Answering the CMA Challenge
Posted on 21st June 2018 at 17:50
Readers will be aware that the Competition and Markets Authority has called on Regulators to improve the price and service transparency of law firms. They will also be aware that the government is separately championing reforms in the housing market that include a focus on improving consumer choice when instructing a conveyancer.....Read More
These two initiatives are well documented. All responsible parties have scurried around with calls for evidence, membership consultations and industry workshops. Regulators have conferred, Ministers have come and gone and Departments have been reconstituted.
Awareness of this by now familiar pattern of activity has settled around the conveyancing community and the comfort blanket of due process has replaced the alarm of potentially uninformed and unsympathetic impositions on the profession that require firms to act.
Unfortunately, we’re reaching the business end of the process and Regulators are now drafting the new requirements that the profession will have to comply with by December 2018. These will present new implementation challenges as firms are charged with providing clients new insights into their pricing and performance.
As ever, the market will innovate to help solve these challenges and the most successful will add a layer of advantage on top of the compliance dimension.
Conveyancing Analytics is one such solution. Designed in conjunction with the SLC and the Bold Legal Group and reviewed by the CMA and MHCLG, Conveyancing Analytics is a managed web service that is easily engaged with and which both takes away the challenge of compliance and offers a clear competitive advantage.
It does this in 3 ways.
Firstly, it provides an Estimate Generator for firms who need one which means firms can present a comprehensive estimate of their fees to visitors to their web site which is still subject to a subsequent formal quote. All research points to such a feature driving up new business.
Secondly, it contextualises that cost estimate with a unique set of operational performance data gathered from authoritative sources. A firm’s residential purchase cases are displayed on an interactive map, the total number of cases is shown together with the average value of property acquired and the leasehold / freehold mix. This ensures price in isolation isn’t the sole determinant used by clients in selecting a conveyancer.
Thirdly, Conveyancing Analytics has partnered with Trustpilot to integrate their market-leading client reviews that are trusted by consumers across industries. 92% of consumers read reviews and over 200 law firms already have a presence with Trustpilot. Again, the positive impact of reviews is well documented and evidenced by clients themselves. As an added incentive, as part of Conveyancing Analytics, Trustpilot have heavily discounted their rates.
A key design principle underpinning Conveyancing Analytics was to make engagement for firms easy. There is a single web button that firms simply add to their web site (or indeed on any other site they care to) which takes a visitor to the page above.
Pricing is based on the size of a firm’s conveyancing operation and starts from as little as £75 a month – which includes the Trustpilot licence as well. There is also an additional SLC discount on top of that for SLC members.
For a detailed chat in the first instance please contact Richard Hinton at email@example.com
Sample Conveyancing Analytics law firm profile page
Tagged as: CMA
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