- 50% of time saved on document-related tasks
- 75% of time saved preparing closing binders
- 80% reduction in emails circulating files
September 1 2015, London, UK – Campbell Killin Brittan & Ray LLC, a Denver-based commercial law firm has selected Workshare Transact, Workshare’s new transaction management application, to improve the efficiency of its legal transactions.
With core practices in real estate and finance, CKBR undertakes dozens of single lender and syndicated loan transactions for some of the largest commercial lenders in the United States. Each deal generates at least 500 PDF and Word files, traditionally circulated entirely by email.
To tackle old and inefficient deal processes, CKBR chose Workshare Transact to host a $225m finance transaction for their client, a large commercial lender. CKBR set up a checklist-based workspace within Workshare Transact, providing a single place where all transaction files, including draft versions, execution versions and signed documents, could be exchanged between the deal participants, in a structured and organized way. CKBR estimated that over the course of the transaction they saved 50% of time on document-organization tasks, with an 80% reduction in emails circulating files.
The company also benefitted from Workshare Transact’s closing binder PDF editor, which allowed them to create fully executed versions of the deal documents in a few clicks. This saved CKBR an estimated 75% of the time spent using previous scanning and printing methods, and the completed closing binder now remains accessible and secure within Transact for future reference.
Justin Burns, Partner at CKBR commented, “Transact is a great application, providing a much better deal experience for all participants. Our clients particularly appreciate the transparency of the process, while we save a considerable amount of time on tasks such as preparing closing binders. Circulating files by email is also reduced to a minimum. We expect to continue using Transact for our deals, giving us a competitive advantage in transactional work.”
Anthony Foy, CEO at Workshare commented, “By automating time-sensitive tasks previously performed manually and at great expense, CKBR are at the forefront of modern deal-processes. Transact’s structured and organized checklist-based workspace saved CKBR a huge amount of time historically wasted on document management and deal admin. This has enabled all participants to spend more time on legal tasks such as drafting and negotiation, giving them an edge over the competition and providing a better experience for all concerned.”