Over 20% of legal professionals believe complacency is threatening innovation in the legal market. This was one of many interesting findings from the recent Transaction Technology survey, conducted by InfoTrack and Lawyers Weekly.
Despite this fear, the industry is taking big steps to move itself into the future. Now, more than ever, legal players are embracing change and supporting innovation.
Electronic settlement has been available for years, however take up has been slow and only recently has complete end-to-end digital conveyancing become a reality. Technology can now enable you to conduct digital transactions from the time your client walks through the door to the time the conveyance is complete and you’ve been paid.
On 9 June 2016, Claire Martin, a solicitor at Kreisson, conducted Australia’s first fully digital conveyance when she sold her apartment in Dee Why without touching a single piece of paper. She had access to the money from the sale within 10 minutes. I’m proud to have played an integral part in this historic transaction and believe there are three key lessons we can take from it
1. Efficiency
Gone are the days of piecing together contracts and amassing piles of paper that need to be scanned and emailed repeatedly.
You can now prepare, sign and exchange a contract from wherever you are – physical constraints are no longer an issue. This can save up to 30 minutes per contract and hours to days on the exchange process. It is simpler than ever and the profession is beginning to embrace this new way as they gain a better understanding of how it improves their workflow.
2. Accuracy
For most processes, an increase in speed often negatively impacts accuracy. However when you prepare a contract online, information is pre-populated – saving time and avoiding data entry errors as there is only one master version of the contract that cannot be tampered with.
3. Differentiation
In an increasingly competitive market, it is more important than ever to stay on the leading edge of technology.
Technology is fast becoming a huge differentiator in the legal and conveyancing industries and many professionals are taking note. In our Transaction Technology survey, 78% of respondents agreed that early adoption of new technology is better for business.
How eConveyancing is changing the property market
This is the biggest change to how we buy and sell property in our lifetime and the start of a new era that will see firms move more and more of their processes online. The numbers clearly demonstrate that the industry is ready to embrace a change and early adopters are already forging the way toward a truly paperless future.
If you’d like to learn more about end-to-end electronic conveyancing, don’t miss out on InfoTrack’s eConveyancing roadshow. We are touring across NSW and VIC with a panel of legal and tech experts to update you on the latest technology and legislation changes. Registration is free and you will earn 1 CPD point for attendance. Reserve your spot for one of our seminars or webinars here.
About John Ahern
John joined InfoTrack in 2015 as the Chief Technology Officer taking charge for establishing the company’s technical vision and leading on all aspects of InfoTrack’s technology development. John was appointed to the role of Chief Executive Officer in May of 2015 where he is now responsible for maintaining the extensive growth of InfoTrack in the Australian market.