0)20 3890 2860
  • Licensing Terms
  • Privacy Notice & DPA
  • Subprocessors
  • Preference Center
  • Contact Us
  • Modern Slavery Statement

© 2023 Litera Corp. All rights reserved.