Forward-thinking corporate legal departments often cite the targeted use of technology as a critical factor in increasing efficiency, reducing risk and increasing efficiency. Leveraging legal technology not only helps legal teams work smarter, but also helps them demonstrate their value to the entire organization. Typically, technology roadmaps describe the specifics of how technology can meet the strategic needs and priorities of the legal department over a 3-year period. But how do you start creating a roadmap? Typically, the above plan has two steps that Listcos use for restructuring. As a first step, Listcos buy shares (in most cases a majority stake) in their targets with cash. In a second step, Listcos issue shares and use them as consideration or use shares plus cash to acquire the remaining shares in target companies. The 2019 Thomson Reuters Legal Department Operations survey showed that many corporate legal departments recognize the benefits of adopting legal technology: 70% of respondents cited using legal technology to streamline processes as a high priority, while 51% actually increased the number of legal technology tools used in the past 12 months. First, determine the top strategic priorities for your legal department. The 2020 edition of the State of Corporate Law Departments: Effectiveness, Efficiency and Expanding the Custodian Role identified 3 strategic priorities that the heads of the Corporate Law Department have identified and focus on for the coming year: Before our second meeting, we will send you a so-called engagement letter. It outlines the legal documents required for your plan, as well as our expected fees. We ask you to sign this document before our second meeting and return it to us with half of our fees.
We`ve found that customers prefer a plan to hourly billing, which is why we take this approach whenever possible. At our first meeting, we will answer all your questions about our company and our entire planning process. We will also spend a lot of time learning more about you and your family. What are your most pressing concerns, goals, values, hopes for the future? Was there a specific event or situation that prompted you to meet with us? The more we know about you and your family, the better we can help you achieve your goals, achieve your dreams and leave a lasting legacy. We also take the time to educate you on the basics of estate planning so you understand your options and our recommendations. If you have already done estate planning, we should review your existing documents so that we can make additional recommendations to achieve your planning goals. With a legal technology roadmap, your legal department is able to address specific challenges and act strategically. By mapping your priorities and aligning them with technology and process improvement initiatives, your legal department will not only work more effectively and efficiently, but also demonstrate its true value to the entire organization.
When your plan is complete, we will set up a meeting where you will sign the legal documents for your plan. This „signing ceremony” usually takes place about three weeks after your plan is created. During this meeting, we will explain all your legal documents and answer your questions. Many companies often push their legal departments to do more with less without compromising quality. The workload and demand for legal services is increasing, but not the resources. Of course, every organization and business department is different, so work with your team and other stakeholders who regularly interact with the legal department to identify the biggest issues and challenges. Collaborate with key stakeholders by mapping the current systems and processes used by the legal department and identifying the responsibilities of the legal team and the most common business requests. In particular, consider processes and tasks that are costly, difficult, time-consuming, bulky, low-value, or repetitive. To identify them, it is necessary to determine where process reengineering or new technology might be needed.
Depending on the complexity of your plan and your personal goals, we may hold additional meetings or conference calls as needed to refine your plan. While the importance and benefits of legal technology are strongly recognized, internal barriers to adoption remain. For many companies, the adoption of new regulatory technologies can be confusing. However, adopting a legal technology roadmap can help strategically address your department`s priorities and ensure the sustainability of the benefits achieved. At our second meeting, we will discuss in detail the strategy behind your plan and give you a summary. The purpose of the plan summary is to make it as easy as possible for you to understand the objectives of your plan. We want to ensure that you are completely satisfied with the approach we have taken and the plan`s ability to meet your wishes, including the questions that remained undecided at our previous meeting. If your plan includes a trust (or trusts), we will also explain the concept of „funding” and give you instructions on what it means. In the context of the ongoing market-oriented reform of mergers and acquisitions and the restructuring of listed companies, the latter process is becoming increasingly flexible. Over the past year, there have been signs of the popularity of tiered transactions in parcel transactions (hereafter referred to as the multi-level transaction plan) among businesses.
In terms of restructuring progress, the phased transaction plan also allows Listcos to integrate its operations as soon as possible. We believe that executing plans is an area where many estate planning lawyers are not up to the task. Even an innovative and well-designed plan will prove ineffective if it is not properly funded and managed. For this reason, we offer to help you with the financing at the signing meeting. If you prefer to self-fund your plan, we`ll make sure you make sure you make it clear what funding entails and why it`s essential. Attorney Clifford M. Cohen has practiced law for over 35 years and is a member of the Trust and Estates Section of the Montgomery County and DC bars. For assistance with all aspects of estate planning, we invite you to contact our offices for a free consultation.
We will do everything in our power to help you achieve all your planning goals. In accordance with the relevant provisions of the measures on the management of the real assets of listed companies, while Listcos may carry out the first step of acquiring assets with cash after approval by general meetings, the second stage, which consists of the acquisition of assets through the issuance of new shares (or new shares plus cash), cannot be carried out, until the approval of the general meetings and regulatory authorities of Listcos has been obtained. While the first step, a cash acquisition, is a condition precedent to the subsequent issuance of additional shares for further purchases of securities, it is not subject to regulatory approval.