Redbrick Legal Software Solutions, advise on Maximising Profitability of Conveyancing Transaction

House sales in England and Wales are on the rise according to the Land Registry House Price Index. The report, published in September 2013, stated that the number of houses sold in July 2013 had increased by 17% year-on-year, with some price bands seeing an increase of over 20%.

Further research suggests that this is set to increase, with Savills recently predicting that transaction levels in the market will see a 27% increase within the next 5 years. The figures show promising signs of a strong recovery in the housing market which has lead Martin Macduff, Managing Director of Redbrick Solutions to advise firms about maximising the profitability of conveyancing transactions,

“We know that nearly three quarters of firms offer conveyancing services on a fixed fee basis¹, but time and again we meet firms who have a limited understanding of productivity, and how much it is actually costing them to undertake conveyancing work.  For these firms, it can be virtually impossible to set competitive fees which also deliver maximum profitability”.

Redbrick Solutions provide legal software for law firms, with an aim to making legal practice management as simple and efficient as possible. With a focus on an increase in productivity, Redbrick offer a wide range of solutions including legal case management software and legal accounting software. Mr Macduff advises conveyancers to “have a good look at their business processes and identify where improvements can be made.  In many cases, the introduction of a quality case management solution could lead to significant improvements in productivity.  For example, time spent manually creating documents can be dramatically reduced and automated text and email updates can improve customer service and lower the amount of incoming telephone queries to fee earners.”

Adopting law firm software can not only increase productivity, it can also help firms to manage their workload by allowing users to monitor how long they are spending on certain cases and ensure that they are billing their clients accurately. Mr Macduff also suggests that this software can help a firm “assess whether it has the right people carrying out the right tasks…set realistic targets and most importantly, answer the question ‘how much is it costing me to do this work and am I making a profit?”

For further information on Redbrick’s legal software solutions, please call 0845 166 2629.

¹ The SRA Conveyancing Thematic Study, March 2013.

About Redbrick Solutions

Leading, expert supplier of innovative practice and case management technology to the legal sector delivering real competitive advantage to clients nationwide.