Lawyers and law firms can avoid costly air travel delays by taking advantage of innovative alternatives to face-to-face business meetings, such as virtual data rooms or online workspace services, which offer a cost-effective way to organize and deliver content online.
Let’s face it, these days, business air travel is a costly proposition—it’s expensive and takes up valuable time. Read more…
Legal and Financial Advisor are Raising the Bar: Online Documents = Better Client Service
Being organized ultimately means less mistakes, getting the work done faster and providing superior service. Whether it is completing a transaction, structuring a businesses or managing a clinical trial are volumes of documents. Having documents highly organized, accessible and online access reduces the voicemails, “lost” e-mail attachments and miscommunication that frustrates any collaborative process. As one attorney commented Read more…
Firmex’s Deal Room™ is my company’s “private-label” virtual data room technology being used by transactional lawyers to conduct commercial transactions or “deals”. Deals are corporate divestments, acquisitions, equity and debt issues, restructurings and bankruptcy filings, joint ventures and so on.
Many of these deals involve thousands of diligence documents containing hundreds of thousands of pages of [...]
Firmex’s Deal Room™ is my company’s “private-label” virtual data room technology being used by transactional lawyers to conduct commercial transactions or “deals”. Deals are corporate divestments, acquisitions, equity and debt issues, restructurings and bankruptcy filings, joint ventures and so on.
Many of these deals involve thousands of diligence documents containing hundreds of thousands of pages of information to be reviewed. This is followed by hundreds of “agreement” documents or transactional drafts that go through numerous iterations. It is not uncommon to have anywhere from thirty to three hundred people in a “working group” represented all parties.
All this information is communicated in a fairly distributed and ad-hoc manner. The labor to communicate deal information via email, fax, courier and in many cases physical travel in onerous. The shear number of communication “transactions”, number of emails, number of faxes, couriers and phone calls, number in the thousands. Of course each communication is liable to go “missing” or most certainly “untracked”. Was it received by the right person? was the information relayed correctly? or did the receiving party call for more time because they claim they did not get the information in the first place? Read more…
