Transactions are complex undertakings with many moving pieces, and significant time and effort is required to ensure that they are completed efficiently and accurately. Gathering client signatures is a crucial part of managing the corporate and tax transaction process. When signatures are delayed, it affects the whole deal, including, but not limited to, reporting, billing and completing the project. Roberta Metivier, a Senior Corporate and Tax Paralegal, Manager and Co-Owner of Performance Paralegals Ltd., said that in her firm, obtaining signatures used to take anywhere from 2 weeks to 6 months. Although there can be various reasons for delay, not having the capability to affix electronic signatures on documents using technology that is easily accessible any time, any place, was a common issue. Roberta also mentioned that there were times when they would receive inquiries from the client questioning the status of their documents, looking for an update. Before incorporating technology to their practice, Roberta’s clients did not have a secure, cloud-based portal to access, review and sign documents.
The old way of dealing with corporate transactions also affects a law firm’s relationship to its clients and even its business. According to the 2018 Law Firms in Transition Survey, 26% of law firms lost business to the client use of technology tools and 16% of law firms lost business to alternative legal service providers (being non-law firm providers of legal and quasi-legal services). This trend is occurring because “clients want greater cost effectiveness and value – and they are in a position to insist. Clients are clamouring for more cost-effective legal services and technology-driven process improvements,” (1) such as dealcloser. The legal industry is not immune to the pervasiveness of new, smart technology, which is a force that is changing everything. After all, “change only moves in one direction” and there’s no going back (2).
Today, people use technology to make their lives better, and the way corporate and tax law firms undertake transactions should not be excluded. dealcloser, a legal transaction management hub, gives law firms the ability to effectively and efficiently manage deals by automating and organizing the closing process. In an era where the legal industry is moving towards value based billing, and both firms and clients are looking for ways to eliminate non-value added tasks, dealcloser streamlines one of the largest wastes of time and money in the transaction process.
The transaction process is archaic
Thousands of documents are drafted, exchanged and printed by law firms around the world on single deals and each document requires original signatures before it is scanned, emailed and printed once again. With this cycle of redundancy comes a mountain of detriments: mistakes are made, time is wasted, costs increase, clients are inconvenienced, legal fees grow, and the environment is degraded.
dealcloser solves this problem by providing a suite of tools to automate, organize, and streamline the deal closing process. dealcloser makes the transactions process better.
Simplifying the legal transaction process and strengthening client relationships
dealcloser simplifies the transaction process and provides better deal transparency to clients. dealcloser also positively impacts a firm’s brand, providing a more professional image with the final product. Roberta states: “I am so proud to put dealcloser in front of our clients, it truly represents the brand we want to convey with our clients”. The efficiencies dealcloser creates in Roberta and her team’s workflow also provides them with a competitive advantage, as they can complete legal transactions faster and more accurately.
Download the full version of our case study and learn how dealcloser helps Roberta and her firm improve their workflows.