Workshare whitepaper: How to craft a perfect deal close
Reducing time and cost pressures
During a document drafting cycle, the lawyers are one part of a team of players involved in getting a deal over the finish line. All the best people are lined up to make it happen; positioned to deliver against their strengths and experience, and they are poised ready for what is often an adversarial game of to and fro negotiations, trying to get the best result for their client.
Each matter or deal will have a Partner’s name attached to it; the person ultimately responsible for delivery to the client. Then there’s the Senior Associate running the show and, in turn, they have junior resources assigned to get the job done and deliver what’s needed. The legal team will often comprise between 5 and 7 experts. However, there are two sides to the transaction and each side has their own legal representation.
Beyond the legal teams, in corporate or finance transactions there will be company directors or executives involved in the process, together with any number of additional advisors. These teams all need to be engaged throughout the deal process, with the lawyers carefully handling the input of all these groups into the final versions of every document. It’s essential to the outcome of the deal, and to the continuing reputation of the practice, that accuracy is maintained. Everything towards deal close needs to run smoothly and swiftly, and all sides have to be guided to agree on the final drafts of the final documents.
With the number of people involved in the document drafting and review cycle, the inevitable changes along the way and the multiple steps towards approval, it can be a seriously slow and time-hungry process getting to deal close. It’s fraught with potential errors and the mandate to check, check and check again, without some form of automation, is inefficient and drains productivity.
The cost can also be enormous. An IDC research white paper3 found that staff responsible for handling documents could typically spend up to 40hrs per week in the pursuit of managing a document to signoff.