Legal tech startup Doxly Inc., an attorney-run company aimed at digitizing the process of closing legal transactions, has launched a new suite of software features designed to enhance attorneys’ abilities to track and archive deals.
Indianapolis-based Doxly, led by former Ice Miller LLP attorney Haley Altman, has released updated software that now includes deal analytics and insights and closing books features.
The new features, such as deal trend reports and audit trails, were added to the software to make it easier for transactional attorneys to track the hundreds of documents related to a single transaction for archiving or audit purposes, and to analyze transactional data to learn more about trends in their caseloads, the Doxly team said.
For example, the updated software allows attorneys to tag cases with a specific transaction area, such as venture capital or real estate, then generate a report that summarizes the key terms related to that transaction area and specific case.
Additionally, the software allows attorneys to analyze competitive differentiators within their practices to support business development practices and can also provide insight into how individual deals are staffed to help firms get a better picture of attorneys’ bandwidths.
Aside from insights features, the Doxly update also allows for digital closing books, doing away with physical closing books containing hundreds of pages of transactional information in favor of digitally compiled documents.
The new software also allows attorneys to set digital deadlines and create personal task reminders to facilitate the transaction process.
The updated software suite comes after Altman founded Doxly earlier this year as a way to streamline the legal transaction process using digital file creation and storage instead of the traditional paper-and-pen method.
Since that time, Altman said her company has been focused on enhancing its current customers’ experience with the software, as well as marketing to potential new customers. Altman said initial customers who tested Doxly for one legal transaction have chosen to continue to use the software for additional transactions, a sign that the program is meeting the needs of transactional attorneys.
“That’s one of the key things we’ve been looking for, so it’s a nice validation,” the CEO said.
Additionally, a new customer, Dentons Law, has begun using Doxly within one of its corporate groups.
Looking to the future, Altman said the next round of updates to the Doxly software will likely be released Dec. 1 and will include a single sign-on feature to allow attorneys to sign into Doxly and their firm’s computer system at the same time. The second round of updates will also likely include the software’s first integration document management system to begin to allow attorneys to track all of their files through Doxly, not just those related to specific transactions.