Birmingham Property Lawyers John Wilson and Co, have given protecting client money within a conveyancing transaction top priority for 2015.
The residential team are set to use and implement Lawyer Checker and its AES search on every single residential transaction; ensuring the security of its client’s money within purchase transactions.
By being pro-active, and obtaining the recipient solicitor’s client account details at the earliest juncture in a transaction, conveyancers using Lawyer Checker’s Account and Entity Screen as part of their process will be able to make an informed decision about the transferring of client money.
How informed is informed?
Conducting the search on the recipient firm later on in the transaction – for example just before exchange of contracts – could throw up many problems if the account number is found to have little or no transactional history.
Conveyancers at John Wilson and Co will be able to reassure their clients that they are ensuring due diligence on their matter files by making this simple check against the recipient account number.
By conducting the search earlier on in the transaction John Wilson and Co are safeguarding themselves and their client against many things from human input error right through to potential criminal infiltration
As senior partner Riccardo Magnante explains:
“Here at John Wilson and Co we recognise that our clients are essential to our future. We are committed to having a 21st century service which continues to be one that clients can rely on. We hope to make the purchase of a home as exciting and stress free as possible – this includes protecting all client money. This is why we have incorporated a Lawyer Checker search into each and every one of our transactions, where monies are to be remitted to another firm, regardless of how well we know that firm. By integrating a Lawyer Checker search into our processes our team will be able, along with the firm’s COLP, to make an informed decision.”
About Lawyer Checker
A well-known risk management tool; Lawyer Checker demonstrates whether or not an account has had a track record of successful use within conveyancing.
21st century conveyancing transactions run the inherent risk of a cyber-attack and identity theft is rife within the industry.
In 2014 the industry put this area at the top of their agenda. Over 549 reports of bogus law firms were reported in just one year; Lawyer Checker searches are now the go-to check for over 400 firms before they send funds.
The simple checks allow firms to safeguard themselves and their clients against the many dangers involved in remission of funds.
AES Account and Entity Screen – What it does:
Step 1: LC checks the account details provided against its database to give an indication of whether the account has a track record of successful use in conveyancing transactions.
Step 2 (where a ‘good’ track record is not found): The LC team conducts live checks on over 10 databases providing further research on the firm associated with the account being checked.
Due diligence requires all solicitors and conveyancers to check the firm they are sending monies to. Checking the roll of solicitors is no longer enough.
Please see: http://www.lawyerchecker.co.uk/
