A better way to run your transactions
We understand the amount of work and the number of hours involved in delivering a perfect deal closing for your clients. So, get a simple, effective way to control every document for every deal with Workshare Transact. You can minimize the time spent on document admin and searching your inbox for attachments, and maximize the time you spend on high-value activities.
Secure, controlled checklists
Transaction files are anchored to the online deal checklist and controlled from there. Participants are securely invited to the deal workspace, making overall management and organization of your closing more efficient.
IT and risk teams maintain absolute control over who can access and share deal documents, while transactional teams execute a perfect deal closing.
Faster reviews & updates
Using Workshare Transact, you can simplify and speed up review cycles with Workshare’s powerful file comparison functionality built-in.
We also know how important it is to keep on top of status and communicate this to others, so status labels, checklist filters and reports give the overview and the detail you need.
The technology allows us to spend less time on the administrative management of the closing process, and more time on the real value we can add to transaction work.
Data residency options
If you have data residency requirements, we can offer flexibility over where files are stored. Offices in London, New York and Sydney? No problem. We can set up a secure, local data storage for each, whether on-premise or with Workshare's approved cloud supplier.
Built on a secure online platform
Transact sits within Workshare's secure, online file sharing and collaboration platform, which operates to the highest security standards. We hold an ISO 27001:2013 certification.
Our online applications are underpinned by a secure cloud foundation that features encrypted storage and single sign-on specifically designed to meet the requirements of regulated industries, such as legal.
Secure file sharing & collaboration
The Workshare platform includes secure cloud-based file sharing and collaboration functionality, in addition to the Transact module.
Audit & activity logs
Every activity and engagement on the platform and each Transact project is tracked and reported across both firm and guest users.
Flexible storage options
Files are stored in your choice of AWS file storage locations worldwide (and in multiple locations, if required) and Workshare's proprietary on-premise solution is also available.
Workshare securely integrates with all major law firm document management systems, so files can be uploaded and downloaded between Workshare and your DMS easily.
Workshare Transact ROI calculator
This calculator illustrates the ROI you could achieve for each deal if you used Workshare Transact.
Step 1: Find a recent deal you have worked on where you did not use an online transaction management system. Find the total accrued hours for that deal (before any write-off). Insert that figure into “Total Hours Worked on a Deal” below.
Step 2: Insert your trainee and associate charge out rates into “Trainee Charge Out Rate” and “Associate Charge Out Rate”. Insert a blended rate into the calculator if your charge out rates have a range.
Step 3: See the return on investment per deal you could achieve by using Transact.
Background for our calculations
The ROI Calculator formula is based on figures extracted from detailed analysis of real transactions. We analyzed billing guides from a range of deals of different sizes run through the London office of an international law firm. Working through the recorded narratives, we identified and categorized administrative time into seven key areas. Through feedback from Transact users and platform tests, we estimated the time that Transact saves in each of these key areas. We examined these savings against write-offs and created the ROI calculator to give an illustration of available efficiency savings.
Please contact us for more detail our ROI analysis, or for more background on the admin heavy areas of a transaction, download our White Paper, “Applying innovation to the 7 stages of a deal life cycle”
Running your deal through Transact
Get more information on creating secure online checklists to host transactions for all deal participants.
Running the CP process through Transact
This specific use case information sheet explains how Transact assists legal teams running the CP process.
Transact for closings and creating closing binders
Find out more about using Transact internally to help you organize closings and create your closing binder, fast.
Get a demo
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