Campbell Killin Brittan & Ray LLC
CBKR needed a way for its employees and clients to efficiently manage deal transactions
Workshare 9 Sharing Edition with Deal Checklists enabled
- Reduced time on document-organization-related tasks by 50%
- Cut time preparing closing binders by 75%
- 80% fewer emails sent exchanging files, with virtually none circulating closing files as signed documents
Campbell Killin Brittan & Ray LLC is a commercial law firm based in Denver, United States. The Firm’s 15 partners and associates advise corporate clients throughout Colorado and the United States, with core practices in real estate and finance.The firm prides itself on its approach to client service, with the firm’s website stating: “We regard service over profit and adhere to founding principles that emphasize fair, ethical, and honest billing practices that avoid excessive and unnecessary fees, formalities, staffing, and overhead. As a result, we have earned and maintained a variety of clients across multiple practice areas including many matters which are uncommon for a firm of our size.”
When commercial law firm Campbell Killin Brittan & Ray LLC (CKBR) found their staff were spending more time managing emails and various versions of files than advising clients on transactions, they knew it was time to look for a better solution.
The Denver-based firm selected Workshare to help its 15 partners and associates manage the many files, versions and documents required to close out the dozens of single lender and syndicated loan transactions they carry out each year.
CKBR looked to Workshare in mid 2015 and trialled the Deal Checklists solution on a $225 million syndicated real estate transaction. “We needed a quick and easy way to manage multiple documents for the benefit of all parties involved” said Skylar Marshall, Associate at CKBR.
Since then, CKBR has run the majority of its finance matters through Workshare - an estimated 50 transactions, involving more than 150 external participants.
THE WORKSHARE SOLUTION
The checklist-based workspaces set up for each deal provide CKBR with a single, central place where draft versions of agreements, execution versions, schedules and signed documents can all be exchanged between the deal parties in a secure, structured and organized way. Following the close of each deal, CKBR uses Workshare to quickly create the closing binder – leaving them free to move on to the next matter.
Before Workshare, CKBR traditionally ran their deals entirely through email. This led to confusion over which was the most recent version of a document, inboxes were overloaded with files and there was a lengthy post-closing exercise. These problems were all removed by simply running the deal through shared workspaces, where files are uploaded to relevant places in the online checklist.
“Some of our clients will now specifically request that we use Workshare for their transactions,” Skylar added. “It provides order and transparency – all parties involved know exactly what’s happening and have the ability to check the progress of the deal at any time.”
By running their deals in this new way, CKBR estimates the following beenfits:
- 50% of time on document-organization-related tasks
- 75% of time preparing closing binders
- 80% fewer emails sent exchanging files, with virtually none circulating closing files as signed documents#
CKBR’s client praised the experience of running the deal through Workshare, in particular the improved access to and visibility over the transaction files and status.