Following the introduction of legal content for the first time last March (see 30+ LexisNexis checklist templates) on our project management solution, we are excited to present our latest integration that allows content creation directly from Closd.
In summary:
- Closd x Microsoft 365: A Highly anticipated integration
- Use Case #1: Enhancing internal collaboration and transparency
- Use Case #2: Fixing last-minute errors
- Immediate usability
Closd x Microsoft 365: A highly anticipated integration
Have you ever faced the urgent need to correct a Share Purchase Agreement (SPA) at the last minute, despite numerous prior exchanges with your counterparts? Or had a client who, after approving the final document, realizes the address is incorrect and needs to be amended the day before signing? This situation, frequently encountered by our clients, significantly delays the stages of a legal transaction, creating additional workload and stress for low-value tasks, before obtaining the final version of the document and progressing smoothly and quickly.
Our clients have consistently expressed the need to edit, negotiate and collaborate on their documents within a transaction management solution like Closd. Consequently, we conducted a study with a panel of clients from various-sized entities over several months. After extensive discussions and precise analysis of the pain points, we identified two main use cases:
- Internal collaboration on the same document
- Last-minute error corrections
We then initiated the development of an integration with the cloud giant into our Closd project management solution. After several months of work, we are proud to present a completed integration that addresses your daily use cases and promises to revolutionize your legal operations!
Use Case #1: Enhancing internal collaboration and transparency
The first use case aims to enable significantly smoother collaboration within the same entity. Collaboration on Microsoft 365 within Closd can be conducted at distinct times, especially when various teams (corporate, tax, social, etc.) need to edit specific sections of the same document based on clauses relevant to their respective expertise.
Simultaneous collaboration on the same document also brings substantial time savings during the final validation stage. thus eliminating the tedious exchanges of documents via email or file-sharing services that need to be corrected and validated, with the associated risk of errors.
The Microsoft 365 integration offers the much-desired fluidity for seasoned lawyers, who also have the option, in the final instance, to insert comments directly into the document without modifying its content. This is the classic commenting feature found in Microsoft 365, which allows the person in charge of modifying the text later to easily address and resolve comments on the document.
Once the document is internally reviewed on Closd, it can be directly transmitted to the external stakeholder, who will be a guest on the Closd platform and will only be able to view it, preserving its integrity.
However, the external stakeholder can download the document to add their comments or revisions and upload it back to Closd, allowing for an ideal tracking of modifications made to the document since it will remain in the same space, which will also display the timeline of new versions (v.2, v.3, etc.).
Use Case #2: No more late-night last-minute corrections
This second use case comes into play during the signing session, once collaboration on the document has been completed and it has been validated for signing.
In the Closd platform, you configure your entire signing session by designating the signatories, observers, and validators. You then place various tags on the document, which will be reviewed one last time before the final signature.
One of the parties notices a typo in a name, address, or some other minor element that escaped earlier thorough reviews during document collaboration and wants it corrected. Once all the configuration work has been done, it is very tedious to have to start over.
However, this typo could appear in several documents: for example, in an operation where executives are being granted free shares and therefore multiple documents need to be modified, such as an allocation plan, a contractual commitment, etc.
The Microsoft 365 integration on Closd allows for intervention during the final stage of the already configured signing session and saves over an hour of last-minute proofreading and editing by correcting the typo discovered at the time of signing these documents. To do this, simply search for all occurrences and replace them all at once with the appropriate term.
Revolutionary, isn’t it?
After detecting the error or necessary modifications, you just need to save your progress in the signing session and return to the documents page. After modifying the document(s), exit the editing tab to return to your signing session, replace your corrected documents with a few clicks, and calmly finalize the launch of your closing.
You have the option to retain the location of the previously placed tags and finally launch your signing session on Closd, with the choice of signature level: simple, advanced, or qualified with our partner DocuSign.
Immediate usability
To start drafting your legal documents directly in Closd, no prior training is required. You will enjoy a familiar working environment, equipped with all the functionalities of Microsoft 365. Optimize your legal operations now by saving valuable time from document distribution to their final validation on Closd, a comprehensive solution that simplifies the steps of your legal operations.
If you are already a happy Closd client, contact your account manager to get this new option.
If you are not yet a client and wish to see a demo of the solution, book a slot now to learn more.
