Legal Research

"New Site Manages the Deal-Making Process"

Posted by Robert Ambrogi: "Transactional lawyers are the target users of a new Web site, TransactionSpace, that aims to make the deal-making process more efficient, intuitive and transparent. The site's tagline sums up its purpose: "You do the lawyering. Let TransactionSpace manage the process."

The site takes the three primary steps of a transaction -- negotiation, document drafting and closing -- and integrates them within an online management tool. Lawyers who use it would begin by identifying the documents the transaction will require and the parties who will have to sign each document. The system will then track the back-and-forth of negotiating and revising the wording of each document, maintaining a full record of versions and dates. Once the documents are done, the system prepares the necessary signature pages and delivers them to the appropriate parties. As signatures are sent back, they are held in escrow until all necessary signatures are in and the deal can be closed.

As all this moves forward, progress is shown graphically in a matrix depicting documents and signatories. This allows users to see the linear progression of drafts and track the status of signatures in real time.

Here is how a typical transaction would work:

1. The lawyer logs on to her home page and creates a new deal...
2. The lawyers post their drafts and redlined documents...
3. The lawyers assign parties to each document, telling TransactionSpace which signatures will be required on which documents...
4. When the documents are final, they are transmitted to the correct parties for signature...
5. Once all signatures are in, they are released from escrow and the deal is made final...

While TransactionSpace is in beta, there is no charge to use it. The developers, who are lawyers, have not decided on post-beta pricing, but say it will be based on a flexible, pay-as-you-go subscription. "We believe that simple, affordable technologies, which ultimately reduce legal fees, are crucial for law firms to survive their current struggle," one told me in an e-mail. Updates about the site will be posted on the TransactionSpace blog."

The active links are available at the source site listed below.

Source: Rober Ambrogi's LawSites, 20 May 2009

Full post as published by Stark County Law Library Blawg on May 21, 2009 (boomark / email).