Episode 1 - Creating a checklist.

Traditionally, a checklist for a closing process would be created in Word, based on a precedent checklist. Then it would be a process of copying and pasting the CPs from a schedule into the checklist.

The checklist would need to be formatted, and parties defined and amended throughout.

This process is very time consuming and can take hours to do, depending on the size of the deal.

With Workshare Transact

Using Workshare Transact, there are 3 easy ways to create a checklist.

1) Create it from scratch
2) Import the checklist
3) Replicate an existing checklist

Importing a checklist can be done using Excel or you can simply copy your CP Schedule from the principal transaction document via our “import” tool, the Checklist Generator.

Replicating an existing deal already in the platform is ideal when working on repeat, sequential deals, or template precedent deals can be created in Workshare Transact.

Creating a checklist with the Checklist Generator takes around 20 to 30 minutes. Replicating a checklist is even quicker. Factoring in time for any tweaks needed, teams can still save hours of work in this stage of the process.

Amending party definitions and document information can be done where required and the party names are automatically updated throughout checklist.

There is absolutely no formatting required, which saves valuable time on each transaction.

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 stay in touch

You've read the first instalment in this story of innovation and efficiency. If you would like to binge on the boxset, which includes all 7 episodes, you can get a copy of the white paper today:

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 time and cost savings.

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

Otherwise, we would love to keep in touch with you on what's happening with Workshare Transact. Please join our mailing list and we can share product news and other content related to transaction management.

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