What is Legal Transaction Management Software?
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 things. First, LTM can keep track of all the stuff that makes up the deal. Every version of every document, every schedule and every signature, across all law firms, accounting firms and companies, can all be tracked in a single centralized place. Without this kind of centralization, important changes can easily be missed and critical errors can go uncaught – a huge problem in a high stakes legal transaction.
The other thing LTM can do is automate. Getting 200 documents signed by the same five people takes a lot of organization and time. If a lawyer can get LTM to do that, she can focus more on that complex web of documents – that means better advice for clients, and that means happier clients (and less lawsuits). This automation helps after the deal is closed as well – lawyers using LTM can create record books in just a few clicks. That means clients get their record books the day after closing, and that means even happier clients.
If you want to learn more about how LTM can augment your practice, check out the case study below or contact us for a free demo.