Survey by Landmark Information identifies that 88% of conveyancers believe paper and manual processes will have ‘all but gone’ by 2025
Landmark Information Group commissioned an independent market research project to understand what impact the past 18 months has had on the residential property market, and to uncover what legal professionals believe is possible by 2025.
- The impact of the pandemic on residential conveyancing
- The challenges and opportunities faced by those who embraced automation
- The evolution of the residential transaction
We surveyed one hundred solicitors and specialist conveyancing practices including fee earners, heads of department, solicitors, partners and directors.
The report highlights:
The increasing importance of technology
The pandemic was a powerful instrument for technological advancement and the entire legal sector changed longstanding, traditional working practices within weeks.
Of those conveyancing professionals who embraced digitisation, two-thirds experienced less business interruption.
The rise of automation
The benefits of software and technology gave an edge to those who embraced them.
79% of property lawyers and conveyancers thought those who had yet to incorporate digitisation risked falling behind.
Uncovering the key to powering up property transactions
Our report revealed what legal professionals felt about the impact of getting more property data earlier. And how the profitability of the entire sector rests on automating a few crucial tasks.
Automation and risk management
Will automation and AI help legal professionals manage risk or increase exposure? The answer surprised us and demonstrated the complex nature of this question. However, a significant majority of respondents agree increased digitisation is coming to the land and property sectors.
Digitisation and the future of conveyancing
The law firm of the future looks likely to be a vastly different place. Our respondents believe automation will change the role of legal professionals and free them up from administerial tasks.
Responding to a changing marketplace
The message from our survey was clear: embracing change is critical to the future of conveyancing.
While the industry has had to overcome various significant hurdles in the last 12-18 months, there is an overwhelming appreciation that PropTech has played – and will continue to play – a hugely important role in enhancing the residential conveyancing process across the industry.
What is clear from the survey findings is that conveyancers believe PropTech adoption is inevitable and will deliver a more transparent, efficient and faster process for their clients, while also helping them to differentiate, increase profitability and, importantly, improve risk management. The full survey findings and commentary are available in a comprehensive report, which is available to download for free.
To download a copy of the Residential Conveyancing Trends: 2021-2025 report, visit https://go.landmark.co.uk/residential-research-report