Five tips for profitable conveyancing
ARTICLE BY PETER BAVERSTOCK, CHIEF EXECUTIVE OFFICER AT LEAP
Have you turned away conveyancing work because it’s not delivering profit? Is the time and hassle involved in accurately preparing documents in your current case management software a barrier to accepting the work?
If so, it’s time to seriously reconsider conveyancing work. This multi-billion pound industry is slipping away from the small law firms who have traditionally been the primary advisers in this space. Professional marketers, entrepreneurs and estate agents sense the inactivity of small law firms and are taking advantage of it by competing for customers that traditionally seek advice from firms like yours.
To regain profitable conveyancing business and deliver it with confidence.
1. Ditch the spreadsheets when creating completion statements. There are faster, more effective approaches! A good case management system will create accurate statements for you in minutes, eliminating hours of manual checking.
2. Implement a document production system that’s accurate and efficient. Generating documents and letters lies at the heart of conveyancing, so you need an efficient and accurate system. Find a system that has a library of up to date forms, documents and letters to hand and an integrated database, so you capture data once and re-use it throughout the matter.
3. Critical dates can change. Ensure your software can handle this! Conveyancing revolves around critical dates. However, in a complex chain of transactions, dates can slip. Your critical date system must be flexible enough to cope with that.
4. Integrate a good search software with your case management system. Find a system that enables you to:
- Order searches directly from the conveyancing matter
- Return every search result electronically into the matter document management system.
- Automatically debit the cost of every disbursement to the correct matter.
- Pay a single supplier for search and let them about payment of numerous third parties.
5. Use accounting software you trust. Whether preparing the completion statement, checking disbursement, or handling client money, you need to know that your accounting system will enable you to accurately complete all accounting transactions.