In a recent Leeds & Yorkshire Lawyer article I commented on the many reasons why the outsourcing of the conveyancing function offers the brightest future for traditional law firms.
Notwithstanding the current lack of volume, miniscule bank interest and high overheads relating to PI cover and retaining the required level of experienced personnel for compliance purposes, firms operating in the conveyancing face an even bigger challenge – the reduction of lenders' panels.
Many of the major lenders have placed stringent criteria on firms wishing to remain or apply for a place on their panels, effectively reducing the number of firms listed. In addition, no conveyancing department can have failed to notice the recent furore caused by HSBCs' announcement to effectively create a 'super-panel', limited to just over 40 law firms, to handle its clients' conveyancing transactions. Whilst some clients may decide to pay an extra fee of a couple of hundred pounds in order to still use their family law firm as well as the lenders’ panel conveyancer, many will not.
In short, unless your firm is on most of the major lenders' panels, conveyancing becomes an increasingly costly and fraught business to remain within.
Outsourcing your property work to a niche conveyancing firm, such as APL, allows you to retain your client, avoiding all the associated risks and costs whilst allowing the niche firm to handle the conveyancing process with their inherent expertise.
It's a model that APL has been successfully bringing to bear for many law firms nationwide for some time now. By trusting us to take care of their clients and assume the risk and liabilities, traditional law firms remain in complete control of their client relationships whilst benefiting from a regulated fee sharing income at the same time.
So the question remains. Why continue to fund a loss-making conveyancing department when outsourcing is the closest traditional law firms have come to good news in quite some time?
To discuss outsourcing your residential conveyancing work to conveyancing experts, APL, contact Stephen Coupland on 07712 880551 or email stephencoupland@aplawyers.co.uk in total confidence.
