Integrated software an increasing focus for property lawyers
Thirdfort and Right Choice Conveyancing comment on the analysis that shows integrated software an increasing focus for property lawyers in the UK.
As technology evolves, conveyancers increasingly rely on a myriad of tools, from case and practice management software to anti-money laundering and compliance applications, to enhance their efficiency and effectiveness. The integration of these software solutions is swiftly becoming a central focus for property lawyers in the UK.
A recent survey by HSBC found that 75% of UK law firms have increased their IT spending since 2021. At the same time, legal cloud technology provider Cleo has reported that there have been significant increases in law firm productivity as more and more firms adopt technology.
Cleo’s 2023 Legal Trends report found that compared to 2016, legal professionals are working on over 25% more cases, logging 35% more billable hours, and earning 158% more for their firms.
Technology clearly has an increasingly important role to play in legal services and conveyancing. Yet a growing challenge faced by conveyancing teams is determining where to implement technology and which tasks to let machines handle. At the same time, how can firms adopt multiple software applications without making their IT infrastructure clunky and difficult to navigate?
Anti-money laundering (AML) is a key example. Increasing regulation, and a growing administrative burden, are impacting firms. Conveyancers are increasingly being asked to go beyond the original skill set required for their role.
It’s not only AML processes that increase complexity, but other regulations also (like stamp duty or building safety), lack of understanding and tolerance from clients and agents, combined with volatile market conditions mean constant additions to the conveyancing workload.
Tech developments such as Open Banking and biometric verification, can help make compliance simple, fast and secure, yet the risk is that firms have to adopt yet more technology.
The team at Right Choice Conveyancing has spent a long time building its compliance protocols. Right Choice’s culture of innovation means the compliance team are constantly looking for opportunities to develop.
Take for example Right Choice’s AML, onboarding, and verification procedures. Everything had to be as efficient as possible, while remaining compliant. It’s also crucial clients’ data was kept safe.
It was with this challenge in mind that Right Choice Conveyancing opted for an integrated approach, picking a practice management platform InTouch that had integrated a client compliance tool Thirdfort within its software application. Integration forms a key part of Thirdfort’s product roadmap and by partnering with those providing software to lawyers and agents, Thirdfort can enhance the value proposition of both platforms.
It sounds simple but is something that can make a huge difference both to conveyancers and their clients. Since its implementation, the integration has saved the Right Choice team time, reduced risk and improved client experience.
The InTouch and Thirdfort integration goes a step further than other solutions, everything is quicker, the information is already there in the platform and the cost and the risk that occurs with manual processes are removed.
Cutting out unnecessary admin means clients have a more enjoyable interaction, while productivity and profits increase.
So, against a backdrop of increasing administration and compliance and an ever-growing array of tech solutions, integrated software is becoming an increasing focus and one that can help conveyancing firms cut costs, reduce admin and improve client satisfaction.
Alison Kettley is Director of Compliance and Training at Right Choice Conveyancing, and Olly Thornton-Berry is Managing Director at client compliance platform, Thirdfort.
Kindly shared by Thirdfort
