Applying innovation to the 7 stages of a deal life cycle By Emma Vertigen and Alexis Fox-Mills

WORKSHARE TRANSACT | NOVEMBER 28, 2018

Applying innovation to the 7 stages of a deal life cycle 1

In a recent survey, when asked how long it took to realize the efficiencies of using Workshare Transact, 80% of respondents

at Simmons and Simmons said it took less than 2 hours.*

There are 7 administrative stages of a transaction deal life cycle.

In this paper we demonstrate how the traditional method works and how each process can be vastly improved when using an online transaction management solution,

like Workshare Transact.

Many of the UK’s major law firms are either using or trialing Workshare Transact as part of their innovation and best practice programs. An award-winning solution, recognized at the British Legal

Technology awards 2018, Workshare Transact is transforming a traditionally labor-intensive process with the use of practical yet innovative technology.

Bas Boris Visser, Partner and Global Head of Innovation and Business Change, Clifford Chance: “One of the key elements of our best delivery strategy is to find the right resources for the right work. We ask,

what are the key issues that we want to resolve and then what technology works best for that solution. We see this transaction management tool, where you work with an online platform, as a huge step up.”

The simplicity and power of Workshare Transact is that the platform is based around the deal process legal teams are familiar with. This means the steps to closing don’t change, only that

they are made more efficient through the application of technology. There is less manual intervention and more automation throughout the closing.

As Workshare Transact is modelled on the way transactional teams are used to operating, it also means that no valuable time is spent learning a new way of

working, the platform is intuitive and productive right away.

Applying innovation to the 7 stages of a deal life cycle

Creating a checklist

2

1

BeforeTraditionally a checklist would be created in Word, based on a precedent checklist. Then it would be a process of copying and pasting the CPs from a schedule into the checklist. The checklist would need to be formatted, and parties defined and amended throughout. This process is very time consuming and can take hours to do, depending on the size of the deal.

With Workshare TransactUsing Workshare Transact, there are 3 easy ways to create a checklist.

1) Create it from scratch2) Import the checklist3) Replicate an existing checklist

Importing a checklist can be done using Excel or you can simply copy your CP Schedule from the principal transaction document via our “import” tool, the Checklist Generator.

Replicating an existing deal already in the platform is ideal when working on repeat, sequential deals, or template precedent deals can be created in Workshare Transact.

Creating a checklist with the Checklist Generator takes around 20 to 30 minutes. Replicating a checklist is even quicker. Factoring in time for any tweaks needed, teams can still save hours of work in this stage of the process.

Amending party definitions and document information can be done where required and the party names are automatically updated throughout checklist.

There is absolutely no formatting required, which saves valuable time on each transaction.

“For me personally, it [Workshare Transact] allows me to take time to work on the more meaningful parts

of the transaction.”– Tanja Maley, Associate, Fieldfisher

Applying innovation to the 7 stages of a deal life cycle 3

Updating a checklist2

BeforeThe status column of a document would be updated with information as and when documents, comments, drafts or sign-off have been given for each item. There might be a traffic light system to indicate status and this would need to be manually updated too.

Any rows that need to be added or deleted would be done manually, as would any additional formatting changes. If required to show or review what was incomplete or outstanding, it would be necessary to scroll through each page.

Some deals may involve more than one checklist, to maintain confidentiality around documents. This means all the updates to each checklist need to be completed in duplicate and cross referenced, which creates the risk of inconsistencies between checklists.

With Workshare TransactAll parties invited into the platform can input their comments against files and make status notes. This encourages collaboration and transparency, as well as sharing the workload between parties, which makes the process much faster.

Updating a status column with information related to when comments or drafts are provided is optional, as this is caught by the timestamp in the platform as activity happens. A traffic light system is always available when logging into the checklist and this reflects the latest status of each line item. Adding a traffic light status label is very quick and the checklist can be filtered by these labels to instantly see what is incomplete or outstanding.

There are no formatting requirements and so it’s fast to add rows, if necessary, without formatting issues. Also, there is no need to create multiple or duplicate checklists, only one is needed, as there are privacy tools to keep specific documents confidential, which removes the need for cross referencing and risk of inconsistencies.

100% of respondents from Simmons & Simmons agreed

that Workshare Transact made their jobs easier on

a daily basis.*

Applying innovation to the 7 stages of a deal life cycle 4

CPs: Calls/emails/circulation3

BeforeIt would traditionally be important to hold regular calls or have email exchanges discussing the status of the CPs. The checklist should be continuously maintained, but prior to a CP call it would still need to be checked row-by-row. The updated or most recent version of the list would then be circulated to all participants.

