Discover the biggest topics and takeaways from the inaugural Digital Conveyancing Summit – from risk management to attracting talent with tech.
Digital Conveyancing Summit 2022: What did we learn?
The inaugural Digital Conveyancing Summit held at the prestigious Law Society Reading Room in Chancery Lane tackled some of the biggest topics in the world of conveyancing. From assessing the impact of technology adoption on risk management and compliance to hearing how other firms are spearheading the implementation of digital tools in their conveyancing processes, our panellists discussed the most pertinent topics for the industry.
An industry-first, the event aimed to help law firms navigate the move to digital conveyancing. As the technology adoption in law firms continues at pace, it’s more important than ever to help conveyancers understand the impact tech has on their operations. We covered the subjects that matter most.
Across 10 highly informative sessions, we were joined by HM Land Registry, the CLC, Teal Compliance, a lead CQS assessor, Bold Legal Group, legal tech providers, lenders, estate agents and more than a dozen forward-thinking law firms. Unified by the theme of ‘moving with technology’ they all had one priority – to set the agenda on where the industry is headed on its digital transformation journey.
What did the Digital Conveyancing Summit 2022 cover?
Spread across four key areas, we explored the role of digitalisation with compliance, uncovered what digital journeys look like for law firms and HM Land Registry, asked how collaboration can create greater alignment across the sector, and what impact tech has had on people and businesses in the conveyancing space.
Opening a forum for delving into some of the lesser-discussed subjects, the Digital Conveyancing Summit didn’t look at whether technology was a key player – we know it is. Instead, we discussed where it adds the most value.
We learned from peers who have already been on the journey of adopting an end-to-end digital conveyancing process. We discussed how law firms can use it to give them back more time, aid their compliance, and deliver exceptional client experiences. All essential learnings for the modern law firm. So, what were those learnings? Let’s explore the key takeaways from the event. If you want to watch the full sessions, you can catch up on-demand.
Key takeaways from the Digital Conveyancing Summit 2022
1. Paper is a risk
Lead CQS assessor Tracy Thompson brought attention to the risk that paper attracts in the conveyancing process. Without the ability to create digital audit trails and centralise data, law firms are unnecessarily opening themselves to increased risk levels that could be avoided by using the right technology.
“Technology is absolutely key. It supports risk management, supports supervision, and centralised recording. You then have the ability to be able to deal with reporting and monitoring and ongoing supervision and authorisations in one central place,” says Tracy.
2. Technology helps evidence day-to-day risk management
From utilising the wealth of data to identify trends and potential problems before they become an issue to evidencing what you need to supply to underwriters for your PI renewal, technology can support you. Being able to easily demonstrate a firm is meeting their requirements is viewed favourably by PI providers according to Jenny Howden, Professional Indemnity Specialist at Howden Insurance.
3. Collaboration is essential to tackle some of the industry’s biggest pain points
Collaboration between various parties in the conveyancing transaction can be supported by technology to provide transparency, more information at the beginning of the conveyancing process, and centralised data are pivotal. From speeding up transaction times to reducing fall-through rates, data is essential.
Ultimately, if all parties are pulling in the same direction, we should see less friction throughout the process which results in a better client experience at the end of the day too.
As Chris Williams from Novus Strategy & Consulting shared, “it's about the quality of that data, it's about removing waste from the process so that you can deliver a much better customer experience and deliver the service that you need quicker and better.”
4. Technology plays a major role in attracting talent
As we see a new generation of conveyancers coming through the doors, technology has become a huge drawcard for candidates. Both for attracting new talent and retaining that which you already have on board. As Peter Carr, IT Head at Fisher Jones Greenwood says, “They come to us specifically, especially for training contracts and things like that. They say, ‘we want to work with you because you have such a good reputation for being a technology-focused business.”
5. Change is happening, even if incrementally
One theme that we saw throughout the event was that change is afoot. It’s not always swift, but rather a gradual process of adoption, collaboration, and adaptation. Throughout every stage of the transaction we’re seeing progress that has a unified end goal in mind – to improve the home moving process for everyone involved. At the end of the day, it’s all about moving with technology.
You can watch all these insightful sessions on-demand now.