How to Cut Through the Monotony and Increase Efficiency in the Closing Process
To view the webinar presentation, go here: https://netdocuments.wistia.com/medias/pek0ax43lk Clients are demanding law firms produce better work, cheaper and faster than ever; which is why it’s no surprise that Aderant found the top challenges facing firms today are operational efficiency and pricing. Closing processes are particularly challenging for law firms to streamline as they require an extreme amount of planning, detail, and organization to ensure all closing documentation finalized and executed by closing. In this webinar you’ll join Eric Wood, Practice Innovations and Technology Partner at Chapman and Cutler, and Mark Salamon, Senior Product Manager at NetDocuments, to discuss the many challenges attorneys and their staff face when attempting effectively manage the closing process, what firms are doing now to solve for these challenges, and tools that exist to make this process more efficient and cheaper than ever before. Watch this webinar to learn: -The most common efficiency challenges firms face in the closing process -What firms are currently doing to solve current these challenges -How new tolls can streamline and improve the closing process
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How to Cut Through the Monotony and Increase Efficiency in the Closing Process
- 1. © 2019 NetDocuments How to Cut Through the Monotony and Increase Efficiency in the Closing Process
- 2. Eric Wood Practice Innovations and Technology Partner Chapman and Cutler LLP Mark Salamon Senior Product Manager NetDocuments
- 3. Agenda • The Importance of Transaction Management • Current Challenges • Traditional Tools • Where these Tools Fall Short • How SetBuilder Can Help
- 4. Transaction management is a core component of the value deal lawyers provide to their clients.
- 5. The Importance of Transaction Management • Effective transaction management requires expertise with: • Required documentation • Required approvals, filings, funds transfers, etc. • Market norms / trends in the transactional space • Roles and responsibilities of the various parties • How to drive constituents to closing
- 6. Modern closings are much different than they used to be.
- 7. Challenges of Modern Transactional Closings Complexity Number of parties involved Time pressure Cost pressure
- 8. Traditional Tools to Manage Transactional Challenges • Closing checklists: • Structured list of all documents and tasks necessary to close a deal • Closing rooms: • Structured set of folders for tabulating and organizing all necessary deal documents • Closing binders: • Packaged set of all final closing documents Post-closingPre-closing
- 9. Closing Checklist • Primarily document-oriented • Typically includes columns for responsible parties, executing parties and status for each item • Usually drafted in Microsoft Word and circulated via email • Often used as organizing document for status update calls
- 10. Closing Room • Labeled folders for all documents in the closing checklist • Final documents printed and inserted in folders • Empty folders indicate open items • Tabs / sticky notes for signature pages
- 11. Closing Binder • Usually reviewed, arranged and tabbed by legal staff before sending to in-house or external print shop • Index and arrangement based on closing checklist • Formats: • Bound volumes • DVDs • Digital media
- 12. Downsides to Traditional Closing Processes • Many manual tasks • Time intensive • Paper intensive • Expensive (and in many instances, unbillable) • Disparate document repositories
- 13. The Path to SetBuilder • Chapman needed a solution: • Thousands of closings per year • Millions in annual closing- related expenses • Chapman Closing Room: • 2015: Development / piloting • 2016: Launched firmwide • 2019: Sold to NetDocuments for worldwide commercialization as SetBuilder
- 14. How can SetBuilder help?
- 15. Downsides to Traditional Closing Processes Many manual tasks Time intensive Paper intensive Expensive (and in many instances, unbillable) Disparate document repositories
- 16. Chapman and Cutler Results • Closing process completely transformed • 8700+ Closing Sets in ~ 3 years • 4000+ matters • 270,000+ documents • Process that used to take weeks now takes minutes • Millions in savings in scanning/printing/shipping costs • All documents and closing binders securely stored in NetDocuments
- 17. Q&A
Editor's Notes
- Handled via email and can involve hundreds of thousands of email, few all-nighters, lots of frenzied lawyers, asynchronous nowadays
- Handled via email and can involve hundreds of thousands of email, few all-nighters, lots of frenzied lawyers, asynchronous nowadays