FirmRoom vs. Thomson Reuters HighQ

This is a great data room for a simple transaction. It does not offer all of the bells and whistles like some data rooms--but the price point is a fraction of what those data rooms cost. And I think this is a great solution for an M&A project. I'm not sure it would be as good for tracking what users viewed a document or how long--although in all honesty, I didn't see such features. These days, most clients want to try and use Dropbox or Google Docs and I feel that firm room is a far superior solution to those often-used choices and the price point is not very painful and does not decrease the attractiveness of the offering.

HighQ Collaborate is well suited to situations where a law firm maintains numerous documents for a client and the client needs access to them on a regular basis. For example, we may store the client's minute book (which is relatively common for a large corporate law firm to do), but the client may need access to documents in that minute book on a regular basis. Likewise, we have an internal system at the firm for hosting digital versions of closing books, however, many clients would not have a similar system because they would only receive closing books irregularly. USBs get lost and the client might not want to put the closing book on the main server where anyone can access it. By putting the closing book on the extranet site, the individuals in the client's organization who should be able to access the closing book can do so.

Incentivized

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• Securely Store Documents
• Customizable Permissions
• Organize Files

• Document sharing. This product makes it easy to upload, review and organize documents related to a particular project or matter.
• Permissions. Collaborate allows very granular permissions to be assigned for shared documents and administrative activities such as workflows.
• Reliability. The product is cloud-based and rarely, if ever, unavailable.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info

• There is some latency in loading larger documents. So sometimes it wasn't quite as quick as I would have liked.

• It is just not that exciting. We host documents on there for clients but the extranet sites have ultimately turned out to not be a product that our clients are clamoring for or that we are regularly pushing.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info

The interface is easy to use and overall the software seems pretty robust (I haven't had any crashes yet), so I haven't had to use the support very often. Likewise, I don't think I've ever had a client e-mail me with questions or issues - the software is pretty idiot-proof.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info

In expensive cost and simple design. There was basically no onboarding needed and you can sign up for yourself online. Security standards are similar to other M&A data rooms, but pricing is much less expensive. Never have to worry about permissions when adding new users to the virtual data room.

I feel that HighQ does not really have any real competition in this space because it simply accomplishes its goals far better than the competition at lower cost, while requiring less training and administration.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info

• Much less expensive than per page data rooms
• Can view documents quicker with the in-platform viewer
• Almost no training required which saves me time when inviting new users

• Permits fairly simple administration by a single person for hundreds of Extranets
• One shop stopping for reliable, secure document sharing and signing with external parties
• Simple enough to use that internal and external users do not need training to take advantage of the product.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info