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w w w . C A N A D I A N L a w y e r m a g . c o m M A R C H 2 0 1 7 19 actions is then to communicate — both internally to the team and externally to the client and other parties. Timely communication allows risks and issues to be resolved, budgets to be renegoti- ated and tasks to be reprioritized in response to changes in scope or plan. This is only half the story, however. It is the tools we use throughout a deal to keep it on track that prompted the most interest in the session in Washing- ton. But it's not all about (often expen- sive) technology to support the people and processes in an M&A transaction. The mix of checklists, templates, guides and charts contained in the above-mentioned book (not a transis- tor or Wi-Fi signal in sight) make up a clear set of precedents that M&A lawyers can adapt and use in their deals. The use of these documents, like all precedents, depends wholly on the type of deal, the industry, the type of client, etc. A light touch is needed in some cases, and in others, where the complexity and size of deal require it, a more formal level of ceremony and commitment to structuring the scop- ing, tracking and communication is essential. Some firms assign project managers to help keep complex and multi-jurisdictional deals on track by co-ordinating and monitoring all the different moving pieces. As standard documents become templates and tasks become standard- ized procedures, so the process or out- put can be automated. Our standard communication tools such as email and the conference call are somewhat lack- ing in the highly collaborative and real- time world of M&A. The collabora- tive technology we discussed included: sharing screens on Skype for real-time co-authoring of documents, sharing up-to-date versions in a virtual data room and using specific M&A systems such as closing folders to track progress and streamline the heavy administra- tive tasks involved in co-ordinating large closing agendas and the myriad documents within. The discussion also turned to arti- ficial intelligence and how technology can run parts of our deals, with lawyer oversight, better than any human can — such as first-level contract review — through Kira Systems (or Diligen: the new kid on the block in Canada). And this is just the start: There is still more technological innovation on the hori- zon that will embed and support LPM practices in M&A. Forcing structure and process on transactional deals like M&A with the number of moving pieces, people and documents, often happening simulta- neously, has benefits for both the client and law firm. There is growing rec- ognition that a well-structured deal is more likely to hit budget, incur fewer writedowns and achieve client goals with fewer unwelcome surprises along the way. Kate Simpson is national director of knowledge management at Bennett Jones LLP, and she is responsible for developing the firm's KM strategy and initiatives. The opinions expressed in this article are her own. Because business issues are legal issues. So if you want to get ahead in business, get the degree that gets you there faster. ONE YEAR – PART - TIME – NO THESIS FOR L AWYERS AND NON - LAWYERS law.utoronto.ca/ExecutiveLLM GPLLM Global Professional Master of Laws [Get a Master of Laws] ntitled-1 1 2015-02-25 8:38 AM

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