publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/1242249
I L T A W H I T E P A P E R | T E C H S O L U T I O N S 53 • Social proof: User testimonials, case studies, and reviews on websites like Capterra and Trustpilot can go a long way towards helping the firm determine what a vendor is like to work with and how effective their solution is. • Subscription options: Some vendors offer more flexible pricing options which is ideal for firms that prefer to start with a small pilot project and grow their investment over time. Upon selection of an LTM vendor, the next step is to transition to new processes within the firm. Buy-in from the firm's senior partners is key. Even if the junior and mid-level associates will benefit most from the solution, they need to see that the firm's leaders are fully backing the transition. Support and training are also critical. The vendor should have excellent customer support and training resources available. The firm should also identify an internal champion to become an expert user and resource for other users to rely on for help from inside the firm. Finally, early adopters should be encouraged to try the solution on a live deal. A mock deal cannot truly recreate the often-hectic nature of a real transaction, and the true value of the LTM will not be seen until lawyers are dealing with the myriad last-minute changes and evolving requirements of a live deal. The Time to Adopt an LTM Solution is Now Deals and transactions are not getting any simpler. The demands on each lawyer's time and every firm's resources are only increasing. Firms that adopt an LTM will see reductions of time-consuming tasks through automation, and improvements in both efficiency and productivity resulting in more value for their clients and improved bottom lines. Firms should be exploring their options, discussing them with senior leaders, and engaging vendors to find the right solution. Learn more about how Closing Folders can help at closingfolders.com. ILTA Sahil Zaman is President and Co-Founder of Closing Folders Inc. Closing Folders develops a market-leading legal transaction management (LTM) application that automates closings for complex legal transactions. Closing Folders is used by large law firms on over 4,500 active deals per month (as of March 2020). Sahil is a lawyer and worked at Baker & McKenzie's Toronto office prior to founding Closing Folders. Sahil formerly served in the Canadian Armed Forces including a tour in Afghanistan in 2008.