InfoTrack and Lawyers Weekly recently conducted an online survey of Australian legal practitioners to gain insight into industry sentiment towards adopting new conveyancing technologies. In addition to the survey, we brought together property lawyers and tech experts to discuss the latest developments in technology.
A total of 732 respondents from the legal profession participated in the Transaction Technology survey, which was delivered in partnership with InfoTrack and provided a snapshot of how technology is affecting legal transactions.
Asked about the hurdles to adopting new technologies within their firm, 60 per cent of respondents pointed to cost as a factor.
Smaller firms seemed to be particularly price-conscious, with around two thirds of respondents from firms with less than 20 partners citing cost as a barrier, compared to 54 per cent of those from firms with 101 partners or more.
The results of the survey and roundtable point to an overall willingness to embrace new technology and an acknowledgment that the pace of change is continuing to pick up speed.
"As we become more electronic there’s an opportunity for improved efficiency and far simpler transactions. Electronic conveyancing is not just about the technology, it’s about providing a better experience to your client, whether they’re a large developer or a person buying their first home. All you have to do is try it once and you’ll never look back." - John Ahern, InfoTrack CEO