There is no doubt that the conveyancing tech space is transforming faster than ever.
For many years, innovation in conveyancing software was slow with practitioners finding it hard to make changes.
However, in the past decade, innovation has boomed, and conveyancing-tech providers are constantly evolving to create practical, streamlined, and user-friendly solutions.
There are several forces driving this innovation. Below we discuss three of the main ones and what the future of legal tech could look like if things continue in the direction they’re headed.
1. Transition into the digital age
The first and most obvious force driving change is the transition of the legal industry into the digital age.
Over the past 10 years, this transition has been gradual, but COVID has caused a massive acceleration.
The move to a virtual workforce has pushed legal professionals to adopt tools that can help them run their business remotely.
Not only putting pressure on innovation but on the security of the tools. With increased technology use, comes heightened risks of cyber-attacks.
Businesses need to feel at ease when using a platform or service and be safeguarded against these attacks.
Technology providers have identified this and have put it at the forefront of every development.
Though this outbreak has caused major concern and worry in the legal environment, it has produced an environment where the ‘fit have survived’, showing us that flexibility and adaptability are an important trait for every business.
2. Competition between Australian law firms
The number of law firms in Australia are growing every year. In an already competitive landscape, this means clients have more choice than ever when selecting a legal representative.
With this choice, lawyers need to stand out from their competitors if they want to succeed.
Conveyancing tech providers have identified this and are constantly working on solutions to make firms more efficient, productive, and affordable.
Like any business, being able to offer lower prices is a good way to compete. However, for Lawyers, the service they’re able to offer is also a huge selling point.
People want lawyers who are organised, communicate well, and are confident in their ability to serve.
Technology helps lawyers achieve all of this, whether it be Practice Management Software, like triConvey, that automatically files communications and calculates billables, accounting software that reconciles all invoices, or a search platform that automatically maps information into documents.
As competition increases between lawyers, the demand for more innovative technology increases with it.
3. Government legislation
The conveyancing industry has been going through a period of change with eConveyancing mandates rolled out across the country.
This means legal professionals must lodge documents and complete settlements electronically through PEXA.
A great example of how government regulation has transformed the legal tech is with the introduction of Sympli.
Sympli are coming to market to give conveyancers a choice in their eSettlement platform and is a direct result of government mandates.
As we see more government changes and legislations passed, we will see more change within the legal space.
It is no understatement to say that the legal profession in Australia is undergoing change at a pace never experienced and in ways most lawyers would have found hard to predict a few years ago.
We are seeing innovation and change throughout the legal profession. Most firms are rising to meet the demands and challenges and we are excited to see where it takes us!
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