High-performing law firms leave calculations to automation.
Getting out the calculator to check and re-check numbers and monies is tedious when you are closing a complex property sale. You also must face a round of corrections, re-checks, updates and reprints. Settlement adjustment sheets can pose a real risk to inexperienced conveyancers. Successful legal practices are adopting smart technology to combat inefficient settlement adjustments.
Smart technology can make all the stress just vanish.
The adoption of innovation in the Australian legal services industry is evolving. According to Macquarie Bank’s legal benchmarking report high-performing law firms invest heavily in technology, mobile technology, practice management software and software integration. For these firms, more than 50 per cent see efficiency improvements as an underlying source for an increase in profit.
The application of efficient practice management software to finalise settlement statements is a perfect example of how legal practitioners can leverage technology to boost profit margin. The in-built calculators should integrate across all units of your practice management software, so you can produce accurate statements every time. This seamless integration of systems is another component of business management that is efficient and can be tracked to an increase in profit margin.
Modern conveyancing and law practices need a legal practice management platform that can handle settlement adjustments for all involved parties. Whether you are working to the New South Wales Settlement Adjustment Sheet or the Victorian Statement of Adjustments, your software can be tailored for your jurisdiction and area of speciality.
This feature list is what a superior solution should offer conveyancers and legal practitioners:
- Inbuilt legal rates and charges that are automatically updated
- Documents with dynamic content which builds precedents
- Comprehensive calculators that generate accurate forms
- A workflow tailored for conveyancing practices
- Options to create documents in the formats required
- Integration with matter details reducing the need for multiple data entry
- Absolute efficiency with correct calculations.
To learn how to introduce innovation to your legal practice, view LEAP’s webinar: Five Ways to Easily Introduce Innovation in Your Firm here.
Technology needs to be intuitive and of benefit to both lawyers and their clients.
The closing stage of property purchasing is where lawyers rely on smart calculations and automation to boost productivity. Errors are eliminated from manual mathematical adjustments and the consequences of a change in settlement date can be accounted for quickly. This is where lawyers can differentiate their legal services and impress their clients. Client expectations within the legal industry have evolved and time delays at the property settlement and exchange stage is cause for concern to your client.
LEAP Settlement Statement and Settlement Adjustment Sheets contain a unique and simple method to calculate adjustments quickly and efficiently – saving you time. Should your settlement date change, your adjustments will be recalculated easily. Read further how LEAP works in settlement statements here.
Join other high-performing legal practices that choose a practice management solution that continually improves and innovates the level of automation for its users, and never will you have to manually calculate a settlement adjustment statement again.
LEAP has spent the past 25 years developing and maintaining over 10 000 fields or calculations which are utilised in more than 11 000 automated forms and legally drafted precedents. No other legal software provider in Australia provides this level of automation. For more information on LEAP, book a demonstration here.