US firms join forces to create worldwide virtual deal-room

A consortium of US firms, including the US arm of Clifford Chance, have teamed up to create a worldwide standard virtual deal-room.The firms hope they will develop a common technology to enable virtual deal-rooms to be used in cross-border transactions by bankers, lawyers, and companies, slashing the cost of paper-heavy transactions.The initiative is being driven by US consultants LawCommerce.com of which Clifford Chance is amember, along with 34 of the biggest US practices, including White & Case, Skadden Arps Slate Meagher & Flom, and top Silicon Valley firms, such as Wilson Sonsini Goodrich & Rosati.Paul Greenwood, chief knowledge officer at Clifford Chance, said there is a need for a standard deal-room: 'Clients are faced with a multitude of different platforms, access points, passwords and systems.'The answer to this problem is clear - collaboration among tech-nologically advanced and progressive firms to develop a solution that will allow law firms and clients to have a simple and efficient platform.'He said Clifford Chance's clients were keen to see a universalstandard adopted, and that the firm 'stands ready to contribute its efforts and expertise to this importantinitiative'.He explained that the aim was ultimately to have a unified portal through which a critical mass of different law firms' deal-rooms could be accessed.Meanwhile, London firm Campbell Hooper has created a deal-room for the Easygroup - the set of companies which in-cludes easyEverything - the largest international chain of Internet cafes.The deal-room is designed to simplify transactions for group companies, which include budget airline easyJet.Jeremy Fleming