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 52 Increased revenue: With the time saved, firms have the capacity to take on not just more work, but higher value work. Improved realization rates: Delivering a bill for a closing book the day after closing rarely raises an eyebrow and reduces a firm's likelihood of having to write off time for closing books. Greater visibility and transparency: Lawyers and clients have a single source of truth for all documents and real time updates on the status of each one. Better value for clients: Instead of paying legal fees for administrative work, clients receive more "bang for their buck" from the work their lawyers do for them. Reduced risk: Documents are kept secure and rote work is automated, meaning fewer human errors overall. Improved collaboration: Interactions both internally and externally are streamlined within one system. 3 4 5 6 7 8 Our customers are also seeing unexpected benefits. One firm told us that, thanks to LTM software, they have freed up physical office space: boxes and binders of documents are no longer taking over entire boardrooms. Getting Started with Legal Transaction Management Software Change is never easy but the potential benefits outlined above make a compelling case for LTM software, even for firms with established, long-held processes. Selecting the right solution is the first step. Since the LTM market has matured, there are now multiple vendors among which to choose, and just like any law firm, no two are exactly alike. Firms should consider the following when evaluating LTM solutions: • Features and capabilities: Focus on vendors that will allow the firm to continue working in a similar way with familiar documents, mitigating any feelings of overwhelming change. One feature to identify right away is the ability to upload/ import existing documents (such as a closing checklist) into the solution. • Experience: Look for vendors that have experience working with firms of similar size, and in similar specialties. • Security: Data privacy and security are paramount. A thorough review of the vendor's security capabilities, including their privacy policy and data defence model, is required to ensure their protocols match the firm's. This should include determination of whether a cloud-based system or an on-premise system is preferred. For cloud software, the firm should enquire about security certifications, data residency, uptime service levels, and compliance with privacy laws. For on-premise software, the firm should enquire about time to deployment, maintenance costs, downtime for upgrades, and whether the firm's IT team has the time and capability to properly implement the software.

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