During the CP call, the parties would work through the checklist row-by-row, which is a slow process.

Some parties may not be involved in a CP call. Then it would be necessary to email different parties with a status update on the documents relevant to that party or chase for missing documents.

CPs also need to be distributed to many different parties: other transaction parties, their legal counsel, advisers, and local law counsel. Emailing the CPs to all the parties is time-consuming as the email needs to be carefully drafted, listing the documents, adding the relevant versions and running comparisons between different versions of a document. Also, if emailing large documents, there is a risk of an external party’s firewall rejecting the email.

There are huge inefficiencies and security risks posed in this stage of the process. When documents are shared via email, they are at risk of going astray, as well as being in an unstructured environment. Also, with different parties seeing documents, often in different email chains, it’s very easy to lose track of the latest version.

Much of the time spent on these tasks isn’t adding value to clients.

With Workshare TransactWhen using Workshare Transact, there is far less need for frequent calls and these calls can be much shorter in duration as all parties can engage daily with the platform and access the status at any time. Prior to any call, the checklist can be filtered (a) to look for outstanding or incomplete items, and (b) by a Word search bar to find specific parties or information. A filtered checklist could be used for the call to focus everyone on relevant items.

There is no longer any need to send status emails as everyone can access the status on the platform. Also, documents only need to be uploaded once – that becomes the master version, which can be edited and commented upon. Everyone has access to the documents without emails being sent to different parties. Access to any confidential documents can be restricted and files of any size can be added to the platform.

Also, Workshare’s DeltaView comparison technology is built into the Transact platform, so it’s possible to run a redline on any file at any time. Whenever a new version is uploaded, a comparison can be run automatically against the previous version. There’s no need to do this as a separate action and no need to locate the relevant versions.

“Clients often didn’t see the versions we sent out to other parties. Now, we just say the documents are uploaded to Workshare and they always know what document is the

latest version.” – Laura Stegeman, Associate, Clifford Chance

Applying innovation to the 7 stages of a deal life cycle 5

Filing, searching for and saving documents4

BeforeWithout a transaction management platform, assembly of documents involves saving files that have been attached to emails onto a document management system, or other shared drive. The files would need to be renamed and checked to ensure they are the latest version. If a particular document hasn’t been saved, it’s extremely difficult to find it through a trail of emails, in which many versions might have been shared, reviewed and renamed along the way.

There can often be great inconsistencies when it comes to gathering final execution versions. Plus, different partners and associates often have different filing preferences, which is very time-consuming for those responsible for the document administration process.

With Workshare TransactAll documents in the checklist are immediately uploaded to the single, central and secure workspace. They are anchored to a line and any new comments or versions can be created or added there. There is no need to rename files, the latest version is always visible, and a full audit history of each file is maintained.

The most obvious timesaver is that there is no need to search through emails trying to find the right version of a document, all files are saved on Workshare Transact and remain organized in the central filing system. If someone is away on holiday or out sick, for example, someone else can easily go into the system and see the status, history and versions of all the documents.

Closing preparation5

BeforeTo prepare for the final closing, each execution version in the checklist needs to be circulated and signed off. The checklist needs to be updated when each signature is received. Then the trainee or associate needs to check through each document to ensure all relevant signatures have been received and collate any versions that have already been signed with a PDF editor or through a process of scanning.

With Workshare TransactEach execution version of a document in a checklist can be prepared “as you go” in Workshare Transact. The execution versions can be designated from the latest version, and all parties can access them securely online, so there’s no need to try and control or manage multiple emails.

All parties can upload their own signatures to the designated execution version, which is then auto-ticked to show the signature has been added. A trainee can then go on to the platform, see all the signatures are provided, check the signatures are correct and then collate the final version on our in-built PDF editor – all in one place. This is hugely more productive, professional and cost-efficient for everyone involved in preparation of the final closing.

Applying innovation to the 7 stages of a deal life cycle 6

Post-closing6

BeforeDocuments need to be dated, with all dated documents circulated to the relevant parties. Closings via email can be chaotic and you may not realize documents or signatures are missing until after closing. Then you would need to follow up with parties to satisfy these items, which is difficult once the momentum of a deal is lost after closing. If there are missing documents or signatures, this can cause expensive delays and looks unprofessional. All of which is inefficient, costly and frustrating to clients.

With Workshare TransactDated pages can easily be uploaded to Workshare Transact and collated in our built-in PDF editor and there is no need to circulate them to different parties as they can be invited to view them online.

