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The Law Society and Indian technology giant Mastek have decided to scrap online conveyancing portal Veyo, at a cost to the profession which has so far been confirmed at more than £3m but is likely to be much higher. The society said it was “deeply sorry” that conveyancers who had “waited patiently” for the product would not be able to use it.

Lawyers should use artificial intelligence to improve their work, drive efficiencies, increase accuracy and retain clients, the president of the Law Society has said. However, Jonathan Smithers said “expert intervention by lawyers” would always be needed.

Rather than feeling threatened by accountants’ move into legal services, law firms should set up alternative business structures (ABS) and compete with them, the president of the Law Society has said. Jonathan Smithers said: “The success of ABS to date indicates that clients are generally not concerned about sourcing their legal services from non-lawyers.”

Veyo is still being tested and there is no fixed date for its national launch, the president of the Law Society told property lawyers last week. Jonathan Smithers admitted that “clearly the publicity ran well ahead of the product”.

Paul Philip, chief executive of the Solicitors Regulation Authority, has hit back after the SRA’s latest indemnity insurance plans were fiercely criticised by the Law Society. He said the regulator had made “absolutely no new recommendations”.