Finding balance is a win-win in deal making

Wenee Yap, Head of Growth Marketing, thedocyard

Remote work, balance, employee engagement and M&A

For many in deal making, there’s a sense of inevitability when it comes to the workload. That work life balance is just not compatible with what deal makers do.

There are many reasons for that. Business volume can very much be a matter of flood or famine. There’s a perception that long hours are what’s required to work your way up the ladder. After all, this is a high velocity environment with a lot at stake. For many of those working in the industry, it’s what they love about it.

We’ve all heard stories of – or been - that advisor who works until 5am, goes home to put on a clean shirt and heads right back to the office. The advisor who has to drop everything in the middle of a night out to respond to a request for an update on the status of the deal. It's tough, physically and mentally. And it’s been the culture in the industry for a long time.

Despite being an industry full of super smart high achieving people, the way deals are done hasn’t changed in a long time. The corporate advisory and legal sectors have shown a reluctance to adopt the types of technologies that are radically changing operations in other industries.

The opportunity for the industry to work smarter was a big part of why I joined thedocyard – because I saw what a huge impact it could have on changing ways of working in the legal and advisory sectors for the better.

Here are some of the ways that thedocyard can make deal making much more manageable, improving work life balance and reducing unnecessary stress in the process:

1. Catch up on what’s important at a glance

thedocyard can make life so much easier by simply making it really simple for everyone to see the status of the deal. By centralising all external and internal communications you have access to a single source of truth.

Take a look at your deal dashboard to check the status of a deal at a glance and report to your client with the click a button. Make those morning and afternoon calls to check the status of the deal redundant by accessing updates in real time.

With tech there to keep you on track and keep your clients informed, you don’t need to carry around the weight of the work – wondering whether you or your team have missed a deadline or document. There’s more certainty with less work to secure it.

2. An end to endless emails

A nightmarish amount of emails is simply par for the course in deal making, right? Not so. By using thedocyard’s end-to-end deal management platform, advisors can reduce email by 30 to 50 per cent. By creating live checklists and assigning tasks to your team and any external parties involved you’re able to get more done with fewer emails. Receive task notifications when you’re assigned a job and reminders when tasks are due. With automated workflows, you can get out of your inbox and focus on what’s important.

3. Knowing you’re covered

thedocyard automatically creates an audit trail covering the full lifecycle of the deal, so that if questions are raised after the fact, you can show exactly what happened along the way and demonstrate that reasonable steps were taken to do the right thing.

4. Simple to use

We made a point of making it really simple to get your head around too. While some DealTeach can take six months to onboard, we take a day. We built thedocyard in a way that makes it familiar yet better – if you’re used to using Excel or Word tables, you can still use those. The platform is configurable so that it works the way you want.

A better way of working

All of these benefits aren’t simply a nice-to-have. Multiple studies show that once you haven’t slept for a certain number of hours, you may as well be working drunk. That introduces a huge amount of unnecessary risk for everyone involved.

The lack of balance impacts the bottom-line long term too. It affects staff retention and the industry’s ability to improve the diversity of its workforce – meaning we miss out on a lot of great talent simply because the hours generally aren’t consistent with managing a family life.

Most importantly, from a mental wellbeing perspective, the impact is massive. In the legal profession, 60 per cent of lawyers say they’ve experienced depression, 85 per cent, anxiety. That’s why I started Survive Law ten years ago – and a big part of why the community now has 82,000 members on Facebook.

Of course, this is not to say that technology is not the answer to every problem. Primarily, how we deal with work life balance is a cultural challenge. A matter of acknowledging it more openly and making it a priority.

But by taking away tedious admin, it’s possible to tick a whole lot of boxes at once: impressing clients as your deals flow more smoothly, gaining more certainty and control with less legwork and preserving your sanity at the same time. Sounds like a good deal to me.

Built by deal-makers for deal-makers, thedocyard provides workflow, compliance and productivity in one platform. Learn more about our end to end deal management platform or book an online demo with our customer success team.