As the COVID-19 crisis continues, The Law Society indicates that law firms are forecasting a 10 – 20% drop in revenue for the 2020/2021 financial year. The commercial practice area has been hit hardest by the pandemic only behind the property sector, with Chambers Student reporting that the start of 2020 saw the slowest rate of deal-making in seven years. These forecasted falls in revenue heighten the need for commercial practitioners to track down and eliminate the processes where they are leaking time and money.
So how can we make sure that solicitors keep their unbillable hours as low as possible to boost your firm’s bottom-line?
A survey by Clio outlines that administrative tasks can take up to 48% of a commercial solicitor’s time, time spent manually keeping track of contract changes and issues that still need to be addressed, escalating into version control chaos. Our own research found that 20% of a commercial lawyer’s time is lost to activities that could be spent on billable work. A whopping 65% of legal professionals identify time lost on administrative tasks as their biggest pain point. As well as the usual office administration, this also includes keeping track of comments, revisions of contracts, and chasing clients for clarity when flagging issues. The pertinent issue many commercial law firms are facing is their solicitors are simply not practising enough law.
Today, we take a look at how Barbal addresses these pain points to help you save time and money.
Document collaboration without the chaos
To address needless time-consuming tasks that are losing law firms revenue, Barbal is a cloud-based software solution providing collaborative document drafting without the chaos. Barbal’s platform provides a single knowledge hub for drafting, commenting, and revision tracking which can help contract negotiations come to a swift conclusion. This eliminates disparate versions of negotiations flying around between Microsoft Word and email. Barbal keeps all contributions and comments in one place to avoid duplicating documents, moving between systems, manually transferring and losing the connection between elements. Providing a tracked catalogue of drafts streamlines the contract lifecycle, speeds up litigation and erases the need for administrative tasks. Allowing solicitors to focus on new enquiries and billable work.
Full audit trail for contract negotiation
Barbal provides a full audit trail, version control, and records, saving time for future discovery or litigation. Once your partners receive a contract, they can easily redline, add comments, or approve changes. Through alerts, you can track any action and get notified once your recipient opens a document, rather than having to consistently chase parties down. Instantly share how comments have been addressed and allow them to compare changes between versions, so nothing slips through the gaps.
These features also eliminate the tug of war between parties chasing each other to review comments and drafts, resulting in a faster negotiation process. Reducing the security or contractual risks by keeping a full audit trail of contributions and changes by all parties in one place means there is no need for any exterior tools to support the process. Barbal’s software results in a streamlined process, creating firm-wide consistency during contract negotiation.
Barbal provides a simple way to compartmentalise negotiations into different sections for review. This streamlines co-authored documents allowing negotiations to progress fluidly, as opposed to a constant battle between parties chasing actions. Involved parties can manage, share and compare document versions simply and control permissions on each version, whilst maintaining a single source of truth. You save more time by helping people focus quickly on what they need to do, boosting solicitors’ productivity and prioritising billable tasks.
Solicitors that use word processors such as Microsoft Word broadly use the same process, copy and paste, make alterations then email, to produce an updated contract. There is a high risk of human error using this process. This process creates unnecessary long negotiation cycles, poor visibility, and inferior process control and compliance. Which in turn wastes both time and money. Barbal provides the reliability, security, and transparency that other document collaboration platforms simply can not maintain. With Barbal, solicitors can manage the negotiation with ease to get the best terms for all parties, without unnecessary waste or delay.
To sum up, Barbal provides a secure platform for contract collaboration and negotiation, whilst bridging the gap between current collaborative processes such as Microsoft Word and email. Barbal ditches the administrative tasks that take up so much of their time, paving the way for solicitors to do more law.
If you would like to learn more about how Barbal can save you time and money, watch our product video here or contact us for a demo.