Daniel Petrucci, General Manager of SettleIT, has seen how the legal industry has evolved over the years. He has the experience and the history, having worked for both top tier and smaller boutique law firms as a licensed conveyancer for over twenty years. Now in his current role, he is keenly focussed on helping firms across Australia embrace technology to drive efficiencies and increase profits.
What is driving industry change?
Throughout his time in the industry, Daniel has seen that the e-conveyancing market, “has evolved exceptionally in recent years. Key drivers have been the obligation to meet e-conveyancing mandates, settlement efficiency gains and adapting to post-COVID life, which accelerated digital adoption, generally. We have seen state governments in Australia transition from paper-based practices to fully electronic conveyancing through mandates. Victoria, New South Wales, and Western Australia led the charge, with Queensland the latest state to mandate in February 2023.
How has the shift to electronic conveyancing changed the day-to-day?
The industry at large has shifted dramatically since the pandemic began.
“We are now at a point where the majority of property transactions in Australia are processed electronically. Clients expect more from their lawyers. Gone are the days where you would request a client attend your offices to go through and sign a contract for sale,” Daniel explained.
“Lawyers rarely use their office boardrooms anymore to see clients. These days, the client expects that a lawyer will be engaged and communicate remotely with them, that they use the best technology, that documents can be signed digitally and securely. That emails be responded to the same day and proper payment platforms be used to handle funds.”
Transition to digital brings risk and opportunity
A chief concern for many is cyber security, which Mr Petrucci believes, should be a “top priority” for everyone, including law firms and conveyancing practices
“Enormous opportunity exists in introducing better processes to mitigate risk where possible. Firms are also looking at ways to reduce the amount of sensitive data they need to retain ,” he said. “Firms that embrace and adapt good technology will best meet their clients’ demands and expectations. Technology is no longer a “nice to have” but more so an expectation of any good business. Clients want to know that their data and personal information is in good hands and there is now higher awareness around security protocols when handling emails.”
Daniel recently spoke with Lawyers Weekly on the subject of The exceptional evolution of e-conveyancing alongside a panel of other professionals. Delve into the article here or learn more about SettleIT
