Convey Law’s Commercial Perspective During Coronavirus Outbreak
Convey Law explain how their robust disaster recovery plan and proactive use of governmental support is helping their employees and business thrive in a post-coronavirus property sector.
Following the stalling of UK transactions, many people have speculated on the impact the virus will have on the conveyancing sector and wider property market in a post-virus landscape. However effective economic projections are in helping to speculate on future earnings, it is difficult to look beyond the commercial perspective in the current climate.
Today’s Conveyancer asked Convey Law, a Newport based business with over a 100 employees specialising in residential property transactions, to become our first experts in discussing the impact Covid-19 is having on their business and the measures they are taking to ensure they emerge a stronger and more knowledgeable business.
Since social distancing measures were introduced, Convey Law has found instructions to be at around five to ten per cent of their usual levels for the start of April.
Whilst exchanges and completions are at a third of what they should be in a usually busy Easter period, Lloyd Davies, owner of Convey Law, anticipates that these will drop to around 10 per cent whilst the sector is still in lockdown and the current pipeline dries up.
However, he has found that a robust recovery plan is helping to ensure the business is strong enough to weather the current storm and is even using the additional time to train staff.
The business’ disaster recovery procedures and governmental support has meant that Convey Law are in a position to protect jobs and look to the future. Given the reduction in work, the firm has used the Staff Retention Scheme to furlough around 75 per cent of their staff and is using a number of deferred payment training schemes to educate and upskill 50 furloughed employees.
The optimistic insight into a conveyancing business looks at the innovative furlough Continual Professional Development (CPD) opportunities Convey Law are exploiting, the use of technology and scanning facilities helping to create a smoother remote working experience, and the various governmental and regulatory support frameworks conveyancing businesses can explore.
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Today’s Conveyancer would like more firms to offer their unique insights into how they are thriving during social distancing and the time of Covid-19. Just contact [email protected] to express your interest.