Why Lawyers Should be Taking Notice of Data
When we were invited to participate in a ‘Future of Proptech’ report by Raconteur, which published in The Times newspaper, we were delighted to share our views on the shape of things to come. Encapsulating what the future of the property industry will look like however, when driven by technology innovation, is a wide-reaching topic of conversation and dependent on the area of the industry you work in. Transformations in the proptech sector, as new technology delivers new advances, will manifest in many different guises.
As we operate at the legal end of the property transaction market for both commercial and residential lawyers and conveyancers, we focus on the value and importance of rich data from a wide variety of sources.
One only has to consider that Professional Indemnity insurance (PI) is part of the bedrock underneath legal firms, and therefore the reliance on data that lawyers access as part of the due diligence process needs to be easily accessible, but just as importantly it must be reliably accurate.
Residential conveyancing in particular is considered an area that has the potential for large claims, and given the current market conditions, there is a risk that information may be missed if due diligence is undertaken manually, particularly as pressures relating to the 30th June and end of September tapered deadlines bite.
In our view, proptech that supports lawyers in not only about accessing all the right data and at the right time, but it has the added advantage of bringing automation and AI. This brings tangible efficiencies and really helps accelerate transactions, yet without increasing risk.
We know that due diligence is a complex task that requires a huge amount of data to be gathered and analysed. Using data and technology to automate as many monotonous yet meticulous tasks should help to reduce human error, missed information, and enable lawyers to spend more time on the individual legal aspects of a transaction and of course, the all-important client service.
It’s evident that mistakes and missed information not only prolongs transactions but have the potential to make the PI renewal a daunting prospect.
Lawyers are the final people arbitrating transaction risk, therefore using well sourced data and advanced technology to flag any issues on a property and its location gives them the exact insight needed to keep clients fully informed and transactions proceeding to success.
In our book, rich, high quality data should form the very foundation of every proptech innovation, and for the legal industry data really is the new oil and helps everything keep moving.
Written by Dr Tom Quirke, Managing Director at SearchFlow
To read SearchFlow’s opinion article in the Future Of PropTech report, as published by Raconteur, visit here.
This article was submitted to be published by Searchflow as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.