Linklaters banking on speeding up deals

Magic circle firm Linklaters has launched what it says is the first ever on-line legal document creation system with embedded advisory capability designed specifically for banks.

The Term Sheet Generator, marketed under the firm's e-services division Blue Flag, will help bankers on syndicated lending desks produce term sheets more accurately and quickly.

It also contains an embedded advisory capability and directs clients to the most relevant advice for structuring their deals.

Term sheets summarise the terms and conditions on which banks are prepared to provide finance to clients.

They can typically take bankers several hours to complete.

The firm said the generator can speed up the process of syndicated lending from hours to minutes.

The system was developed by the firm's international banking practice and piloted with several lead arranging banks.

It enables bankers to create term sheets automatically at their desktops - with thousands of possible combinations - by completing a simple questionnaire.

Additionally, the precedent database can be tailored to a client's specific documentary and policy requirements - for example, by incorporating preset answers or adapting wording to their institution's preferences.

John Tucker, Linklaters' head of banking, said: 'Above all, the Term Sheet Generator will save clients' time, by enabling them to leverage off Linklaters' advisory and documentation in a tailored and highly efficient way.

It is also a key new tool in risk management.'

He added that this would be the first of several on-line developments aimed at banking clients.