Leading global law firm, Simmons & Simmons, use Workshare Transact
Top 100 global law firm, Simmons & Simmons, was looking for a way to improve the efficiency of their deal closings, as part of its investment in innovation.
A smoother, faster deal closing for the team at Simmons & Simmons and improved communications with clients.
Think outside the inbox with Workshare Transact
Workshare Transact is an application used to recreate a document checklist online and provide a structured framework for file exchange between deal participants during a deal closing.
We spoke to the team at leading law firm, Simmons & Simmons, about why they chose Workshare Transact, how it’s improving deal closings, and what benefits the team is experiencing as a result.
Why did you decide to use Workshare Transact?
“We are under huge cost pressures from clients, as I think everyone is. Clients naturally want more for less and that cuts across everything we do. Because I'm supervising a lot of transactions, I was here until midnight last night partly just clearing the inbox, to make sure I had covered everything. Anything that can reduce cost and lost time has to be a good idea.
We are the first top 20 law firm to sign terms for use of the portal to manage the Conditions Precedent process, and are very excited at the extensive benefits it will bring for all parties involved in banking transactions.”
Mark Waghorn, Partner, Simmons & Simmons
How is Workshare Transact improving your deal closings?
“There is a lot of running around in the latter end of the deal, which is not actually negotiating anything, it's purely the paper trail. Trying to logistically deal with the sheer volume of paperwork that's being thrown at you, and 30 emails all with the same header, with a system like Workshare Transact it makes the process a lot more streamlined.”
Paula Macnamara, Managing Associate, Simmons & Simmons
What are the benefits to you see from using Workshare Transact?
“One of the key benefits is the ability to simultaneously tell every single party where you are on a particular aspect of the deal. It also means that over time people are more synchronized when it comes to actually understanding what needs to be done, when it needs to be done and how we get there.
Ultimately, innovation is about changing the focus or the delivery of how we do what we do. It’s about making it better, to try and bring process improvement in technology to leverage a better way of working for clients and for the firm.”
Nikolai Hoffmann, Trainee Solicitor, Simmons & Simmons