From law to legal technology: the dealcloser story

 Founders Amir Reshef and Ashvin Singh share their story on how legal transaction management software, dealcloser, was created.

Founders Amir Reshef and Ashvin Singh share their story on how legal transaction management software, dealcloser, was created.

 

Before co-founding dealcloser, Amir Reshef and Ashvin Singh both practiced at a large, international law firm. Ashvin practiced tax law and Amir practiced corporate law. It was during their articling year that the idea for dealcloser came about. Ashvin started his article year in the corporate group and Amir started in the litigation group. After a few months, Ashvin told Amir about how labour intensive the transaction process was. He spent hours reviewing physical documents sorted into folders to make sure that the right version of each document was in the folder, making signature pages for each document and then ensuring that all signatures were collected. On one deal, dozens of people came to a board room to sign document packages, spending tens of hours collectively in a day, just to sign all the documents on a deal.

 

A few months later, Amir experienced the same thing while in his corporate rotation. Like Ashvin, Amir spent hours helping keep the deals he worked on organized and running smoothly, in addition to helping out with document preparation. Amir spent many late nights in boardrooms, ensuring that document folders stayed organized. Thousands of documents were printed out, only to be replaced by newer versions as they were exchanged by the parties. Mistakes happened, of course, but with hard work and team effort, they were usually always caught. However, the pace was frantic and deals always felt chaotic as there were so many details that had to be kept straight by the numerous people involved on a deal.

 

In August of that year, Amir and Ashvin were chatting one day and discussed how awesome it would be if software existed that eliminated a lot of those tasks. They spent hours discussing how it could work and what it would need to do to make the transaction process more efficient and accurate. By the end of that discussion, they had come up with the name dealcloser. However, as excited as they were about the idea, life got in the way and nothing much happened.

 

Another year and a half went by and Ashvin and Amir revisited the idea. They created a very basic PowerPoint that contained mockups of dealcloser screens, to try to explain how dealcloser could work (and as you can see from the screenshots below, neither Ashvin or Amir are all that great with PowerPoint.  However, that PowerPoint was enough to convey dealcloser’s functionality at a basic level and it got the ball rolling.

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Now, about a year and a half later, dealcloser is a fully functioning product used by lawyers. The dealcloser team is very proud of how far it’s come in such a short time and are excited to see the platform continue to develop!

 

 
 

See the difference dealcloser makes!