Legal transactions are the core of business, and a large part of the practice of law. These transactions involve the exchange of goods or services which creates binding obligations for all parties. These agreements are documented in contracts that are legally binding and establish the conditions of the transaction. Legal transactions cover all kinds of sales and purchases, whether they’re between two firms or between individuals and consumers. However, certain kinds transactions aren’t considered commercial, like succession and property transfers, or family law cases.
A legal transaction could comprise a variety of documents and a myriad of terms, deadlines and requirements. Negotiation and the completion of the transaction requires coordination among multiple teams. For instance, a junior associate in a large firm might collaborate with tax lawyers on complex transactions, antitrust counsel when dealing with distribution arrangements, and intellectual property lawyers when negotiating licensing for patents or trademarks. In addition the tools for legal research required to manage legal transactions are often quite complex, including secondary and primary resources (such as statutes and regulations), forms, precedents as well as checklists and practice notes.
Traditional methods for executing and finishing legal transactions often result in substantial inefficiencies from start to end. Due diligence, for instance, requires an army to sort through thousands of documents and files. This can be expensive as well as inefficient and time-consuming. But it doesn’t have to be. Legal technology has been developed to increase efficiency, transparency and control to the transactional process. The solution is Doxly and offers a complete legal transaction management platform that lets attorneys keep track of all the documents involved in a transaction, view them at any stage of the transaction and even share them with clients or team members to view and discuss.