Why boutique law firm Nemphos Braue switched to Ideals for all its M&A and financing deals
Legal
Industry
Legal
Overview
Nemphos Braue LLC is an award-winning American law firm offering strategic legal partnerships and expertise in all areas of corporate law.
The company tried several data room providers for its M&A and financing deals before choosing Ideals. Paralegal Suzanne Resig Olden said: “There was no question: Ideals data rooms have the best safety protocols and are still really user-friendly.”
The team now recommends Ideals for all its transactions. “If the client or the other side already has something set up, we’ll say no, sorry, we’re using Ideals, and once you use it, you’ll know why!” says Suzanne.
The context
Founded in 2016, Baltimore-based Nemphos Braue specializes in corporate, business, and startup law with a focus on healthcare-related legal services.
The partnership was set up by two corporate lawyers who wanted to establish a small and dedicated team that could forge close and long-lasting relationships with both large and small clients. Nemphos Braue rapidly established an excellent reputation and has been rated the best local law firm for eight years running.
Until 2020, the company relied on a range of data-sharing tools, mostly provided by their clients. When Suzanne joined the company, she was tasked with finding the best solution.
“Some of the tools they had been using were very expensive and not at all user-friendly,” she noted. “But they had just started using Ideals, and you guys were the best, hands down.”
Key challenges
The company needed a data room for communicating with buyers and sellers on M&A and when fundraising for existing clients. Their basic requirements were:
- A centralized document repository
- High-level security protocols to prevent unauthorized access
- A robust system for controlling what different users could see, copy, or download.
- A clear and cost-effective subscription model
Suzanne was firm about the absolute necessity for HR and financial data to be protected and kept separate. “It’s not just for us but also for our clients,” she explained. “For instance, you have to provide HR information when you’re buying, selling, or financing a company, but you can’t have all the staff finding out what everyone else gets paid.”
Solution
On Suzanne’s recommendation, Nemphos Braue switched to using Ideals for all their transactions. The team found it very easy to:
- Allocate users to different groups and set dedicated permission levels for each user
- Set up standardized folder structures for due diligence so they could see any outstanding items
- Easily find files using the index feature
- Run reports for a full audit trail of exactly what users had seen or done
- Monitor the entire deal process in real time via the dashboard.
Suzanne is convinced that the clear audit trail has been crucial in preventing potential litigation, as she knows of at least one instance of planned sabotage being prevented. And she is also impressed by how much time the team has saved: “I can quickly set up the data room ready for the attorneys so they can just go right in and see what’s where. It’s saved us a lot of time.”
She added: “If something isn’t showing up for due diligence, they know right away because the data room is so easy to navigate. It’s really fast.”
The future
Since partnering with Ideals, Nemphos Braue has grown four-fold, expanding its team and closing 84 deals in five years.
Suzanne says the team works really well together: “We get along and, without wanting to sound trite, Ideals helps with that, because it means all the information the attorneys need is right at their fingertips.”
She checks every month to see which deals have closed: “The attorneys get a list from me, and I’m asking if we still need to keep the room open or if they need an archive USB.”
The firm now recommends the platform to all its clients as they rate it as the best data room for managing important business transactions.
