Legal

Drooms for compliance and efficiency

Transactions and corporate housekeeping made easy

Cost pressures on corporate law firms are rising. Businesses are increasingly wary of incurring high costs in M&A deals, preferring to carry out processes like due diligence in-house. Even when third-party legal advisors are hired, flat-rate or maximum fees are often requested in place of the more traditional hourly billing rates. In order to adapt and retain clients in the long term, law firms must find new ways to increase process efficiency – and Drooms provides the software tools to do just that.

Efficient due diligence with LegalTech

Companies increasingly are using virtual data rooms to conduct their online due diligence, and when choosing service providers, speed is usually cited as the main criterion (as well as security and pricing). The data room must be able to immediately display contracts of up to several hundred pages since slow speeds can quickly add up to higher prices for clients – an important point to consider as lawyers often are not authorised to print documents and can only conduct due diligence onscreen.

Strengthen client retention

Law firms know that a client's top management often need to view documents related to due diligence. A virtual data room can be used as a centralised communications platform to assist with such corporate housekeeping tasks. The law firm and client can create a document database that both parties can update, and the client can compile all necessary contracts and other documents in the data room. Lawyers with access rights can then review any documents required as part of a due diligence process, and with Drooms, they can access the information at any time, from anywhere in the world with their computer or via our mobile apps.

Q&A tool

Drooms revolutionises the Q&A by making it easy to set up and enjoyable to use. Even complex Q&A processes with several levels of specialist approval are simple to configure, while an enhanced range of activity enables a more efficient workflow. For instance, you can add an attachment to an answer or link the latter to a document in the data room! You can also tailor the Q&A individually according to your needs and automate parts of the workflow, as well as keep full control over group activities and user permissions.

Q&A tool details

 

"The ability to rely on the consistent availability of data and the security of data transfers are fundamental to the legal services that we provide to our clients. The Drooms data room allows us to create the ideal conditions necessary for accurate transactions, particularly for large real estate deals. When combined with very fast data loading times and the well-structured Q&A tool, this means that we are able to facilitate transactions very easily."

Lawyer
Heuking Kühn Lüer Wojtek