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Banking

Best law firm site for transaction management

Best law firm site for transaction management
Allen & Overy

Allen & Overy's (A&O) newchange dealroom is a free service that enables clients to manage the legal aspects of loans and capital markets deals over the internet. It was launched at the end of January this year, and already has 7,000 users from 1,300 different clients, with an average of 11 new dealrooms being set up every week.

A&O's aim is to use the internet to give lawyers more time to provide a better client service. Newchange dealroom works in conjunction with newchange documents, an in-house tool that enables A&O to assemble documents quickly on screen. Together the two products give clients a competitive advantage because deals are transacted more quickly.

An A&O dealroom is a secure website that is set up to host all information that passes between lawyers, clients and counterparties during the life of a transaction. It is a means of distributing, reviewing and commenting on documents quickly and confidentially at any time, from anywhere in the world. Dealroom is quicker and more secure than e-mail, and allows large documents to be transmitted and accessed more easily.

Dealrooms are password-protected and user access is restricted according to which drafts or documents each party involved in the deal should see.

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