An effective Legal Project Management tool for coordinating efforts and communications among the members of an M&A transaction team is a team-wide LACI Chart.
WHAT IS IT?
The LACI Chart is a task and responsibility matrix that draws on the thinking and lore of the RACI or ARCI charts commonly used in traditional project management circles. It has been modified for Legal Project Management in two significant ways:
ROLES. In the RACI/ARCI domain, the R designation stands for the role of Responsible and the A designation stands for the role of Accountable. Lawyers and other service professionals are uncomfortable with this terminology because they serve as advisors to principals, not as the principals where ultimate responsibility and accountability lie. Lawyers and other professionals are also concerned that their designation as the Responsible or Accountable party could create confusion or increase their exposure to professional liability.
To read the full article, click on the PDF linked below.