Category Archives: Company News

What’s smart about your legal doc?

Creating a legal document for a corporate finance or capital markets deal is a complex and time-consuming process. They typically contain 100’s of pages of text, tables, graphs and charts covering everything from risk factors, to the operating and financial review.

The vast majority of this legal documentation is drafted in MS-Word and then distributed to lawyers, accountants and bankers via email for review and comment. The comments are then sent back, consolidated into an updated version and re-circulated with the process being repeated until the final version is agreed.

Whilst some sections of a prospectus hardly ever change from first draft to final version, other parts move ahead more frequently to reflect the deal structure, financials or regulatory provisions. However, since different parties are working on different systems, the lack of visibility means that tracking progress and extracting useful insights into how the deal documentation is developing is almost impossible.

Learning from other industries

Other industries have developed more effective techniques for handling similar draft, review and approval cycles. Teams of software engineers use centralised version control and source code repositories to develop sophisticated computer programs. Large manufacturing businesses have technical authors using specialist editing software and content databases to write product documentation. These systems support collaborative drafting whilst eliminating distribution overheads and minimising risks such as working on out of date versions. They also facilitate modular documentation, allowing content to be re-used for different purposes which in turn reduces reworking and duplication of effort.

Capital market documents – the Scribestar way

Scribestar uses the same techniques to allow everyone in a deal team to collaborate more effectively and draft documents in real time. All parties benefit from seeing what others have done. By knowing who has requested a change and why, reviewers no longer work in isolation – they can leverage the work of one another. This reduces the effort associated with all types of changes from getting a typographical error fixed to more substantive drafting. A notifications mechanism makes users aware of which parts of the document are being worked on allowing senior members of the team to approve changes, check quality and provide immediate feedback.

Improved audit and risk management

Since all versions of a document are being stored in one place Scribestar facilitates better audit and risk management. It can provide reporting and usage analysis at levels of detail that are just not possible with existing word processing and document management systems.

Scribestar keeps track of every change to a document and who was responsible for the change – it also records whether suggested changes were accepted or not. All user activity and work type is logged – allowing partners and senior managers to effectively manage deal teams and benchmark different transaction types. And document heat maps provide useful overviews for monitoring progress.

By using Scribestar, companies, law firms and investment banks now have unprecedented access to what’s happening to the deal documentation. Scribestar documents may not be any less complex, but managing them within the platform certainly makes your transactions a lot smarter.

Scribestar welcomes Paul Levy as Business Development Manager

Scribestar is committed to revolutionising the way law firms, investment banks, accountants and other companies manage their capital markets documents. To do that, of course, it’s important that we can reach out to those businesses who will most benefit from the Scribestar platform. We’ve recently welcomed a new team member, Paul Levy, who’s going to spearhead this campaign for us.

Paul has a fantastic history in business development and knows the legal market inside out, having been responsible for a portfolio of 90 firms in his last role as Business Development Manager at EG. He fits perfectly into our organisation thanks to his knowledge of the sector and his desire to innovate to improve it. Paul’s previous experience as Sales Manager at Thomson Reuters also demonstrates his commitment to business growth – we couldn’t ask for a more motivated and skilled addition to the Scribestar team.

Here’s a little more about Paul in his own words:

1. What will your role at Scribestar entail?

My role has a new business focus which means I’m charged with finding and engaging new law firms who service Capital Markets clients, along with building and maintaining long term relationships with our own clients.

2. Why did you join?

I joined because of the opportunity to work at an exciting and innovative company that has developed a product that solves numerous problems for busy Capital Markets fee earners. The role was too good for me to consider turning down.

3. What is your previous experience within the industry?

I’ve been working in the law firm space for over ten years, having worked at Practical Law (now part of Thomson Reuters) for over 8 years. Most recently, I was looking after Magic Circle and large law firms for EG (part of Reed Business Information).

4. What were your thoughts about Scribestar prior to joining?

I thought that it was a really exciting opportunity; this is an unexplored space and it gives me a great platform to use all the skills, knowledge and connections I’ve built up over the years and put them all to good use.

5. What values / qualities can our clients expect from you?

Honesty and transparency are two of my key traits. Additionally, I’m a consultative Account Manager, which means I’m keen to understand my client’s challenges so that I can help them to overcome them. I’m a good communicator and, since not all clients’ needs and challenges are the same, it’s important that I’m adaptable to every situation.

6. Your thoughts on why the Legal Industry should adopt new technologies.

The legal industry is very traditional and law firms have long established methods, but there is so much inefficiency with some of those methods. Now innovative technology exists to improve these methods and help reduce stress, mitigate risk, save clients’ money and produce a more streamlined and effective practice. It’s an all-round win-win and the more technologies they bring into their practices the better things will be.

Future Lawyer Summit 29 May 2018

Meet Scribestar at the Future Lawyer Summit 2018

 

Scribestar is exhibiting at the FLS, Future Lawyer Summit,  a one-day event taking place at etc. venues St Paul’s, London.

Gathering Directors of Innovations/Business Transformation, IT Directors, Managing and Senior Partners representing small, medium-sized and the Legal 500, FLS is now widely regarded by the industry as a must-attend conference and expo, and provides the platform for legal technology vendors and consultancies to equip the modern lawyer with the right tools and be a tech-step ahead.

Visit the Scribestar stand, and we will show you how our innovative drafting and workflow platform is transforming the way professional advisers collaborate on legal documents for capital markets transactions.

 

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