US$1.4tn of M&A in North America in 2017 - no wonder you're busy!
According to Mergermarket's Deal Drivers report for the Americas 2018, the M&A deals closed were worth US$1.4tn in North America alone last year.
That’s a lot of paperwork to get through!
For busy transactional teams that equates to thousands of hours spent on admin, not on the client. And, much of this time isn't chargeable, so it has to be written off. Does that mean the client is happy? Not necessarily. During the closing they want status updates and progress reports they may not be able to get (or, if they can get them it's because someone has been pulled off what they are doing to spend a few extra hours preparing and pulling together that report).
There is more pressure than ever from clients on law firms to be more efficient and cost-effective, and this can only be achieved through process improvement that radically changes the way things currently operate. This is why we see so many of the larger firms creating innovation boards and process improvement teams who are dedicated to the task of driving efficiency.
Workshare Transact helps transactional teams make a deal closing or CP process more efficient. Simply convert a deal checklist into a secure online workspace, which mirrors how things work today. The platform is then available 24/7, with no install, download or training needed. All invited parties can log-in, check on the status of a deal, collaborate on agreements, and complete any signoff required. And, once signoff occurs, closing binders can be created within hours (not weeks), all of which creates a much better client experience with no extra effort.
There is also less reliance on email in the process. Email can become very confusing very quickly when documents are moving backwards and forward between parties. For example, can you really be sure you're always working on the latest version of an agreement when there are so many in circulation? That's not to mention the security issues that sending important documents over email can create. Once a document leaves a firm, no one can be sure what has happened with it and who it's been shared with. Using a secure, online solution means documents are anchored to a checklist and any action related to that file is tracked and recorded.
Being part of Workshare's suite of solutions means Transact comes with the benefits of DeltaView for file comparison embedded too. When there are different versions of an agreement to be reviewed, you can compare them directly from the platform, and be sure of accurate redline results.
There's much more that Workshare Transact brings to the hundreds of deals firms close each year. If you would like to speak to us about trying it, please email Transact@Workshare.com - we'd love to hear from you.