In an attempt to create a centralized system to manage financing transactions, Dentons lawyers Rebecca Kacaba and Mat Goldstein successfully developed DealMaker, a cloud-based software that has the ability to comprehend, draft and complete elaborate documents and agreements. It also provides companies with the feasibility of tracking the progress of a deal on the software. This tool, intended to save manpower, time and money, makes manual completion of forms and documents a redundant process.
The 2017 report on innovative North American lawyers by the Financial Times talks about how lawyers are continuously on the move to pioneer new technologies that could reduce the use of resources drastically. The development of these technologies - tools that may cater to one, many or all of their clients - goes to show that these lawyers understand the problems and requirements of their clients, and put their requests into action. In some cases, firms have taken this a step further by making their products more consistent so that they are accessible to and used by a larger market. DealMaker is one such product. Development of new technologies, however, is causing resistance in lawyers to adopt these tools in their work process, for fear that they will eventually be replaced. Nevertheless, this has not stopped Ms. Kacaba and Mr. Goldstein from pushing the boundaries and producing DealMaker.
As explained by the Financial Times, the reason that DealMaker is successful at accomplishing its mission is that it reduces the volume of correspondence via phone, fax and email, and reduces legal fees by $15,000 to $18,000. David Little, managing partner of Dentons Canada at Ottawa, says that tasks should be automated if they can, so that it gives lawyers free time to pursue innovative technological ventures such as this. He also adds that the use of DealMaker is not restricted to within Dentons; it can be licensed to generate revenue for the firm. If a tool can be used by several people, and in the process be monetized, it should.
Read the full Financial Times report on the North American innovative lawyers, click here.