If you are part of a legal firm, you probably already use technology for a number of reasons:
- Artificial Intelligence (AI) to rapidly identify case law precedents
- Judicial analytics to make better predictions on rulings
- Advanced document technology to assemble and check contracts and other crucial legal documents
- Technology-assisted review to deal with and process piles of ediscovery
But are you using technology for Transaction Management?
Or are you still stuck on slow, expensive, old-fashioned manual processes like:
- Email for sharing and negotiating documents
- Conference calls and meetings for discussing project updates
- Physical signatures to finalise executed deal documents
When you rely on such laborious, paper-driven and error-prone processes, you grapple with issues like:
- Difficulties locating latest versions of documents and accurately maintaining their history
- Lost time in rechecks, manual updates and unnecessary discussions
- Increased costs in creating, maintaining and sharing mountains of paper
Due to such challenges, it can take firms months to deliver the closing binder or bible to their clients and other key stakeholders.
Here are 4 ways technology can revolutionise transaction management for your legal firm!
#1: Simplify transactions and reduce processing times
In simple terms, technology can make your transactions faster and simpler. Whether it’s centralised process checklists, collaborative online workspaces or digital signatures, you can accelerate and streamline your closing process in tangible, meaningful ways with technology.
When lawyers no longer have to contend with time-consuming tasks like monitoring version changes and getting signatures on documents, they can use their time more strategically on value-added activities that make a real difference to their firms’ bottomline.
#2: Reduce write-offs and improve the customer experience
With the use of technology, lawyers can produce and deliver their clients’ closing books in minutes instead of days or weeks. They can also automate the steps required to create, distribute and track signature pages, which can lead to an overall better experience for the lawyer but more importantly, for the client.
#3: Increase security and decrease risk
The use of a secure, encrypted, multi-location online platform along with real-time digital signatures makes it easy to maintain and negotiate transaction documents. Now you no longer have to communicate project updates through email (which can get lost) or via conference calls and meetings (which can be tedious and time-consuming).
Moreover, technology also eliminates the risk of mailed and emailed documents falling into the wrong hands and the possibility for changes going undetected and causing confusion or errors in the final document.
#4: Improve collaboration and harness the ‘wisdom of the crowd’
When it comes to multi-person teams; collaboration, accountability and tracking are critical. Technology can help firms assign tasks, check progress and set reminders for all stakeholders to keep everything running smoothly and on track. Technology-enabled advantages like real-time status updates, clear version control and transparent document revision history allow all stakeholders to collaborate better for more advantageous outcomes all-round.
Also read:
Tech Thursday: Can AI and Technology Replace Law and lawyers?
Tech Thursday Innovation In Law Firms: No Longer An Exception But A Rule!
Tech Thursday: 7 Ways to Bring Innovation to your Legal Transaction Deals with WORKSHARE TRANSACT
Tech Thursday Proactive Email Security for the Legal Enterprise with iManage and Workshare
Are you ready to embrace technology to manage transactions in your law firm?
Prime Infotech is a leading reseller of IT solutions that are trusted by law firms all over APAC. From Workshare and Nuance Power PDF to iManage and Bitdefender – we have everything you might need to keep your firm running smoothly and your clients happy. To know more about our product list, volume discounts and free trials, contact us today!
Phone: 022-2308-0666, +91-9833650378
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