Banking & Finance
When banking and finance teams help their clients with the lending and borrowing of money, working quickly and efficiently is essential in managing clients’ high expectations. Lawyers running transactions involving multiple parties and jurisdictions, and moving money across borders and through different currencies, face an added layer of difficulty due to political changes in economies which can delay the process.
4 Major Pain Points in Banking and Finance Transactions
Maintaining Checklists
Managing closing and condition precedents (CPs) checklists is a continuous task requiring manual updates, comparing document versions, and line-by-line review of each checklist item.
Managing Signatures
Identifying all signers, creating signature pages, sending and tracking packets, and creating the final executed versions of deal documents consumes a lot of low-value time.
Creating Custom Closing Books
When multiple parties are involved, there can be hundreds of documents and different versions of closing books that need to be made. Closing book creation can take hours to weeks.
Staying Current
Staying up to date on the latest news and political developments that can affect industry regulations, and their role in transactions, is an ongoing challenge.
Bringing Order to Complex Transactions
Convert the manual, tedious process of managing transactions into a secure collaborative workspace with Litera Transact. Whether you are working on a divestiture, legal entity restructuring, or total restructuring of funds—Litera Transact can help you efficiently manage the multiple inputs from multiple parties so that you are all on the same page at the same time.
Automate Steps
Remove approximately 70% of the steps in the deal process, which reduces write-offs and allows legal teams to focus on higher-value work.
Enhance Collaboration
Centralized diligence and closing checklists make it easier to communicate with all parties by providing real-time updates.
Increase Productivity
Save 60–80% of time spent managing the signature process and create large closing book sets in minutes.
Mitigate Risk
Protect clients’ information by sharing documents within a secure platform and ensure collection of all final executed documents.