The Law Society Gazette recently reported that property transactions have nearly doubled in a decade but the number of firms doing the work has shrunk – leading to the so-called “conveyancing crunch”.
A difficult time
Property work has always been vulnerable to the economic cycle and the property sector has definitely endured a rollercoaster ride in the last few years. The residential market was effectively shut down at the start of the Covid pandemic, followed by unprecedented levels of activity when the market re-opened, and the temporary stamp duty holiday came to an end. Reports of staff “burn-out” are sadly all too common.
Being buffeted by these seismic external events has been extremely challenging for law firms seeking to ensure workforce well-being; manage client expectations and service levels and balance internal budgets.
According to the Landmark Information Group, average residential transaction times are getting longer, up from 82 days in 2007 to 132 days last year, creating cash-flow pressures for conveyancers.
The current uncertainty around the health of the UK’S economy, rising interest rates and the resilience of consumer confidence, together with the tight recruitment market are other factors making it hard for law firms to manage their property work as efficiently as possible.
How can Global BPO help?
We source and manage teams of skilled conveyancing administrators, paralegals and lawyers to support your property department, removing the burden of recruitment, onboarding and day-to-day management – we deal with it all.
Our offshore teams based in South Africa work seamlessly and securely with our clients’ onshore workforces, increasing productivity and delivering savings to our clients. We have been providing bespoke process services to our law firm clients since 2001 and our conveyancing support services remain in high demand – helping property teams in the UK to succeed, whatever the financial weather!
The flexibility and agility of our services mean we can scale support up (and down) quickly to help you take on new business and deliver your growth objectives, or just fill temporary gaps in your coverage.
Talk to us
For more information and to find out how we could assist you, contact our Client Manager, Suzie Young, at: firstname.lastname@example.org.