Arntzen de Besche - The collective benefits of collaborating on Workshare Transact
Starting with their banking and finance group, Arntzen de Besche wanted a more efficient way to organize files during the closing stages of their deals. They wanted to spend time focusing on clients and negotiations, not on document administration.
Workshare Transact - using the technology to create efficiencies would give associates, lawyers and partners more time to work with clients.
Adoption of Workshare Transact has made managing deal checklists easier and more efficient. It has vastly reduced the amount of time spent on bibling.
Most of all, the team at Arntzen de Besche has felt the benefits of the platform when all sides have used it to collaborate and share information.
Why did you choose Workshare Transact?
Julianne Heltne, Associate: When we heard about Transact and saw that there was an opportunity to do this closing process much easier and more efficient, we wanted to try it.
Atle Gabrielsen, Partner: We tested Workshare Transact and it was really intuitive.
Martin Gunnheim, Associate: Our clients were able to follow a deal real time. They could login to the checklist and get live updates.
How are you using Workshare Transact?
Julianne: We are using it a lot of the time, especially on the CP collection and the bible of documents.
Martin: It is harder to charge clients for the hideous work it was to create the bible after the deal closing. It could take up two weeks just to get everything sorted and numerized.
Atle: Our experience in the past was that once the deal was closed, we still had to do a lot of work organizing the CPs and getting them in order and producing the bible of documents.
Now, we can actually do the bibling the second after the deal has closed. The recipients have been quite surprised about the speed in getting the bible distributed.
What are the benefits of Workshare Transact?
Julianne: All parties can see which documents are uploaded. We don’t have to send them e-mails with drafts all the time. It's much easier when we have Transact.
Atle: 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.
If we can get our counterparts and everyone involved in a transaction to use this, then it will really make the whole work much more efficient.
It’s already a benefit for us, but it will be tremendously good if it can be used actively by the ones we are working with on a transaction.
To talk to us about Workshare Transact and using it on your deal closings, please email email@example.com