Corporate lawyers manage and follow-up transactions using primitive checklists and physical closing rooms - same way they did it 60 years ago. Unlike litigators, who are offered a variety of tools, Corporate lawyers mainly have their computer's word processor and their email client. New web application called Closie is the first attempt to change that.
Closie is a transaction management tool - a dashboard that shows the status of the transaction documents and action items. The dashboard is collaborative and can be shared with all parties involved in the transaction, so they can work together and keep everyone on the same page. During transaction closing, Closie replaces the physical closing room with a virtual closing room, where all final documents can be organized and the signatures can be collected and easily tracked.
"A year ago, before Closie was launched, I was working on a share purchase transaction", said Jacob Kastiel, one of Cloise's founders, "all documents were ready, and the lawyers from both sides planned to send the final versions of the closing documents to the parties for execution. Unfortunately, at the last minute one of the clients asked to see a physical closing room ready for closing. We had to work 28 hours straight in order to prepare the closing room. Using Closie could have saved this time and provided comfort to the client."
Getting started with Closie is easy - it provides several templates such as a template based on the NVCA's model Share Purchase Agreement and it also allows cloning of previously used checklists and tweaking them the specifics of each deal.
Closie is currently evaluated by two top New York law firms and is available for free use at www.closie.com
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