Some years ago, a corporate commercial lawyer was having his highest billing year ever but lost one of his best clients for a straightforward reason—being too slow producing the security documents needed to facilitate the business loan transactions he worked on. Paralegals were copying and pasting the same information into multiple documents and had to manually visit government websites to pull the due diligence searches and registrations required for business loan transactions.
There was no centralized platform for his team to keep track of their loans, and scheduling around vacations and time off presented the challenge of another lawyer picking up the file without fully understanding where the file was at in the process. It was also difficult for his team to work remotely during the evening or on weekends when all files and programs were on the physical desktop computers in the office. All of this meant one thing – increased costs and longer wait times for the client. At the same time, lenders were under increasing pressure to deliver superior customer service and improve margins and were looking for an alternative solution to lawyers for getting borrowers their money. The lawyer realized that if he was to remain relevant in the future, he needed to find a way to not only speed up the business loan process but also reduce fees.
files through the Lending Assist system
hour reduction in due diligence preparation
reduction in fees charged to clients
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