We’re thrilled to announce our investment in SimplyAgree, a company that provides closing management software for law firms to streamline the closing and post-closing process for complex legal transactions.
Over a trillion dollars of value is exchanged each year through M&A, venture capital, and capital market transactions. When these big deals close, it’s a time for most parties involved to celebrate. Unfortunately, paralegals and junior lawyers don’t usually get an invitation to the party; they are instead left to manage the tedious and time-intensive closing process. Associates spend upwards of forty hours compiling signature packets and closing binders (the final record of every executed document in a transaction). It’s not unusual for this process to happen in the middle of the night to meet client deadlines. And the worst part is this work is typically not billable.
Will and Sam were both practicing corporate attorneys in Nashville and used to spend countless hours in the trenches doing this type of work. Will became so frustrated with the inefficiency that he even started to build a custom solution for his firm before teaming up with Sam to launch SimplyAgree.
SimplyAgree provides software for its law firm customers to automate signature packets, closing sets, and electronic signing. The company uses proprietary technology to create signature blocks, identify signatories, make relevant updates to the signature blocks, and allows for full customization for delivery. Electronic signing is embedded into the closing workflow, so customers do not have to leave the platform. After a transaction is closed, customers use SimplyAgree to automate the creation of closing binders, including hyperlinked indexes, custom branding, and electronic delivery. A process that used to take several hours can now be done in minutes.
One of the The LegalTech Fund’s investment theses is leveraging technology to automate legal processes, which is exactly what SimplyAgree is doing for transactional attorneys and paralegals. We also admire Will and Sam’s passion for the product and commitment to solving the efficiency problems they used to face themselves as practicing lawyers. SimplyAgree wants to empower corporate lawyers and legal professionals to spend their time and talents advocating for clients, rather than the administrative work that happens behind the scenes of these complex transactions. Ultimately, that means law firms are more efficient, clients save money, and lawyers get more enjoyment out of their profession. SimplyAgree has been used to close tens of thousands of transactions and given its critical position in deal closings, we’re excited by the opportunity the company has to expand into additional areas of a transaction.
Please welcome SimplyAgree to The LegalTech Fund family and let us know if we can connect you to learn more.