The new version has been designed to deliver a more intuitive process for both legal teams running Transact workspaces and external participants. The application has been completely rebuilt, and Barrie Hadfield, CTO of Workshare, commented: “We really looked at what people are having trouble with, understood all those key workflows, and built a simple and elegant solution designed entirely around the user. I’m proud of what we’ve achieved and can’t wait to see where we take it.”
Immediate improvements within the new Transact interface include:
– The introduction of deal dashboards so that everyone can quickly understand what’s going on in the deal.
– The “collapsed” checklist view, which enables participants to easily scroll through the entire checklist, giving a unique overview of the whole deal.
– Detailed content is now provided within clever pop-up windows that appears over the top of the checklist, leaving users in context in the checklist as they work.
– An updated and improved search/filter function giving you a fast and thorough search of the entire checklist and providing matches against all text fields. Never miss a keyword again!
– Comprehensive audit logs now track every user action, providing a complete electronic record of the transaction for long-term storage.
A checklist generator has also been added for the fast creation of Transact workspaces from CP schedules drafted within the principal deal documentation, typically reducing time spent on the checklist creation task from around 2 hours to around 20 minutes.
Owen Oliver, product manager for Transact, said: “Customers that have implemented Transact are now able to see the long-term benefits in terms of efficiency, write-off reduction and ultimately profitability. The new Transact interface gives us a great opportunity to maximise those benefits for our customers and the transaction community into the future.”
Recent wins for Transact include Swedish firm Cirio and Odi-sé Avocats Aviation Finance, which last year became the first independent French law firm to adopt Workshare Transact.
As we first revealed in July last year, Transact is one of the three essential bits of tech in Clifford Chance’s ‘tool kit’.