Linklaters has once again proved itself to be one of the more IT-savvy firms in the City, having launched its second computer program documentation system.
The Leveraged Term Sheet Generator (LTSG) is an addition to the Term Sheet Generator, which was launched by the firm in 2003. The program reduces the amount of time it takes to produce loan documentation from 12 hours to one.
Both Clifford Chance and Allen & Overy have attempted similar strategies with limited success.
Despite this, Linklaters global head of banking Robert Elliott is confident that computer-based documentation systems are the way forward.
Elliott said: “Often there is an element of reinventing the wheel with documentation.
“This allows clients to speed up the process by tackling the basics first, inputting general information initially followed by more discussions with the firm later on.”
It seems standardising documentation at this level, the firm is keen to do even if it does mean it does not earn quite as much cash.
