The Access Group blog: How to generate more conveyancing work for your law firm
The Access Group has published a blog on the subject of advice on how to generate more conveyancing work for your law firm.
“Opportunity is missed by most people because it is dressed in overalls and looks like work” – Thomas Edison.
Conveyancers have been unusually busy for the last 18+ months, but at some point (and arguably for many this has already happened) the rate of transactions will slow down and there will inevitably be a shift in focus to looking at how firms can generate more conveyancing work. The process needs to be simple and easy for firms to adopt so it doesn’t just feel like extra work.
In this article we explore the importance of referrals for generating more conveyancing work, and how to ensure your law firm is getting the most from these relationships and partnerships.
How do customers choose which law firm to work with?
First things first, let’s take a step back and look at how potential clients make their decisions about which law firm to use when they are looking to buy or sell a property.
Some of the latest IFF Research findings shows us that:
- 25% of people use family or friendsto “Recommend” a “Trusted” solicitor or law firm.
- 27% of clients are happy to place their trust in an Estate Agent“Referral” to decide which law firm they should use.
- 34% of clients will use a comparison siteand instruct a firm based on cost, or perceived value for money.
Let’s explore the market share we can more easily control, and the one we should aim to actively penetrate: the recommendations and the estate agent referrals section. This accounts for over half the market!
Generating more “Family and friend” referrals
When clients come to a law firm without being referred, as you’d expect, around 86% rate price as a key consideration, while 82% cite “conveyancing specialism” as a key factor in their decision-making process.
When clients are referred via a recommendation from a friend or family member, these figures change – price is a key consideration for just 32% and Trust comes top for 84%. Figures aside, let’s look at some of the key ways you can generate more conveyancing work via referrals:
Make sure you deliver a really good service
Yes, it’s a given that your service has to be great, but make sure you ask your clients for feedback. If there’s an element of your service they were unhappy with you may even be able to rectify it in the feedback stage!
Ask for a referral
Be sure that you actually ask your clients to recommend you to friends and family – you can even incentivize them to do so with discounts for them and those they recommend.
Put customers first
When generating conveyancing work via referrals, it’s very important to consider what key aspects of service delivery customers are looking for in a law firm.
These will likely include:
- Transparency when it comes to pricing (make sure your pricing is 100% clear at the point of quotation and you keep your clients updated with any additional costs).
- Communication regarding the accessibility of, and updates on, key milestones. This is where technology, such as client portals, can really help your service delivery – it’s not possible to be all things to all people. If you can give your clients access to key information, secure messaging and reduce the faff of endless calls, this will ensure a more streamlined and less stressful process.
- Technical ability is crucial for many customers, and so too is a law firm’s ability to translate the technical side of transactions into a more easily digestible process. Don’t bombard your clients. Give them an idea of the process and an idea of what happens and when.
- Speed of transaction. Nobody likes a long-drawn-out transaction, especially when mortgage agreements are at stake. Again, technology and digital communications will help to speed up transaction times. Conveyancing workflows within a case management system which are linked to a conveyancing search provider, such as Legal Bricks, can really help speed up the process.
Generating more work from estate agent referrals
We surveyed 50 estate agents and the number one reason that they stopped working with a law firm:“Lack of communication and a perception of the process being harder than needed”.
It’s imperative to build relationships with estate agents to keep you and your firm are front of mind. It will give them the confidence that you can support them and their clients through the transactional process from start to finish.
Some of the key areas that law firms need to excel in in order to maintain and gain those all-important estate agent referrals, include:
1. Embrace Technology
Simplify the journey from quote to completion. Of the 50 Agents we surveyed, 72% believed technology wasn’t used enough in the conveyancing process.
2. Help your partners to understand when the key milestones are met or achieved
Of the 50 Agents we surveyed, 68% wanted a clearer understanding of what stage you were at in the transaction, without having to chase for updates.
3. Be clear and concise with your communications
Of the 50 Agents we surveyed, 53% wanted a simpler way to communicate with the law firms they worked with. This is where client portals could greatly benefit firms and estate agents.
4. Follow up on all enquiries
No article about generating more conveyancing work would be complete without looking at the “follow-up”. Many law firms, finding themselves overworked or under-resourced, do not follow-up on enquiries. Often they send out a quote for the work but don’t then follow-up to see if the client is interested.
It goes without saying that this is a missed opportunity – and customers will often respond positively to approaches which take away some of the leg-work for them. So having the functionality within your CRM to capture prospect data and not just the details of those who go on to become clients is key. You could also use a quotation system which retains prospect info and even generates a reminder for follow-up. After all, even if they choose another provider this time, you may still be able to cross-sell other services.
And finally…
As we’ve outlined above, getting referrals and recommendations, following up and using technology are all key to generating more conveyancing work for your law firm. Legal Bricks and Access Legal have used their extensive knowledge of the property market to build technology to manage the referral process, convert more work, manage quotations to clients, digitally onboard clients and enable all those involved in the transaction to be kept up to date and access key information throughout the process.
*All information from an independent survey of 200 home buyers or sellers (2020).
The Access Group’s legal software suite is designed to provide everything a law firm needs to be efficient, from case and practice management to compliance. Download a brochure to find out more, or get in touch to discuss your needs with our expert team.
Written by Mike Connelly, Director at Legal Bricks.
Kindly shared by The Access Group
Main photo courtesy of Pixabay
