Our “Product Profiles” consist of the answers companies give to our Dealtech Product Profile Questionnaire. To learn more about the questionnaire and our approach to mapping the dealtech landscape, please see our “Product Profiles: Our Approach” post.
Product Name: Closing Folders
Product Category: Legal Transaction Management (LTM)
Closing Folders helps lawyers run legal transactions in two ways. First, it centralizes every document, version, schedule, and signature, across all law firms, in a single place. Second, it automates mundane error prone tasks like creating signing packages and closing books.
1. Closing Checklists: Closing Folders centralizes all documents across all law firms in a single place providing lawyers with a real-time view of their deal.
2. Signature Pages: Closing Folders can automatically detect all the signature pages in your documents and figure out who needs to sign them. Creating and sending signing packages – a process that currently takes several hours or days – can be accomplished in a few clicks. Signed pages are automatically synced back into the correct closing items.
3. Closing Books: Lawyers who use Closing Folders can send their clients a closing book the day a deal closes. Meanwhile, firm administrators can track all closing books made across the firm and seamlessly integrate new closing books into the firm’s existing knowledge management systems.
We compete with other LTM providers like Doxly, DealStage, DealWIP, etc. In practice though, the biggest competitor is status quo, with many law firms choosing to stick with the old way of doing things.
We are the only LTM provider using machine learning to automatically detect signature pages in documents. Closing Folders can be used with documents in any language and format, even if the person using Closing Folders has not drafted the documents.
Osler, Hoskin & Harcourt LLP
Bennett Jones LLP
Blake, Cassels & Graydon LLP
Closing Folders customers include firms in the AmLaw 10, Big Four and Global 500.
Our product is sold as a monthly or annual subscription based on the number of active users.
We typically begin engagements with a pilot project that allows the firm to evaluate the product within an affordable budget and without long-term commitments.
We have direct integrations with DocuSign and iManage, with plugins available for most other document management systems.
Security/Information Security Features
Closing Folders has an extensive array of security features and is subject to rigorous periodic penetration testing by independent auditors in addition to other audits and reviews in accordance with our security and data management policies. A full description of our security controls is available upon request.
Closing Folders supports multi-factor authentication (MFA) as well as single-sign-on (SSO) with ADFS. Closing Folders is fully compliant with GDPR.
Closing Folders offers multi-tenant cloud, hybrid on-premise, and single-tenant private cloud options. Closing Folders also offers deployments in various global regions.