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The Housing Market Is in Recovery – but Will Keener Competition Mean

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The Housing Market Is in Recovery – but Will Keener Competition Mean MARCH 2014 APRIL 2015 THE ONLY MAGAZINE FOR LAW FIRM MANAGERS LPMLEGAL PRACTICE MANAGEMENT EXPERT COLUMNISTS AND ADVICE FROM PRACTICE MANAGEMENT The housing market is in LAW FIRM recovery – PROFILE Blacks Solicitors but will keener shows the legal competition market a thing or mean eviction two about social for high street networking conveyancers? BUSINESS INFORMATION FOR EVERYONE IN PRACTICELEGAL MANAGEMENT PRACTICE MANAGEMENT 1 INDUSTRY VIEWS APRIL 2015 SPONSORED EDITORIAL AT YOUR SERVICE? Nigel Williams at Lexis Visualfiles asks whether your conveyancing system is fit for purpose, how a future of growth will impact how you do business in future – and how to win more clients t would appear that the conveyancing market is computing (whatever that might mean) many finally turning a corner – a much welcome return to suppliers are developing and launching sector-niche growth, following possibly one of the deepest solutions that are quick and cheaper to deploy on the Irecessions in history. Surviving firms now face an face of it. So how does a firm decide what is the best even more demanding customer – one who demands and most cost-effective solution for its business? greater transparency and accessibility to their Firms must carefully evaluate the workflow and case conveyancing transaction in keeping with today’s management systems available – separating and 24x7x365 world where everything is visible and clearly extricating the glitz from the practical reality. immediate and driven by smart technology. Implementing a system is invariably the easy bit – Unsurprisingly, in the dark days of the recession making it appropriate for the long term so that it many firms were forced to cut back on their evolves with the changing (and often expanding) investments, including personnel and systems. Now, business requirements is the challenge. What is with the housing market picking up, firms are realising suitable today may not be a good fit the day after that they need to offer (at the very least) the pre- tomorrow – the market changes, new rules and recession level of service again, but that the regulation are regularly introduced, customer technology landscape has moved forward in the expectations alter and therefore the chosen solution interim. The systems they deploy must complement must develop in tune as well. current business needs while allowing for inevitable Before firms take the plunge, here are some areas to future improvements to processes and consider: communications. They must meet the expectations of l Departmental versus integrated? Many solutions a new, tech savvy breed of customer. And, for multi- today are essentially departmental, isolated solutions, service businesses, systems should facilitate so if a firm is simply focused on conveyancing and is integration between the conveyancing service and the of a certain size, they may work. However, will an rest of the business (now or in the future) to take ‘island strategy’ work in a wider or growing business? advantage of an evolved market. Firms cannot afford Aspirations to deliver greater operational levels may to operate in isolated islands, but must share dictate the need for a larger solution with perhaps information and processes in the way that clients also more robust functionality. It’s highly likely that any have no boundaries. reasonably sized conveyancing firm will require its The most successful conveyancing firms recognise core conveyancing case management solution to the need for this type of technology. A recent survey integrate with other technology systems such as highlights that 60% of firms are looking to improve finance, marketing and the like. A niche, standalone their systems and processes this year – potentially as a solution can cause a firm’s IT department a fair measure to protect their position in the market and number of headaches should the need arise in the ensure they are not left behind. future to amalgamate technologies. There is no dearth of technology for the l What kind of conveyancing firm do you aspire to conveyancing sector, as it has always been at the be? It’s imperative that a firm clearly understands what forefront of automation. It wouldn’t be far-fetched to kind of conveyancing practice it wants to be – a say that many of the workflow systems in the legal volume conveyancer, a niche conveyancer for certain sector today potentially have their origins in types of properties, a high-value services provider, or conveyancing given this practice area’s dependence any other. The firm’s aspiration must determine the on process efficiencies. type of system to deploy – based on an understanding Nonetheless, its different strokes for different folks – of the service being delivered today and the aspiration choosing a solution that best meets the needs of for future provisioning. individual firms is critical. There are the traditional l What value will the system deliver in the long run? systems of course, but now with the advent of cloud Technology investments must be evaluated as enablers 38 LEGAL PRACTICE MANAGEMENT INDUSTRY VIEWS APRIL 2015 SPONSORED EDITORIAL of growth. Adopting a solution that is cost conveyancers and even a key differentiator effective initially, but costs a fortune to in this low-margin marketplace. It’s adapt to future requirements or that is considered best practice. For example, the unable to meet future demands is akin to Conveyancing Association’s Best Practice being penny wise but pound foolish. Guide suggests that conveyancers give Implement a system for short-term estate agents access to online tracking in objectives but with long-term vision. It order to improve communication between ABOUT THE SPONSOR should be possible to adopt out-of-the-box the two sides. The case management system solutions today for current business needs, must have the capability to extend this Lexis Visualfiles from but then leverage the software’s service to end customers too. LexisNexis Enterprise development capability to add new features, l Track record of the supplier: Here Solutions is the most functionality and business applications that longevity in the market is vital, but alongside widely used legal workflow support new business requirements cost- it a reputation for continuous product and case management effectively and easily. development. Invest in a solution that freely system in the UK. l Transparency: Successful conveyancing allows the firm to evolve the system, without www.lexisnexis-es.co.uk relies on excellent communication and the need for firms to even request vendor transfer of information between multiple involvement to make changes. parties. In today’s always-on, mobile society, Conveyancing needs to be a personalised there is an immediacy with which and (as much as possible) a seamless information needs to be shared with service across all facets of a transaction. The customers and other organisations. This right technology can facilitate this. Firms will ability is becoming increasingly important to do well to invest with the future in mind. LPM 39 LEGAL PRACTICE MANAGEMENT.
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