Why conveyancing should be a key offering of your law firm
With the move to a national eConveyancing mandate, and subsequent changes in processes, general law firms are considering whether they should continue servicing clients in the property space. This is largely due to the hurdles of learning new e-settlement systems, implementing new processes and a lack of access to useful training, so it is understandable why many firms are considering referring this work to a qualified conveyancer.
However, general law firms that practice conveyancing not only offer several key benefits to their clients, but this can also act as a means to acquire additional work in other areas of law and provide a full-service offering throughout a client’s lifetime.
Conveyancing unlocks doors to clients
Conveyancing has often been viewed as the bread and butter of a firm; a stock standard service offering. However, when considering the bigger picture of client interaction, conveyancing should be considered a much more lucrative business generation opportunity.
Imagine your average couple; the most common reason they will first interact with a lawyer or conveyancer is when they purchase their first home. Ongoing from this, they might need to write a will, which will continue to need updates. They may sell their property over time and need to engage with a lawyer or conveyancer again.
This is where your firm can shine, as a trusted advisor throughout life’s trials and tribulations. The positive first impression that your firm has on these individuals can have a lasting impact on them, during what can be the happiest or most stressful times in their lives. Your firm can provide a calm, consistent experience and gain their business for the rest of their lifetime.
More than just conveyancing
A general law firm that provides conveyancing services can offer several benefits to clients, including:
- One-stop-shop: Clients can get all their legal needs met in one place, including conveyancing services. This can be convenient and cost-effective, as clients don’t need to go to multiple law firms for different legal matters.
- Personalised service: With a general law firm, clients can often expect personalised service, as they are dealing directly with a lawyer who is handling their matter from start to finish. This can give clients peace of mind, knowing that their legal needs are being taken care of by a professional who is invested in their case.
- Legal expertise: A general law firm that offers conveyancing services can provide legal expertise beyond just the property transfer process. For example, if issues arise during the transaction, such as zoning or planning issues, a lawyer from the firm can provide legal guidance on how to proceed.
- Strong communication: Communication is key in any legal matter, and a general law firm that offers conveyancing services can provide strong communication throughout the entire process. Clients can expect to be kept up to date on the progress of their matter and can ask questions or raise concerns at any time.
- Flexibility: A general law firm that offers conveyancing services can often be more flexible in accommodating the needs of their clients.
Cost vs benefit
These significant changes pave the way for national interoperability, meaning better competition and choice for practitioners. For all of those involved in property settlements, the buyer, the seller, and/or their conveyancers, and lawyers, this will accelerate the process and yield greater efficiencies.
Speaking plainly, the margins in conveyancing are tight to navigate, and it is an important business decision whether it is worth providing these services in a competitive market. A general lawyer’s time is best spent undertaking fee-generating work, rather than the repetitive administration of managing an eConveyancing matter.
This is where considering an outsourcing solution may be a good fit for your firm. By partnering with a fixed-fee provider, you can focus on the client experience and long-term benefit of building this funnel, rather than the immediate cost of acquiring the work.
SettleIT enables you to hand over the file and avoid administrative tasks, such as managing the ELNO workspace, attending to stamping and GST property settlement forms, conducting the verification of identity and client authorisation form, preparing the transfer and adjustments, and more. Importantly, a partner like SettleIT never directly communicates with your client – so you still maintain client contact and control.
If your business is focused on providing exceptional service to your clients, this is how you gain referrals and organically grow from this work. While the move to eConveyancing may have introduced additional pressures, there are solutions you can use to mitigate this, so you can focus on providing this service and generating the future of your firm.
If you want to offer conveyancing services at your firm, while outsourcing the non-fee generating administration, please reach out to the SettleIT team here who can help you continue to build your business.
