Tackling the data "vacuum" facing conveyancers

In this latest Today's Conveyancer podcast host David Opie is joined by Richard Hinton. Known to many for his years in marketing and business development in the legal services sector, both in house and as a supplier, Richard discusses the “vacuum of market intelligence” that conveyancers face when it comes to using data to drive their businesses forward.Despite a blip during Covid where the number of firms increased to cope with demands, the home moving industry continues to see a contraction in the number of practices undertaking conveyancing work. The larger firms are getting larger as smaller ones exit no doubt because of the increasing risk and PI premiums."It's ironic," says Richard, "lawyers train to eradicate risk and rely on certainty, and yet as leaders of conveyancing businesses, we're making decisions on conjecture and gut feel. "Conveyancers need to be able to use data to drill into their relative position in their geographic. They need to be able to understand what their opportunities are. If they are thinking about a new marketing campaign or a new office what is the competition and what is the strength of the referral market, particularly estate agents as an example. Data is also a powerful sales tool; enabling firms to demonstrate their expertise in a particular type of property, tenure, or location; and highlighting transaction speeds and turnarounds. Powered by TwentyCi who have extensive experience in the estate agency market, TwentyConvey has been launched to provide more quantitative and qualitative insight into the property market. The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views. Thank you to our podcast sponsors LEAP Legal Software and InfoTrack