Legal project management platform, Closd, which was bought by LexisNexis last year, has launched a major new upgrade as it hits the 15,000 transactions mark. Artificial Lawyer caught up with the Paris-based company to find out some more from Head of Product, Nathaniel Merino.
But first, what is Closd, which got going back in 2017? After all, there are a lot – in fact a growing number – of project management systems for lawyers out there now. This is what they say you can do with it:
- ‘Digitise your projects from end to end – using a new generation data room, automated workflow management, electronic closing, instant bible generation and document archiving.
- Closd complies with the best practices and protects your projects’ confidentiality: storage in the EU, strong architecture, full data encryption and regular security audits.
- No set up or installation – start with one click.
OK, all well and good, so what’s the new V.2 all about and where is the company heading now?
- First, what does the sale to LexisNexis mean for the company?
We are very excited to have joined the LexisNexis group (see AL article.) This partnership is a real game-changer because it will allow us to benefit from their long-term expertise in our market, notably in terms of commercial reach, product development and IT security.
At the same time, Closd will remain an autonomous company within the group, managed by its original founders.
- Thanks for the update, so what are the main changes to Closd’s V.2 compared to the old platform?
We wanted to completely remodel our front-end interface, to prepare our platform for future developments, and give our users a more fluid and user-friendly experience.
Some new features and updates have already been implemented, such as a full revamp of our Checklist, major updates to our e-signature features, an overall simpler interface and significant performance improvements.
Many other updates are currently on the way with this V.2, notably additional VDR features (Integrated Q&A, user-accessible logs, watermark features), checklists and contracts templates, and new integrations with our clients’ internal systems.
- Where is the company heading now? How has it evolved?
Serving more than 200 clients that use the platform continuously, we now have a clear view of what is expected by our users. We also hired a dedicated customer success team in 2021 that ensures that we stay as aware as possible of clients’ needs and experience with our product, year-round.
Because our customer base, as well as the number of transactions carried out on Closd, has increased a great deal, we must make sure that our product is able to handle the additional workload.
- And how do you keep up with the development needs?
As the platform grows, it becomes more and more difficult to maintain the same speed in technological delivery. The key is to prepare the roadmap and its execution (the development sprints) as thoroughly as possible, to avoid any unforeseen delays.
We keep every development we make as customer-oriented as possible and ensure that every part of the company is involved in creating the product roadmap – feedback from sales, customer success, and marketing teams helps us make sure we stay on top of customer pain points and needs, which are always evolving. That makes us rethink our vision constantly and allows us to quickly adapt our priorities if needed.
- How do you see the legal tech market now, how is it changing from your point of view?
We can see the beginning of a concentration of products in the legal tech market: there are less new products arriving, and many of the successful ones are being acquired by major stakeholders. We view this as a good sign, because it shows a level of maturity from those platforms.
We are operating in a very competitive sector, where our competitors are, for the most part, young companies. That impacts us in a positive way, because it makes us question ourselves constantly, and pushes us to continually reflect on the best possible ways to serve our clients.
The use of legal transaction management software is still very new, and products in this space will be completely different in a few years’ time. There’s huge potential because most things have yet to be built and conceived of, and doing so in coordination with our users is, for us, the best path forward.
Thanks, and good luck as you grow further as part of LexisNexis. It’s an interesting time for legal project management.