Thomas Pagny has been a member of the Paris Bar since 2015. The same year, he joined Lexidia Avocats, a firm specializing in M&A, corporate, private equity, and business law.
As a user of the solution for 3 years now, he agreed to tell us about the benefits of Closd for his practice, especially the flexibility and practicality of certain features, such as the electronic signature and closing checklist.
Closd: Could you please introduce yourself and your firm?
Thomas Pagny: I’m a partner at business law firm Lexidia Avocats, specializing in corporate law, M&A and private equity. There are about ten of us. We are partnering with a firm called Illouz, which handles both advisory and litigation in labor law, intellectual property, and commercial law. Most of our clients are small and medium-sized businesses in all sectors.
We use Closd for M&A transactions, and increasingly for corporate and private equity transactions, whether to sign electronically or to collaborate on certain transactions involving a large number of parties.
What were the main issues before adopting Closd? Why did you choose the platform?
Initially, we chose Closd for electronic signature. Shortly before the pandemic, we attended a presentation of the solution at the firm. We were immediately convinced of the usefulness and time-saving potential of Closd. The electronic signature and the interactive checklist tool are both very useful for collecting and managing CPs, closing memos and so on.
In the past, a closing memo or a list of CPs would circulate between several people who were amending it on their side, which was a bit complicated to coordinate. With Closd, everything is shared in real time with everyone, which is much more practical.
With the pandemic in March 2020, we decided to equip ourselves with an electronic signature tool so that we could keep our business running. We quickly discovered and used the full range of Closd functionalities.
Could you describe the operations you carry out using the platform? Which functions do you use the most?
We use electronic signatures extensively for M&A transactions, but also for corporate and private equity operations, and to manage the signature (and sequencing) of all documentation. We also use the platform’s checklist and document management tool to manage CPs and closing memos, enabling us to collaborate on files with different contacts. I’ve also used the Checklist feature as a data room, before you launched your data room solution in January, which we now use.
The electronic signature and checklist are practical, and truly help us save time. Tracking operations is really easy, and every step can be followed in real time by all parties involved in a transaction. It also reduces the risk of errors, omissions or misunderstandings with other parties involved (colleagues, etc.).
The indirect benefit of using Closd for the firm is the positive user experience. It gives us a more serious and modern image. Clients regularly compliment us on the tool and the follow-up, and some of them now have the reflex of asking us to open a “project” on Closd as soon as a transaction begins.
Today, Closd allows us to save time, for us and our clients: they see that we are equipped, modern and efficient.
Are your clients and contacts satisfied with the platform?
The platform has helped to improve communication and follow-up. It avoids confusing exchanges and ambiguous situations. Everyone can follow the progress in real time, and there’s no debate; there are fewer misunderstandings with clients, colleagues or others involved in a file.
When a closing is well prepared, all the documents to be signed are included in the Signing Session, along with a signature order if necessary. The other steps are listed in the Checklist, and are also monitored in real time. As a result, the closing goes very smoothly, and there’s normally no reason to forget anything, which limits the risk of error.
What is your assessment? What do you see as the platform’s strengths?
I’m very happy with Closd. I find the platform efficient and intuitive, not only for me but also for our clients and other contacts.
I rarely hear anyone say that it’s complicated to use. Anyone who knows how to use Amazon or Facebook knows how to use Closd. I don’t need to spend hours on the phone explaining to my clients how the platform works: we might spend 10 minutes explaining it to everyone at a kick-off meeting, that’s usually enough; people have no trouble using it.
There are other tools that are much more complicated to use. Closd is simple, powerful and effective, and it suits our practice perfectly.
Thanks to Mr Pagny for his valuable testimonial.
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