Firm implements new transaction management technology
31 Jul 2017
As part of its investment in innovation, international law firm Simmons & Simmons has today announced the adoption of Workshare Transact as its new transaction management application. The software runs deal checklists online to create efficiency, drive productivity and improve stakeholder communication.
By creating a secure legal workspace to carry out the deal close, Workshare Transact will specifically help Simmons & Simmons’ transactional lawyers organise and manage documentation within deals more effectively; saving many hours usually spent signing off completion checklists towards the end of a transaction.
“The technology allows us to spend less time on the administrative management of the closing process and documentation, and more time on the real value we can add to transactional work” said Mark Waghorn, UK head of real estate finance at Simmons & Simmons, “The advantages for our clients include speed of execution, more clarity at this critical stage of any lending transaction, less email traffic and the ability to have a clear view of status at any time of day or night.”
“We are the first top 20 law firm to sign terms for use of the portal to manage the Conditions Precedent process, and are very excited at the extensive benefits it will bring for all parties involved in banking transactions.”
The application recreates the documents checklist online to provide a structured framework for file exchange between deal participants. It streamlines legal transactions by supporting all related document management tasks, including versioning of agreements, exchanging signature pages, and creating bible versions once the deal has closed – saving huge amounts of administrative time.
Owen Oliver, Product Manager at Workshare said, “We have been very impressed with the way that Simmons has piloted and implemented Workshare Transact within a relatively short timescale. Mark Waghorn and the matter deconstruction team quickly recognised the benefits available with this technology, and acted swiftly to make those benefits available to fee earners and clients.”
Simmons & Simmons continues to find and exploit new ways of delivering value to its existing and future clients through innovation. This year alone has seen the launch of Simmons & Simmons’ Netting + Collateral Reviewer, three new regional versions of LaunchPlus (an online resource for hedge fund managers), and Africa Mining Legal Database