Digital White Papers

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 51 LTM also introduces automation into the process. It notifies signatories when a document is ready to sign, keeps track of the signatures, and automatically updates checklists. Some LTM tools can generate signature pages automatically. Other LTM tools can update documents en masse, which can be immensely useful when a single change affects multiple documents (like, say, when the closing date changes last minute). When deals are ready to close, closing books can be generated and instantly delivered to clients in just a few clicks. The History of Legal Transaction Management Software Selling an entirely new category of software to lawyers is not easy, as several start-ups have learned. LawPal and DealStage both provided transaction checklist management tools; LawPal closed its doors in 2014 after the market didn't respond, and DealStage soon followed. SignaturePages.com had also tried to tame the chaos of deal closings. It was around this time my law-school friend Gordon Cassie and I met up to lament our working lives. I had just found out that a company name for an upcoming closing included a heretofore unknown comma (think "Closing Folders Inc." vs "Closing Folders, Inc."). Every single signature page needed to be updated urgently or the deal would not close on time. Meanwhile, Gordon had to return to his office to pack up and mail a box of documents that needed to be signed the next day. These were not tasks we were eager to do. Our continued discussions ultimately led us to create Closing Folders. We were not the only ones trying to tackle this problem though. The DocYard (2014), Workshare Transact (2015), Legatics (2015) and SimplyAgree (2015) all emerged around this time. Doxly (2016) and DealCloser (2017) soon followed, and in fact, Litera purchased both Workshare and Doxly in 2019. While it took years for LTM to gain traction, the market for LTM software is now sizable and growing rapidly. The Benefits of Legal Transaction Management Software We have seen many firms realize significant benefits from LTM software, including: Increased efficiency: Repetitive manual tasks, like emailing documents and compiling closing books, are reduced. Work gets done faster and deals close faster. Improved productivity: With documents and workflows, centralized, organized and automated, lawyers and aides have more time to guide and advise clients. 1 2 "Selling an entirely new category of software to lawyers is not easy."

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