What is a Closing?
A closing generally refers to the finalizing of a corporate legal transaction. Closings can take many different forms depending on whether they involve real estate, mergers and acquisitions, corporate finance or some other area of law. However, they typically will all involve getting documents signed by the closing date and effecting some exchange of property.
What does closing software do?
Closing software simplifies a lawyer’s job leading up to and after the closing. It provides a centralized place for all versions of documents, signatures, and schedules to be collected. Closing software provides an organized, live view of a deal so that all lawyers collaborating on it can be in-the-know on the latest versions and updates. This cuts a lot of unnecessary back-and-forth between participants and allows the deal to be done as efficiently as possible.
It also automates many tasks that were previously done by hand or on Microsoft Word such as creating signing packages, black-lining documents, and compiling final versions. This saves hours of tedious work so lawyer’s can focus on the important things.
Closing software is useful even after a deal is closed when record books must be created and sent out to clients. This can be done in a click of a button and can be sent out immediately. No client will ever need to wait weeks or months for their record books. In a technologically advanced world, law firms can benefit from legal software that is simple, efficient and effective.