Why Every Corporate Law Firm needs Transaction Management Software
The rapid change in client demands is putting pressure on law firms to provide their services in a more efficient and cost-effective manner - and the transaction process is not excluded from this pressure. With that being said, corporate law firms should see this challenge as an opportunity to implement and use legal transaction management software. Legal transaction management software offers lawyers a simple, accurate and secure way to get their deals organized and running smoothly with online software. Every transaction document can be uploaded and stored securely in the cloud and progress on each deal can now be easily tracked. Apart from getting organized and being technology savvy, here are some other reasons why every corporate law firm needs legal transaction management software to improve their practice.
Increase efficiency and productivity
A high efficiency rate contributes to the overall success of a firm’s practice. However, many lawyers are spending too much time on the many non-value-added tasks required to carry out a deal. According to Thomson Reuters’ 2017 State of U.S. Small Law Firms Study, lawyers are reported to be spending nearly 40% of their workday on non-legal tasks. This is quite alarming as lawyers are expected to invest more time communicating and creating value for their clients.
This is why legal transaction management software, like dealcloser, becomes valuable. dealcloser helps corporate law firms increase their efficiency rate and lets them focus on other aspects of their practice - the aspects that are profitable. With dealcloser, lawyers can easily keep a large number of documents organized, automatically generate signature pages and create closing books instantly while remaining compliant with legal and security requirements.
Roberta Metivier, a Senior Corporate and Tax Paralegal, and Manager and Co-Owner of Performance Paralegals Ltd., said that after using dealcloser, she is now able to obtain client signatures in as fast as less than a day, compared to before where it could take anywhere from 2 weeks and up to six months for clients to return signed documents. Using legal transaction management software can make it significantly easier for law firms to establish new, more efficient workflows in their practice.
Deals can get chaotic. Mistakes can and do happen and there can be a range of financial and legal consequences. With legal transaction management software, corporate lawyers can now automate or eliminate the countless tasks on a deal that lead to error and ensure that their deals are executed flawlessly. For example, with dealcloser, clients can log onto a secure, encrypted platform to review documents. Corporate lawyers no longer need to send confidential transaction documents over email, which is not secure.
Add more value to your clients
Client satisfaction is the key to a successful law firm and giving clients both legal and service value leads to their satisfaction. Legal transaction management software helps lawyers achieve this goal by presenting a faster, better and more efficient way of handling deals. Also, with legal transaction management software, lawyers can now enhance their business relationships and perhaps, increase their chance of acquiring more clients. Remember, firms that integrate technology into their practice find that they are more timely, reliable and confident in their work product, leading to better client outcomes.