A method and system for producing and working with transcripts according to the invention eliminates time inefficiencies. By dispersing a source recording to a transcription team in small segments, so that team members transcribe segments in parallel, a rapid transcription process delivers a fully edited transcript within minutes. Clients can view accurate, grammatically correct, proofread and fact-checked documents that shadow live proceedings by mere minutes. The rapid transcript includes time coding, speaker identification and summary. A viewer application allows a client to view a video recording side-by-side with a transcript. Clicking on a word in the transcript locates the corresponding recorded content; advancing a recording to a particular point locates and displays the corresponding spot in the transcript. The recording is viewed using common video features, and may be downloaded. The client can edit the transcript and insert comments. Any number of colleagues can view and edit simultaneously.