Discover how your firm can improve employee wellbeing and increase profitability through technology in conveyancing. We show you five ways to prosper in 2023.
Five ways to overcome challenges for conveyancing firms in 2023
Between headlines declaring a decline in the property market, fines being issued for mishandling of compliance, and a drain of industry talent in conveyancing, it might feel like knowing what to prioritise this year is hard.
We get it. Wanting to support commercial growth for your firm and look after your people can feel like a balancing act. The good news is that even though the conveyancing industry is facing some challenges this year, the outlook is positive.
Knowing what those challenges are and how you can best equip yourself and your firm to overcome them is half the journey. In this article, we’ll review what the five biggest challenges are for firms in 2023 and what you can focus on to provide your team with opportunities and maintain the bottom line.
If you’re looking for a detailed guide on these challenges and the solutions to navigate them, download our eBook ‘Conveyancing in 2023: Prioritising people and profitability’.
1. Make the most of your employees
Property transactions increased to the highest levels in a decade following the pandemic. This was driven by several influences including the SDLT holiday, people looking to relocate for a ‘green change’, and low interest rates. As a result, law firms hired new talent, often at higher salaries, to secure the additional support they needed.
Now, as transaction volumes normalise after record highs, firms are looking at how they can maximise the use of that extra talent.
Technology can play a powerful role in helping staff make maximum use of their experience and knowledge, rather than having them being bogged down by administrative tasks. And that creates a win-win for staff and their employers. Why? Because increasing productivity is going to have a positive impact on your bottom line, while freeing fee earners from the burden of low-value tasks significantly improves job satisfaction.
Solutions that automate mundane and admin-heavy tasks are one of the most obvious tech choices here, but understanding the value of data integrity and how it can support your team’s expertise is a critical part of this. The result is increased value for the firm, more time to manage client relationships, and overall increases in employee happiness.
2. Providing opportunity for your staff
News headlines have been quick to highlight that there’s been an exodus of talent in the industry recently. This talent shortage means you know the value of your people and want to retain them. Finding ways to continue offering opportunities for them at every level is key.
Take the productivity improvements you’ve made through tech and turn them into opportunities for your staff. Whether it’s relieving senior team members of spending hours trying to gain oversight, or junior and mid-level staff being freed from administrative processes so they can take on more fee-earning work, find those opportunities and use them.
The result will be staff that are more fulfilled in their roles which improves their wellbeing and results in better client interactions for your firm.
3. Avoid compliance errors
Compliance should be on the radar of every law firm. But as risk threats increase and regulations change, staying on top of your compliance can be a minefield.
Not being able to demonstrate risk mitigation can result in difficulty securing PII renewals, or fines from regulators. At the very least, it can be a headache trying to prepare all the documentation required manually.
Use technology to your advantage and let it make managing compliance simpler. From digital audit trails to advanced reports that you can share with regulators, half the battle is being able to provide evidence you are following the procedures and policies you have set out.
Finding the right technology to support your compliance is key to effective risk management. Having your policies in place is only half of the work. But smart technology can relieve much of the burden of these tasks and you can be rewarded.
“Having gone through the rigorous process of updating my PI provider, I was delighted to find that InfoTrack has an area within its platform to help law firms complete their application forms. InfoTrack's software provided our limited potential pool of insurers with the evidence required to demonstrate regulatory compliance and risk mitigation, resulting in a premium reduction of £18k per annum.
I would highly recommend that law firms utilise this tool within InfoTrack to expedite their application process and potentially reduce costs.”
Steven van der Poll, Managing Director, Chapter Law
4. Maximise your current technology
Don’t assume that you need to invest hefty sums to access the benefits and growth you want to see this year. Instead, review how your current systems and tools could work harder or smarter for you.
Investing time into training and development of your people can improve those productivity gains we discussed earlier. And maximising the tools you already have that are underutilised could be all you need.
Another key factor is CMS integration. We know that firms who reported as using CMS integration in the Digital Conveyancing Maturity Index scored on average overall, because it provides a single source of truth.
From providing better consistency across your matters, to reducing the risk of human error, integrating your providers with your case management system is a no-brainer. It might just be the missing piece of the puzzle to accessing the next level of efficiency your firm is looking for.
5. Invest in tools that support your business objectives
Of course, if you do find that there are some gaps in your digital conveyancing toolkit, you might choose to invest in solutions that will help you bridge the gaps. Before you do make those investments though, ensure you’re making the right ones.
In our new eBook, we’ve set out the five-step process to building a digital conveyancing strategy that works. From identifying what you need to how to find the right partners for the job, we help you ask the right questions to find the technology fit for you.
To make it easier, you can start by identifying where opportunities exist for you by taking a free digital conveyancing assessment. You’ll receive a personalised report highlighting where your firm could benefit from technology and how leading firms are using it.
We understand you want to get the most out of your people and keep them feeling fulfilled in their work, all while maintaining profitability. It’s absolutely possible with the right solutions and support in place.
For an in-depth look at the solutions, technology, and techniques your firm can access to drive commercial performance and improve employee wellbeing, download our ebook ‘Conveyancing in 2023: Prioritising profitability and people’.