What's Happening?
Richard Mathias, a consultant to the legal sector and former director of Law Firm Services, has shared insights into the current state of the conveyancing industry. Mathias, who has spent nearly four decades
in the field, highlights the slow pace of change within the industry, which he attributes to layers of regulation and compliance. He argues that digitalization alone is not the solution to the industry's challenges, as the government is unlikely to implement significant changes due to political risks. Mathias emphasizes the need for better wages and workload management to attract new talent to conveyancing. He also advocates for upfront information sharing between estate agents and law firms to streamline processes and reduce transaction times.
Why It's Important?
The conveyancing sector plays a crucial role in the housing market, affecting transaction times and overall market efficiency. Mathias's insights highlight the need for systemic changes to improve the industry's functionality. By addressing issues such as inadequate wages and inefficient workload management, the sector could attract more professionals, thereby increasing capacity and reducing transaction times. Furthermore, collaboration between estate agents and law firms could lead to significant time savings, benefiting both clients and professionals. These changes could enhance the quality of service provided to clients and improve the overall health of the housing market.
What's Next?
While Mathias is skeptical about government-led changes, he suggests that improvements can be made from within the industry. He calls for conveyancers to work more closely with estate agents, viewing them as partners rather than adversaries. This collaboration could lead to the adoption of practices that streamline processes and reduce duplication of efforts. Mathias hopes to see high-profile examples of successful collaboration that could set new standards for the industry. Additionally, he encourages conveyancers to focus on capacity management and sales training to improve service quality and client differentiation.
Beyond the Headlines
Mathias's commentary touches on deeper issues within the conveyancing sector, such as the cultural resistance to change and the lack of sales training among law firms. These factors contribute to a 'race to the bottom' where price becomes the primary differentiator for clients. Addressing these cultural and operational challenges could lead to a more sustainable and efficient industry. Moreover, the emphasis on upfront information sharing could foster a more collaborative environment, ultimately benefiting all stakeholders involved in property transactions.
