Restructuring is a critical first step in negotiating with creditors to manage debt repayment and avoid insolvency. However, the process can be complex, often relying on Word and Excel for document management. This leads to scattered information, version control issues, and significant time spent on maintaining checklists. Legatics streamlines this by centralizing and organizing everything in one platform, improving efficiency and collaboration. Let’s dive in and see how it works!
Managing a Restructuring transaction in Word and Excel is inefficient and prone to errors
While these tools are commonly used, they fall short in several key areas:
Version control issues: With multiple team members updating the same document, tracking the latest version becomes challenging. Important updates can get lost, and team members often end up working from outdated copies, leading to confusion.
Disorganized tracking: Key information, such as creditor communications, repayment schedules, and key documents, can end up scattered across various files or sections in Excel, making it difficult to track progress and keep everything aligned.
Time-consuming manual updates: Regular updates and formatting adjustments take up a lot of time, and maintaining accuracy across multiple documents adds an unnecessary administrative burden.
Limited collaboration: Excel and Word lack real-time collaboration, which means team members must email files back and forth, leading to delays and potential miscommunication.
These inefficiencies can slow down the restructuring process, increase the risk of errors, and make it harder to keep all parties on the same page.
Legatics simplifies and centralizes the management of Restructuring transactions
Lawyers across the customer base are using Legatics lists to run and manage processes in their restructuring deals. Some examples are below:
CP checklists to manage the deliverables process
Documents lists to support the waiver / consent letter
Due Diligence lists to manage the security questionnaire
Replace inefficient Word and Excel workflows with a dynamic, collaborative platform designed for clarity and efficiency:
Legatics allows you to import existing Word or Excel templates, turning them into a digital collaborative list where you can manage everything in one place.
All deal participants work in one place with Legatics. Use the matter dashboard to understand how the deal is progressing in real-time and see where you're needed.
With Legatics, you can easily assign specific tasks or action points to relevant team members, improving accountability and ensuring nothing is overlooked. You can track the status of each item and quickly identify any outstanding issues, keeping the restructuring process on track.
Run all of your lists in one place rather than scattering them across multiple Word / Excel files. Stay on track and keep everything aligned.
With Legatics, restructuring transactions are managed in a seamless, efficient way, providing clarity and real-time collaboration across all parties involved.
How to manage Restructuring deals in Legatics
Begin by uploading your existing Excel or Word files for the processes you need to run. The platform will automatically convert the file into a dynamic list, maintaining the structure and data.
Customize your lists by adding columns or refining sections as needed. Use Legatics’ intuitive tools to ensure everything is structured for clarity.
Assign questions to the relevant parties and allow team members to work collaboratively in real time. Use comments to provide additional context.
Step 4: Monitor progress and finalize responses
Use statuses and filters to track and monitor progress. As the deal progresses you can create more lists when needed. Once closed, you can export the final lists for sharing or documentation.
Why Legatics is the better way to manage Restructuring deals
Legatics eliminates the inefficiencies of having multiple lists in Excel and Word, helping you:
Centralizing your processes and reducing the risk of confusion.
Keep all parties informed and aligned every step of the way.
Download your final lists in a firm branded document that is clearly formatted.
With Legatics, the process of managing your Restructuring deals becomes seamless and efficient, allowing your team to focus on what matters most - closing the deal successfully.