The Basics Of Closing - How large a staff should support a closing?

Each party should plan to have staff adequate to cover all aspects of the transaction, from negotiating issues that exist or may arise to performing all the mechanical tasks required to complete the transaction.

Most of the tasks will be performed by attorneys and other law firm employees. The parties’ accountants and various people from the business entities involved in the transaction, particularly the finance department, will also need to be on hand, or be easily reachable.

If the transaction will be financed by third parties, the buyer’s attorneys should have separate closing teams for the corporate side of the transaction and each major piece of financing. This will be necessary if the closing is split among several physical locations. Each team should consist of the attorneys who have been primarily responsible for that aspect of the transaction since its inception and other attorneys and legal assistants as required.

With adequately staffed teams in place to handle the details, the attorney in charge of the entire matter will be freed up to offer advice on the big picture and to troubleshoot different aspects of the transaction where necessary. Periodic all-hands briefings are a good way to keep everyone abreast of changing events.