Practical Law

If you’re not already familiar with Practical Law Company (PLC), now isn’t a bad time to get acquainted with their services. Given the grim economic climate, clients are demanding value and efficiency from their law firms — which PLC can help maximize.

Do you find yourself overwhelmed by the prospect of running a closing, afraid that some small but crucial task will fall through the cracks? Are you confused about no-shop provisions — and wasting hours on background research that doesn’t tell you the nuts and bolts of drafting one? PLC can help.

Practical Law Company launched in 1990 in the U.K., where it has been operating successfully for almost 20 years. Now they’re crossing the pond, launching services aimed at the U.S. market. Here’s a good description of what the company does, from Am Law Daily:

[T]he company developed a set of Web-based tools meant to help transactional lawyers work more efficiently. PLC created — and continues to update — practice notes, document templates, standard clauses, deal checklists, and tools that lay out the basics of dealmaking for junior associates.

Initially midsize firms signed on. Today, 99 of the top 100 firms in the U.K. — including the Magic Circle firms — use PLC. The company’s pitch is that its tools not only help junior lawyers use their time more efficiently, they say their updates keep partners abreast with the latest regulations and market trends. PLC also provides U.K. law services to about 70 percent of The Am Law 100 firms with a London office….

We visited the PLC crew in their fabulous midtown offices — beautifully renovated, with amazing views, the former home of a hedge fund — to learn about their services.

Read more, after the jump.

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