Technology Archives - Page 2 of 4

The law firm of the future

July 23, 2021

The law firm of the future What role will technology play? What role will the lawyer play? Zegal have recently released their ‘Thought Leadership Review 2021’ which assembled a panel of experts including lawyers, investors and founders from Hong Kong, Singapore, Australia, and the United Kingdom. The study aims to provide insight, expertise and foresight into the evolving Legal-tech landscape. The report explores what adaptations need to happen on the legal playing field and what is currently changing within it. Additionally, contributors were asked to consider what a modern law firm of 2030 will look like. Here are some of the findings: Document automation drove significant change in the Hong Kong and Singaporean legal market Automation has been around for a long time. However, lawyers tend to shy away from it because their value proposition is to charge by the hour. Some believe that at least 30 to 40% of legal work can be automated. The 24/7 nature of work means that clients have high demands and expect holistic solutions to problems. There are arguments that lawyers should not be limited to just their knowledge and expertise in the law. Having knowledge and using technology to save time, means that you can

How to prepare for 100% electronic lodgment in NSW and mitigate risk

May 7, 2021

How to prepare for 100% electronic lodgment in NSW and mitigate risk The New South Wales property industry is undergoing significant change in moving towards 100% electronic lodgments. NSW Land Registry Services (NSW LRS) have worked with Electronic Lodgment Network Operators (ELNOs) to enable 100% of electronic lodgments from 10 May 2021. This means all eligible Real Property Act dealings in NSW will be available for lodgment as electronic dealings, without the need to attach a paper form. From 10 May 2021, the 39 residual documents that are available for electronic lodgment, including: Application for a Possessory Title Application to Record a New Registered Interest Holder Application to Record a New Registered Proprietor NSW Trustee and Guardian Caveat Paper Dealing Purchaser’s Caveat Request to Note Retirement Village Surrender of Lease Variation of Sublease The full schedule of eDealings that are available electronically can be found on the Office of Registrar General’s website here. Transitioning to electronic conveyancing can be daunting at first, as legal practitioners will need to learn and navigate new working procedures in order to lodge their documents and stay compliant. How should legal and conveyancing practitioners prepare for these changes? As NSW is moving towards 100% electronic conveyancing, some things that practitioners can do in preparation for these changes include: Consider becoming an ELNO subscriber or utilise services such

How did your firm compare during COVID-19?

April 21, 2021

How did your firm compare during COVID-19? CommBank have released their annual Legal Market Pulse Report that tracked Australia’s corporate law firms and how they coped during the pandemic. The report found: Demand for legal services in Australia rose by 6.2 per cent compared with the year before. Sixty-three per cent predicted that IT hardware, software and cybersecurity would be their biggest investment going forward. The Commonwealth Bank’s Head of Professional Services Belinda Hegarty said, “More resilient firms have clearly led the way in adopting technology. They better understand its potential to help deliver services faster, simpler and cheaper, and to create new products and services.” The Legal Forecast National Board Director Erika Ly believes there has been a “significant and positive shift towards a greater and more serious acceptance of online and virtual programs.” This shows that law firms across Australia are recognising the power of technology to assist them through challenging times and that firms have also recognised how technology can help with longevity and staying competitive. You can get a competitive edge over your competitors with technology. As a property lawyer or conveyancer, if you’ve thought about expanding your offering interstate but don’t have the resources or expertise, there is a solution. SettleIT is

Working longer hours won’t grow your firm, but here are some things that will

April 21, 2021

Working longer hours won’t grow your firm, but here are some things that will We’ve all heard the old adage – work smarter not harder, but in a competitive market it is important to get ahead and stay ahead. You may find it tempting to work longer hours, especially if you’re at home. However, reality is working longer hours won’t necessarily equal firm growth. So, to move your firm forward this year, what strategies do you have in place to ensure you can achieve your growth goals? Here are three ideas. Understand your customers Understanding your customer base is key to any business success. Without clients, you don’t have anyone to offer your goods and services to. But in order to work smarter, you need to know what makes your client base unique. Do they only read emails and accept calls first thing in the morning? If so, make sure you keep your communications strictly during that time. This will save you time as your contact efforts don’t go to waste. Similarly, your clients may prefer a virtual meeting. This will reduce your travel time (as you won’t need to meet in person) and goes a long way to ensuring

How new technology has evolved firms

April 14, 2021

How new technology has evolved firms Legal and conveyancing firms evolved tremendously throughout 2020, with many having to make quick transitions that they were not prepared for. We saw masse technology adoption and many business owners now expect these changes to be long lasting. Now, we’re looking at what McKinsey and Company have defined as the ‘Next Normal’, where organisations ‘reset for growth beyond the COVID-19 pandemic’. So, in the legal and conveyancing profession, what can we expect? Here are three suggestions. Remote work and virtual meetings will likely continue, but to a lesser extent While lawyers and conveyancers have now adapted to using technology to move their property matters forward, they will have increased opportunity to return to some face-to-face practises. When it comes to due diligence and verifying identity, lawyers may feel more comfortable to do a mix of in person or remote verification when each situation suits. A remote verification may be suitable when you are time poor, versus a face-to-face verification if your client is close by. InfoTrack’s InfoTrackID allows users to complete verification of identity remotely. This has been a massive step forward as lawyers and conveyancers can now verify their clients without the need to

Real Estate activity is rising, how is your firm keeping up?

