Conveyancing volumes sank by 14% to 210,964 in the second quarter of this year, according to the latest Search Acumen conveyancing market tracker, which also says ‘Despite the shrinking number of firms, the average monthly caseload per firm dropped by 13%, from 59 in the first quarter to 51 in the second – the lowest quarterly figure since the middle of 2014’
Despite these depressing figures, Redbrick Solutions’ client firms have seen an 18.7% growth in number of transactions for the period Aug 16 – Aug 17.
‘The report shows that the fall in the average number of active conveyancing firms was much smaller, going down by only 1% from the first quarter of the year, to 4,143 – the lowest figure since the index began in 2011. Firms averaging between 100-200 transactions per month saw the biggest fall, dropping a third from 88 to 59.’
As expert conveyancing case management providers, Redbrick Solutions are well placed to support their clients in streamlining their processes to provide an efficient and customer focused service, which, in turn, assists them in winning more work.
‘When it came to falling transactions this year, the biggest quarterly reductions were felt by conveyancing firms outside the top 20, but in the top 100. They saw transactions go down by 18%, as opposed to 11% for the top five firms.’
Redbrick Solutions easy to use conveyancing case management solution has been instrumental in seeing some clients increase their transaction levels by as much as 110% over the last couple of years. One such client is Marcus Baum, a busy conveyancing firm, based in Essex. Matthew Clark, Partner says “It was clear to me, that to be able to drive our top line without a significant increase in the operational costs, including salaries, technology was the most sensible way of improving the overall performance of our business.”
Martin MacDuff, managing director of Redbrick Solutions comments “To have seen clients enjoying this level of growth, whilst increasing their headcount by only a fraction, is hugely rewarding. Our clients automate as much as possible and are making business decisions based on financial and industry insights they were unable to access previously.”
Matthew concludes “Dealing with many hundreds of cases a month, on a cost per file basis, incremental changes in operational efficiency translate to significant savings on the volumes we handle. Redbrick’s technology has really given us the ability to operate much more efficiently than was ever the case, and as a result of that we are now more compliant and profitable than ever before.”
So, amid intense competition and an uncertain future how can firms ensure their future success?
Martin says “We meet law firms of all shapes and sizes and find that there is a real divide. Many are using significantly out of date technology that is having a negative impact on their profitability yet they place very little importance on their IT systems. Having powerful business information easily available has made a world of difference to the way our clients are viewing their business. They can now easily understand costs, profit and productivity across either the whole business or targeted areas and are using that information to drive steady growth and secure their future success.”
Making good use of technology is going to be key to firms’ ability to compete in the current market, so if you haven’t yet seen Redbrick Solutions now is the time to act.
If you would like to understand more about legal technology solutions and the benefits they could bring to your business, Redbrick Solutions offer no obligation, one to one consultations. To book, please call 0845 166 2629, or visit www.redbricksolutions.co.uk.