February 3, 2015, London, UK and New York City, US – Outdated and inefficient methods for executing legal transactions are putting pressure on lawyers and costing firms millions each year in write-offs. To automate and improve legal transactions, Workshare has launched Transact, an application designed specifically to help groups of transactional lawyers organize and manage legal deals more effectively.

A recent survey reported that 94% of U.S. law firms believe that a focus on improved practice efficiency will remain a permanent goal. To ensure efficiency, Transact recreates the documents checklist on screen to provide a structured framework for file exchange by deal participants. Transact further streamlines legal transactions by supporting all related document management tasks, including versioning of drafts, exchanging signature pages, and creating PDF bible versions once the deal has closed – saving huge amounts of administration time.

Ben Ridgway, Transact Product Manager and former Clifford Chance lawyer commented, “Lawyers often rely on unproductive email exchanges to manage legal transactions, leading to hours of unbillable time. Workshare Transact is unique in that it ensures all legal transactions are structured and organized from start to finish. The deal status is apparent to all parties and the need to search for files is greatly reduced. The closing of a deal is straightforward, as lawyers have an ordered collection of signature pages, and can automate bibling to be completed on the same day.”

Anthony Foy, Workshare CEO commented, “With a deep heritage in the legal sector, Workshare recognizes the huge opportunity lawyers have to address the inherent inefficiencies associated with legal transactions. With Transact, lawyers can remove the headache of trying to reduce deal admin, and can get back to the practice of law.”