Legal transactions are the core of business and a large element of legal practice. They involve the exchange of products or services that create binding obligations on all parties involved. These agreements are formally recorded through contracts that are legally binding and define the terms of the transaction. Legal transactions cover all kinds of purchases and sales, whether they’re between two businesses or between consumers and individuals. However, certain kinds transactions are not considered commercial — like the transfer of property and succession, or family law cases.
A legal transaction can be a complex one that involves a variety of documents and a myriad of overlapping terms, deadlines and requirements. It requires coordination among multiple teams to negotiate and complete. A junior associate in a large law firm may work with tax lawyers in complex transactions, with antitrust counsel for distribution agreements, and with intellectual property lawyers to negotiate licensing of trademarks or patents. Legal tools for research are also complicated. They comprise primary and secondary sources, like statutes and regulations, forms, precedents and checklists.
Traditional methods for executing and finishing legal transactions often result in substantial inefficiencies from start to completion. For instance, due diligence requires attorneys to go through a myriad of documents and files. This can be costly, inefficient and time-consuming. However, it doesn’t have to be. Legal technology has evolved to bring efficiency, transparency and control to the transactional process. Doxly is the solution, an extensive platform for managing legal transactions that allows attorneys to securely manage, store and view all documents involved in a deal at any point and to share documents with team members or clients to read and make comments.