Workshare Transact: Innovation in Legal Services

An award winning solution

It feels great to have been recognized for innovation at this year’s British Legal Technology awards.

Workshare Transact came runner up in the “Innovation in Legal Services” category. And it comes at the end of an exciting year of working with some of the legal giants.

It’s a well-deserved award for everyone at Workshare. A lot of people work very hard day-to-day to make Workshare Transact a great product and provide the best service we can to our customers.

Personally, I’m delighted because Transact was conceived not at the height of a legal tech wave, but while myself and Ben Ridgway (the cofounders) were running real deals as transactional lawyers. The first prototype was originally designed in 2013, and while our main driver was simple - we wanted to dramatically improve how transactions were run - it really felt innovative to us. 

A well-balanced product

In one sense, Workshare Transact is a relatively straightforward application. It takes the document or CP checklist for a deal and turns it into a secure, online workspace for managing a transaction - moving everyone away from inefficient management via email and file attachment.

But making the solution work has required the addition of a lot of functionality, as we worked with our customers to distill the key tools needed for collaboration between parties during a deal. We have done that while maintaining a simple, easy-to-use interface as a number one priority and ensuring Workshare Transact works for all sides and for different transaction types. We've also built an application that is secure, robust and fast for users across the globe.

Embedded technology

Today, Workshare Transact offers an innovative alternative to traditional ways of running a deal. It is embedded within the practices of major law firms and is becoming increasingly well-known across London and beyond into mainland Europe and the Nordics. That is not an easy thing to do, and everyone involved both within Workshare and our client base deserves credit for this achievement.

You could argue technologies such as AI and blockchain are more innovative, but legal tech is essentially about taking technologies and successfully applying them to solve the issues that are out there in the legal domain. AI and blockchain will undoubtedly be applied in many different ways within legal, but Workshare Transact is delivering significant change and improvement right now and on a genuinely “out of the box” basis.

As one of our Nordic clients, Atle Gabrielsen, Partner at Arntzen de Besche, said – “We are not yet turning into robots; instead we want to use technology to create efficiencies that will leave us more time for human interactions with our clients.”

What’s next for Workshare Transact?

Next year I’d like to think we will be able to enter the same award category. Not for the product as a whole - but for something innovative the team at Workshare has delivered as we work with new and existing clients on continuing to improve functionality into 2019 and beyond.

In particular, our designer Diana Militano (who has been working on Transact for 2 years now and probably knows much more about legal transactions than she ever thought she would) is constantly providing clear, workable, innovative solutions to the legal workflow issues our users raise. At the end of the day, that is what it’s all about.

 

Let’s keep in touch

If you'd like to see Workshare Transact in action and understand how it could help you with the CP process or other deal closings, please get in touch with our sales team, they'd love to give you a demo. 

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