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 50 • Extracting signature pages from documents • Compiling signing packets for each signatory • Modifying signature pages and signing packets each time a signatory is added or modified • Collecting signed signature pages • Preparing execution copies of documents with correct dates and cross references • Compiling finalized documents with signature pages and appendices • Creating and circulating a closing book Take just one part of the workflow: signing packets. Since signatories rarely assemble in one location to sign documents, documents are sent to each signatory for signing. Collating hundreds of partially signed documents is impractical, so the signatories are usually sent a packet of only signature pages. To do this, attorneys need to go through every document, extract signature pages, make copies of each page, and collate them into dozens of signing packets — one for each signatory. When the signatories sign their pages, the process needs to happen in reverse so that the right signature pages are attached to the right document. Of course, the signatories often forget to sign in a timely manner, or forget to sign certain pages, or sign in the wrong signature block. Furthermore, the documents to which the signature pages need to be attached are often being modified until the last minute. When all these moving parts are tracked manually, one part of the closing workflow can lead to critical errors and untold risk. Inflated bills — and their cousin, poor realization rates — invariably follow. Clients are right to expect their highly-paid and highly-experienced outside counsel to have this predictable process mastered. This is where Legal Transaction Management software can help. What is Legal Transaction Management Software? Legal Transaction Management (LTM) software is a category of software that provides structured workflows for legal transactions. It allows transactional lawyers to automate manual, repetitive, error-prone tasks and provides a central location for lawyers and clients to access, review, and sign documents. With LTM software, document tracking is easy. Every version of every document, schedule, and signature is kept in a single centralized location, eliminating version control issues and repetitive emailing and following up. "With LTM software, document tracking is easy."

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