Transaction management game changer

Life before Workshare Transact

Episode 2 - Updating a checklist.

If running a closing without the help of a transaction management platform, the status column of a document would be updated with information as and when documents, comments, drafts or sign-off have been given for each item. There might be a traffic light system to indicate status and this would need to be manually updated too.

Any rows that need to be added or deleted would be done manually, as would any additional formatting changes. If required to show or review what was incomplete or outstanding, it would be necessary to scroll through each page.

Some deals may involve more than one checklist, to maintain confidentiality around documents. This meant all the updates to each checklist would need to be completed in duplicate and cross referenced, which creates the risk of inconsistencies between checklists.

Applying practical magic to your closing

With Workshare Transact, all parties invited into the platform can input their comments against files and make status notes. This encourages collaboration and transparency, as well as sharing the workload between parties, which makes the process much faster.

Updating a status column with information related to when comments or drafts are provided is optional, as this is caught by the timestamp in the platform as activity happens.

A traffic light system is always available when logging into the checklist and this reflects the latest status of each line item. Adding a traffic light status label is very quick and the checklist can be filtered by these labels to instantly see what is incomplete or outstanding.

There are no formatting requirements, so it’s fast to add rows, if necessary, without formatting issues.

Also, there is no need to create multiple or duplicate checklists, only one is needed, as there are privacy tools to keep specific documents confidential, which removes the need for cross referencing and risk of inconsistencies.

7 stages in a life cycle

There are 7 key stages in any deal life cycle. Transactional teams can save valuable time and money at each one using Workshare Transact. 

The secure, online platform replicates the process legal teams are familiar with, but we've found efficiency and productivity savings each step of the way. 

Now, many of the world's leading law firms are engaged with using Workshare Transact for their closing processes.

Let's keep in touch

You've read the second instalment in this story of innovation and efficiency. You can access part 1, Creating a Checklist, here: https://www.workshare.com/blog/workshare-transact-part-1-of-the-efficiency-box-set

And if you would like to go straight to the "boxset", which includes all 7 episodes, you can get a copy of our white paper now:

Applying innovation to the 7 stages of a deal life cycle

The Workshare Transact customer success team has a value proposition model that can be tailored specifically to your firm. It estimates, based on previous projects and closings, what your team could gain in terms of time and cost savings by using Transact.

If you would like to speak to the team please email Transact@workshare.com.

Otherwise, we would love to keep in touch with you. Please join our mailing list and we can share product news and other content related to transaction management.

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