Closing the Deal With a Virtual Legal Assistant
Those who work in the legal field know that all the details involved in successfully closing a transaction require solidification at the conclusion of the process. A great amount of organization is necessary once the deal has “closed” in order for a solo legal practitioner to serve the client at the highest level.
For example, consider a commercial real estate transaction. A lot of coordination is needed with respect to requirements and deadlines for the purchase and sale agreement, the duties of parties (expected responsibilities of all involved), the feasibility period, UCC searches, title review, and finally, closing of the transaction. Once the money is wired and the property changes hands, is the legal team’s work done? Absolutely not!
Post-Closing Follow Up
A virtual legal assistant can be a tremendous help to solo legal practitioners with follow up after closing to ensure that documents of record are filed, UCC-1s are recorded or UCC-3s are terminated, liens are released, payments are accounted for, and all parties involved receive a complete copy of the closing documentation.
In many cases, commercial real estate buyers may elect to create a new entity when undertaking a new purchase transaction. Follow up after closing ensures that all corporate documents expected to be maintained by the new entity have been created, fully executed, filed as necessary, and compiled in the entity’s corporate record book. It is also helpful to create a calendaring system to assist the client with calling annual meetings and creating minutes and resolutions for those meetings to keep their corporate records up to date.
A completed closing file is the “lock on the box” for a legal transaction. Not only is detailed finalization a best practice, it is extremely helpful to the client to have a complete closing file when a purchased property is sold many years later. A virtual legal assistant can make certain that all the loose ends are accounted for. This ensures that your client receives the highest service possible, and as a solo practitioner, your valuable time is freed to take engagement on that next big transaction!
Ingrid Petty is a member of IVAA and has recently moved into virtual assisting after having provided legal, administrative and operational support at the executive level for over 30 years. Her company, Terrific Assistant, is located in Texas and offers virtual assistant services and solutions to solo legal practitioners and small businesses to help them operate with higher efficiency. You can learn more about Ingrid on her website at www.terrificassistant.com.