Bronwyn Townsend, Senior Marketing Manager at InfoTrack, considers how technology can assist conveyancers with high volumes of work while social distancing restrictions are still in place
Conveyancing firms have felt the famine and feast of the property industry over the past year – from a near standstill when lockdown began in March 2020, to the property boom that has seen record sales and transaction figures aided by the stamp duty land tax holiday and its subsequent extension to June 2021. This has meant firms are facing both extreme pressure due to transaction volumes and limitations on client interaction.
Legal technology moving to the cloud is inevitable. The shift to cloud-based services has been years in the making, with several services already on the market. But there is no doubt of the catalyst effect that the COVID-19 pandemic has had on the legal industry’s adoption of more cloud and software as a service (SaaS) solutions.
However, the uptake in these services isn’t a temporary phenomenon. A 2020 survey by the Law Society of England and Wales identified that the greater use of technology in general can streamline businesses. The move to cloud-based services will continue in the sector, with cloud becoming the standard in the next five years.
While the focus during the pandemic has been on utilising cloud-based services to support business continuity, they will benefit law firms in the long run to deal with the changes wrought by the pandemic. Understanding how cloud solutions can maximise your firm’s ability to be more agile, improve accessibility and enhance your compliance will enable your future success.
Scalability is one of the greatest benefits for conveyancing teams and firms which are adopting cloud solutions. By moving to the cloud, the barriers that on-premise infrastructure imposes are removed. Scalability is a big win for firms, with cloud delivery enabling firms to pivot, become more agile and respond to changing circumstances, including new growth.
Cloud delivery also offers the benefit of quicker deployment, providing firms access to the latest updates and enhancements to systems within hours.
Digital conveyancing – anywhere, on any device
Removing the need for a physical presence associated with severs and machines on-premise will offer you greater flexibility and accessibility. This rings true not only for law firms, but also their clients. The benefits of accessing digital conveyancing services from anywhere, on any device at any time, should be cause enough to move to the cloud.
The importance of business continuity has been pivotal for law firms since early 2020, as firms had to reimagine how they could communicate and interact with their clients quickly, effectively and safely. Cloud solutions can provide you with access to a host of features that meet these objectives, from electronic client onboarding solutions to eSignatures for witnessed deeds in line with HM Land Registry’s announcement last July. Following the recent news of a new digital identity standard outlined by HMLR the progression towards a consumer-centric approach to home-moving is fast becoming the cornerstone of the sector.
The cloud makes all this possible. It’s the solid foundation of an effective and efficient digital conveyancing solution. As flexible working is widely expected to become part of the ‘new normal’, your firm stands to gain from making its services more accessible. Whether your staff are based in the office or at home, or you have clients abroad, this flexible approach will become only more highly sought after.
Centralised information aids compliance
It goes without saying that compliance is a top priority for conveyancing firms; finding an easy and accurate way of monitoring your compliance removes headaches when it comes to auditing. The cloud can benefit firms looking to streamline their compliance procedures by offering centralised information and creating a digital record.
This way, your records are easily kept up to date and easily accessible, so you can be confident that the services you are using are automatically taking care of your compliance requirements. With the scope to see activity across your entire firm, you can be assured that dashboards which highlight key information related to compliance and affiliated processes are being conducted and documented correctly. From preventing flawed and incomplete submissions, to adhering to all guidelines stipulated by governing and industry bodies, risk is minimised.
Cloud solutions nurture a data-driven environment that creates transparency. Your conveyancing team can thrive in such an environment.
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