The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Industrialisation of the Legal Profession and the Future of Conveyancing
1. The Industrialisation of the Legal Profession The Perfect Storm and life after 6 th October E R Goldsmith Senior Partner – Goldsmith Williams Chairman of the Conveyancing Association
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5. Other factors An over supply of conveyancers? Volume of conveyancing has dropped by 55% over the past few years. Prices – remained static or even reduced over the last 30 years. Technology and the industrialisation of the legal profession Something nasty in the woodshed .
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9. There is good news Satisfaction rates for conveyancing is “stratospherically” high at 93% fairly or very happy with the service* 51% of clients pick their solicitor either though having used them before or following a recommendation from someone they know* Receiving a recommendation from a friend and “specialising in conveyancing” are seen as more important than providing a cheap quote* The public are less likely to use a solicitor recommended by their estate agent if the agent will receive a commission as a result (although younger people and first time buyers are less like to be hostile to such a recommendation)* *Solicitors Regulation Authority survey of public attitudes toward conveyancing February 2009.
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11. What to do? Option 1 – Do nothing Option 2 – Retire Option 3 – Sell out Option 4 – Hive off your conveyancing practise. Option 5 – Build it up. Option 6 – Embrace the future and invent the future.
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