The Evolution of the Matter File - from One

to Many to One

Simon Elven - Tikit

10th October 2018

Any guesses what this is?

Apropos of nothing….

…one matter file

Back in the Day….

• Easy - all paper• All in one place• If you want it you can get it• Contains documents, correspondence redlines etc• Moves as a whole• Can be archived and retrieved - albeit with some difficulty• Can be destroyed if required• Barring mistakes – everything was there

“I’ve got this thing called a computer to make your life more efficient”

Technology said....

• Documents created electronically

• …and they could be stored….anywhere

The matter file became separated

Result

• Physical Matter File (inc correspondence and redline)• Electronic documents (source for firm created documents)• Probably the physical matter file contained what was in the

electronic matter file

…the Document Management System

…so Technology came up with..

• Documents were now stored in just one place

The matter file was still in pieces

Result

• Physical Matter File (inc correspondence and redline)• Electronic document file (source for firm created documents)• Probably the physical matter file contained what was in the

electronic matter file

“Hey, now I’ve got thing called email”

…and Technology said…

• You can communicate more efficiently • No need to hang around for the post!

The matter file was in even more pieces

Result

• Physical documents and correspondence• Electronic source for firm produced documents in DMS• Emails relating to the matter in mail system• Probably emails were printed and placed in the physical matter file

…”right, I’ve now got this thing called a Digital Matter File”

So Technology tried again…

• Electronic source for firm produced documents• Emails relating to the matter in mail system

• But..

• Many physical matter files contained printed email

• Redlines showing progress were still largely on paper

• Trail of internal 'collaboration‘

We want an inclusive matter file

Technology…..listen!

• Physical records• Scanned documents• Physical records should be available to search• Email• Firm source documents• Redlines• Internal collaborative notes• Executed documents• Financial information

we want the matter file to be….

…and we want it because

• Inclusive• We want life to be easy and have one place to go to find what we

want• Secure

• We want the whole matter file to be given an appropriate level of security (even if this security is granular according to type)

• Controlled• We want to be able to act on it as a whole and trust that it moves

through a lifecycle defined by law, regulation and client wishes

…how can technology help?

So, Leonard….

By the end of 2018, 66% of Global 2000 CEOs will have digital transformation at the heart of

their corporate strategy with the aim of spurring new growth. (IDC)

TRANSACTION MANAGEMENT PLATFORMPAPER TO DIGITAL TRANSFORMATION

• 4,100 digital closings done in 21 months• 1,800 matters, 300 clients, 120,000 docs

ROI metrics• Cost of doing a closing: £300 to £1,500 just

hard cost of scanning and printing• 5-10 hours of human time to compile

• Market standards is 6-8 week that can now be done in minutes!! Very time consuming process.

• Get rid of the physical room and put it all in the web browser.

Workspace Portal TabsTHE CENTER OF GRAVITY FOR MATTER INFORMATION ACCESS

Workflow

Paper Documents