A top law firm took hours off every closing.

To support their clients, attorneys often end up the keepers and administrators of information, acting as de facto archivists and spending hours managing client documents. According to a 2012 IDC study, attorneys and paralegals waste as many as six hours a week labeling, tagging, uploading and searching for documents, unraveling version control problems and recreating documents that cannot be found.

To remain fast, organized and thorough, McCarter wanted a secure data room where it could collaborate with clients, investors and outside counsel.

For a secure, intuitive data room in the cloud, McCarter chose Prodeal. The team praised its ease of use and its smart checklist functionality, both of which set the platform apart from similar but less functional tools.

Clearly laid out rooms with customizable headings and drag-and-drop make organizing multiple sets of documents easy, and being able to quickly locate, reference and link to a specific document removes the workflow stumbling blocks that slow transactions. New users are added at the touch of a button, and the interface is easy to pick up, even for busy attorneys.

McCarter uses Prodeal internally as a document management solution and as part of its preferred stock financing, convertible note financing and other investing and financing transactions for emerging growth companies.

On a recent fundraising project, McCarter represented a company seeking investment while Goodwin Procter ran diligence on the investor side. Prodeal made it easy for the two firms to collaborate and eliminated the repetitive calls and emails about locating and versioning specific documents.

McCarter is now working with Prodeal on an integration framework with the firm's SSO, MFA and compliance tools, and the firm's commercial real estate practice has taken an interest as it looks to spend less time in email and more time on transactions.