There is no risk of missing documents or signatures, as it’s immediately obvious in the checklist which documents are complete, which signatures have been received and which are still outstanding. This is a huge timesaver for transactional teams and even when there are further signatures to be collated, this can be done and received through the Workshare Transact platform.

7 out of 7 lawyers from one of the world’s most prestigious law firms said they were less likely to make an error when

using Workshare Transact.

Applying innovation to the 7 stages of a deal life cycle 7

Bibles or closing binders7

BeforeCreating the bible or closing binder can take weeks of time after the final closing has happened. It’s an intensive process, which could involve going through the document management system (DMS) to copy files into new folders and relabeling them for the bible/closing binder. Alternatively, if there are physical documents, they need to be scanned and complied into the DMS, before adding them into new folders and relabeling them.

An index needs to be drafted and populated with the fully signed execution versions. Drafting the index can be time-consuming and needs to be checked thoroughly. It’s possible to discover both missing signatures and missing documents at this point that were not uncovered in the post-closing process.

Also, there are occasions when multiple bibles or closing binders are needed by different parties. All of which is a slow process to assemble by creating new folders and file indices for each party.

With Workshare TransactIn Workshare Transact, when it’s time to create the bible or closing binder, it’s a case of selecting the bulk download of the files already assembled and the job is done. You can even include an automatically generated file index.

If multiple versions of the bible or closing binder are required, the project can be replicated and amended as necessary, so different versions of the bible/closing binder are available for different parties. Alternatively, any party on the platform can download their own bible, which will only give them access to the documents they had access to during the live deal, i.e. they can’t see any confidential documents they are restricted from seeing!

Creating a bible/closing binder in Workshare Transact saves around 70-80% of the time usually spent in this process. The final bible/closing binder can be with clients within 48hrs of the deal closing. Transactional teams can move onto the next project more swiftly and there is less write-off at the end of a deal.

“Our experience in the past was that once the deal was closed, we

still had to do a lot of work organizing the CPs and getting them in order

and producing the bible of documents. Now, we can actually do the bibling

the second after the deal has closed.” Atle Gabrielsen, Partner, Arntzen de Besche

Applying innovation to the 7 stages of a deal life cycle 8

There are significant productivity, efficiency, time and cost savings available to transactional teams using Workshare Transact. Each stage of the process is enhanced and more streamline, while replicating the workflow teams are used to.

Clients and all parties involved are both more empowered and engaged throughout the deal life cycle, which creates a better experience. Transactional teams are adding value and using their considerable skills to good effect, rather than spending time on administration.

The Workshare Transact Customer Success team have prepared a Value Pack to help firms determine what their ROI could be when using the Transact platform. A member of the team would be very happy to arrange a meeting to take you through the value guidance for your business and also to demonstrate how the platform works.

Please email transact@workshare.com to arrange a meeting, or visit www.workshare.com/transact if you would like more information.

More resourcesSeveral clients of Workshare Transact have given testimonials and provided case studies outlining their reasons for choosing the solution and the benefits they have experienced. These can all be accessed on our website:

> Clifford Chance

> Arntzen de Besche

> Fieldfisher

> Simmons & Simmons

> Price Sierakowski Corporate

In Summary

CREATING ACHECKLIST

FILING DOCUMENTS

UPDATING A CHECKLIST

PROJECT CALLS

CLOSING PREP

POST CLOSING

BIBLING

1 2 3 4 5 6 7

Import a checklist in

seconds

Secure files in one online workspace

Share instant status updates

Save time on lengthy calls

Collate execution versions & signatures

Files in one place with

none missing

Create the bible in minutes

About Workshare

Workshare is dedicated to helping professionals compare, protect and share their content. Since 1999, Workshare has developed and released intelligent technology for business services firms. Now, more than two million professionals use Workshare around the world.

About Emma VertigenEmma Vertigen previously worked in the legal transaction industry at international law firm Bird & Bird LLP as a qualified Associate in the Aviation Finance Group. Emma’s training contract included seats in Corporate, Banking, DR, Aviation and Commercial, where she gained experience of the different pressures and requirements for parties across a spectrum of transactions.

Emma qualified as a solicitor of England and Wales in 2016 and holds an LLM Distinction in International Trade and Commercial Law from Durham University. She is now a Customer Success Executive in the Workshare Transact team.

Contact usweb: www.workshare.comphone: +44 (0) 20 7426 0000address: 20 Fashion Street, London, E1 6PX, UK

*The Workshare Transact team conducted a satisfaction survey with user from Simmons & Simmons. 30 lawyers contributed to the results of the survey on how Workshare Transact is performing.