Search provider integration proves imperative for improving efficiency in conveyancing (Topic of the Month – Technology)
The modern law firm continues to face many challenges with increasing regulatory responsibilities, competition and ever more demanding clients who expect more for less. The good news is there are practical, proven ways and means of improving law efficiency – positively impacting on client care and profitability.
Take the property industry as an example of where technology can take a front seat.
The modern conveyancing department is faced with significant competition, both from its locality and the internet. Margins and profitability have been eroded, to the point where firms who could charge 1% of purchase price, are now charging just one quarter of such fees. All the while these firms are still expected to run the department at a profit.
Challenges like this bring to the fore the necessity to analyse tools available on the market. These tools will need to be specifically designed and tailored to deal with the issues conveyancing practitioners come up against on a daily basis in property transactions.
Many firms have sought to take advantage of tools, such as case and workflow management. However research suggests they have yet to fully exploit simple efficiency opportunities. A recent survey undertaken by search specialist ETSOS highlighted that only 27% of respondents using a Case Management System (CMS) had their search provider(s) integrated within that system.
These simple integrations not only deliver significant time and efficiency savings, but also generate clear audit trails to help meet compliance requirements, simplify the management of disbursements and provide clear visibility of progress and findings for firms and clients alike.
Typically the investment is minimal and the integration can be swiftly activated. With 94% of those reporting improved efficiencies as a result of such integration, it would seem to be a quick win for those seeking extra productivity and service gains.