Veyo saga comes to an end
The long-running Veyo saga has seemingly come to an end, with the Law Society announcing it will make no further investment in the online case management system.
At the time of writing both the Veyo website and twitter account have both been made inactive.
After a review undertaken by parent company Legal Practice Technologies (LPT), shareholders the Law Society and software firm, Mastek, decided market changes brought about by products such as “Free 2 Convey” meant the project was no longer a worthwhile investment for Law Society Members.
In a statement, The Law Society said: “It is with considerable regret that we are announcing that we will not be making any further investment in Veyo. Other software providers operating in the conveyancing market are responding to our members’ needs and so we have decided to step back.
“We are committed to identifying unmet member need and innovation, but on this occasion we also have recognised the reality that the market has developed significantly since we started to develop Veyo and that the costs of continuing outweigh the benefit to our members.
“We are deeply sorry that those who have waited patiently for the Veyo conveyancing portal from our joint venture will not now be able to use it.
“We knew that the project carried risk, as all technological innovations do. Unfortunately it is no longer in our members’ interests to invest resources to make a product of the high quality our members expect and deserve.
“The timetable for getting Veyo to market was, in retrospect, over ambitious. We have made the very difficult decision not to invest further in light of developments in the market which mean that case management providers are likely to meet our members’ needs at no additional cost.”<
The project’s developers, Mastek, who say they have a “long and successful record of delivering bespoke applications” said: “This was a hard decision to take, but is commercially the right one for all of us. We are pleased to have been involved in this partnership with the Law Society.”
The now defunct “comprehensive conveyancing portal” won three awards for “Best Visual Identity at the Transform Awards Europe in April.
The Law Society had invested £600,000 for a 60% stake in LPT in May last year, with Mastek taking the remaining 40%.