December 22, 2020

Real estate activity is rising, how is your firm keeping up? Recent adjustments to stamp duty across NSW and Victoria aim to kickstart the economy and Real Estate Agents, property lawyers and conveyancers will benefit. In Victoria, stamp duty will be slashed up to 50%, but this will only apply to newly built homes up to the value of $1 million and will be available until June 2021. Alternatively, those in Victoria buying pre-existing homes can expect to receive a 25% discount, again up to $1 million. In NSW, stamp duty reforms are still underway with final decisions being announced in March, but under the current proposal, home buyers will be able to choose if they would prefer to pay stamp duty or an ongoing annual land tax. It is hoped that these changes will bring people back into the property market, which suffered heavily during the height of COVID-19. There has also been reported growth in the number of properties coming into the market now consumer confidence has recovered. Real Estate Agents are seeing an influx of requests for settlements to take place during the Christmas and New Year period as well as for interstate service as people look to move with remote working

Maintain profitability and earn valuable rest this holiday season

November 16, 2020

Maintain profitability and earn valuable rest this holiday season As the holiday season draws near, you may be thinking about the months ahead. Are you looking to expand your services into different states in 2021, to stay profitable, but don’t currently have the expertise on board? Or will you wind back your property lodgment and settlement services in order to enjoy a well-deserved break? These are two of the challenges that property lawyers and conveyancers face in the time leading up until Christmas. While traditionally the summer is a slow period for many professional services and b2b businesses, it doesn’t have to be this way. Here are three strategies that you can implement to stay open for business these holidays, maintain profit, set your direction for 2021 and earn a well-deserved break. 1. Keep your brand presence front and center while you rest While you might be looking to hibernate, it’s important that your firm does not. It is important to stay viable to stay at the forefront of your client’s minds. So while you may not be working with them on a particular matter, when it comes to servicing them in the future, it is important that you are

Here’s why technology won’t take over your role

September 21, 2020

Here’s why technology won’t take over your role But it will give you capacity to do more with less resources. Recently, RMIT Online CEO Helen Souness shared her belief that many jobs of the future have one thing in common: Technology. “Automation and augmentation are one of the big technological trends,” Souness tells Together In Business. “They’re slightly scary words — people see drones or cyborgs working beside us — but actually automation is our friend. It takes away boring, repetitive tasks. The challenge with completing repetitive administration tasks is that mistakes can be made – especially when time is short. Technology won’t take over your role as a lawyer or conveyancer, but instead is here to support you to complete tasks quicker and with accuracy. In effect this gives you more time to grow your firm and develop stronger client relationships – something a robot will never be able to do. Think about the human skills you do have – negotiation and communication for example and allow technology to support you in the other aspects of running your firm. InfoTrack offers technologies that reduce administrative load. Integration between InfoTrack and your Practice Management System can transform your firm, reducing the need for repeat data

Why you need a property lawyer or conveyancer when you buy a property

July 28, 2020

Why you need a property lawyer or conveyancer when you buy a property Buying a property is a huge milestone and likely to be the biggest purchase you’ll ever make, so it pays to have your wits about you. The process of buying a home can be exciting, but scary to navigate. There are plenty of things that you can do yourself, like a title search, but how do you know what you’re looking for or in fact where to find it? A property lawyer or conveyancer can gather the right documents, recommend the right connections to make sure your finances are in order and review the contract when you buy. Here’s some things a property lawyer or conveyancer can do to support your next property purchase. Conducting a title search There are many reasons why you may need to conduct a title search such as buying or selling property, proving ownership or refinancing your mortgage. A Certificate of Title (CT) is a public and legal record of land ownership, including interests and restrictions on the land. In Australia, state land registries hold the title information. It can be viewed by doing a Title Search through an authorised provider, like InfoTrack.

The ACT closes in on eConvaceyancing mandate

July 27, 2020

The ACT closes in on eConveyancing mandate On June 1, the Australian Capital Territory (ACT) introduced amendments to the Electronic Conveyancing National Law (ACT) Act 2020 and the Land Titles (Electronic Conveyancing) Legislation Amendment Act 2020 (ACT). The changes mean the ACT is slowly introducing elements of the e-conveyancing workflow to assist lawyers and conveyancers with the transition prior to mandating. What does this mean for you? Now that land titles in the ACT are kept electronically it follows that lodgments should also be filed electronically. The aim is also to protect against fraudulent activity. In an effort to enhance compliance, the onus now is on lawyers, conveyancers and financial institutions (if necessary), to complete; Verification of Identity (VOI) of their client and a client authorisation form (CAF). Lawyers and conveyancers are also required to retain supporting evidence proving they are allowed to deal with a particular property. Important dates to note: Monday 17th August 2020Banks will begin creating workspaces and lodging standalone Discharges and Mortgages. From this date financial institutions can create workspaces and send invitations for Refinancing where the Settlement Date is on or after Monday August 31. Monday 7th September 2020Legal and conveyancing practitioners can begin creating workspaces and sending invitations

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