Almost one third of conveyancing firms have achieved a digital maturity score of 60% or above revealed a new report from leading legal technology provider InfoTrack.
The Digital Conveyancing Maturity Report 2024 launched this week, unveiling the latest insights into how conveyancers are using digital tools. Assessing areas including client onboarding, pre completion, post completion, new business, integration between software, and eSignatures, the project tracks the shift in the use of digital tools to manage the conveyancing process.
First launched in autumn 2022, the initiative is designed to assist law firms in embracing digital conveyancing. It emphasises crucial areas of progress, identifies areas for further advancement, and offers a comparative analysis within the profession to establish industry benchmarks.
Despite more firms increasing their use of technology, the digital divide has increased by 6 percentage points since 2022, with the average score between the top 30% and bottom 30% of firms showing a huge gap of 50 percentage points. The data suggests that firms which do not stay up to date with digital conveyancing tools will fall behind and risk stunting the industry due to the interconnected nature of conveyancing.
Mike Leeman, Managing Partner at Bell Lamb & Joynson comments, “In this digital age it’s imperative for firms to understand their digital approach as the legal and conveyancing landscape is continually evolving with new regulations and emerging technologies. Failure to do so will leave a firm vulnerable to being left behind but also lose out on a number of key benefits to their business.”
“The report offers a snapshot into how firms are embracing and using technology in the conveyancing process, and how they’re prioritising digital tools to manage the ever-increasing administrative load. Having a tool to help firms identify where others are maximising digital solutions removes some of the mystery about how to approach the digital conveyancing journey and provides actionable insights for those wanting to keep pace,” says Sam Jordan, COO at InfoTrack.
The study remains ongoing, and firms can access a personalised report by completing a short assessment. Personalised reports benchmark scores against industry averages as well as providing advice about how firms can improve their scores and keep pace with digital advancement.
George Coombes, Member Services Manager at LawNet adds, “I would encourage all firms to take part in the survey. All firms are adopting more and more tech, but in isolation it can often be hard to see how you are doing and what else could be done. To benchmark yourself against other firms is valuable and, together with your own report, it can really focus your digital strategy moving forwards.”
The Digital Conveyancing Maturity Report 2024 is available for download now.
