In 2012, Jay Krushell, a lawyer at Witten LLP, had his highest billing year ever but lost one of his best clients for one simple reason—he was too slow producing the security documents needed to facilitate the business loan transactions he worked on. Paralegals were copying and pasting the same information into multiple documents, and had to manually visit government websites to pull the due diligence searches and registrations required for business loan transactions. There was no centralized platform for his team to keep track of their loans, and scheduling around vacations and time off presented the challenge of another lawyer picking up the file without fully understanding where the file was at in the process. It was also difficult for his team to work remotely during the evening or weekends when all files and programs were on the physical desktop computers in the office. All of this meant one thing – increased costs and longer wait times for the client. At the same time, lenders were under increasing pressure to deliver superior customer service and improve margins, and were looking for an alternative solution to lawyers for getting borrowers their money. Jay realized that if he was to remain relevant in the future, he needed to find a way to not only speed up the business loan process, but also reduce his fees.
files through the Lending Assist system
hour reduction in due diligence preparation
reduction in fees charged to clients
During the final phase of development, Jay’s team was presented with a huge opportunity to act on behalf of a major lender for a significant number of their loans. With Lending Assist in their arsenal, they were up for the challenge. What typically would have been an overwhelming and almost insurmountable monthly file volume under Jay’s old processes was completed without a hitch using Lending Assist. Jay’s lender client was thrilled with the turnaround times, clients received their loans days faster, and Jay’s team was able to reduce their fees, all while becoming more profitable than ever. After putting through almost 2000 files through Lending Assist, Jay’s team is still experiencing signficantly decreased turnaround times and are continuing to delight clients using Lending Assist! Realizing the same efficiencies and cost-savings can be achieved by other lawyers, we began licensing Lending Assist to other law firms in order to collectively raise the bar for commercial lawyers, and push the boundaries for legal innovation.
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