Conveyancers – particularly in the current property market – are in a great position to generate business, not just for their own department, but for the whole of the private client team; and commercial too, as company executives buy properties too of course.
All the more reason then to make it easier for your current clients to recommend you; so how do you do that?
Today’s Conveyancer reports today on tmgroup research which shows that people who were recommended a solicitor through a friend are more likely to make a recommendation themselves; whereas those who took an estate agent’s recommendation were much less likely to make a recommendation … and those who found a conveyancer online.
And … when it comes to why clients pick conveyancers, the biggest factor by a significant margin was communication, not price.
So isn’t that something your prospects should experience when someone calls for a “quote”? Your people don’t need talk about it; just do it.
AIDA works but involves some initiative by your people to:
Unfortunately, all our own mystery shopping research shows that little has changed in the last 15 years; still virtually no conveyancers make any effective effort to demonstrate their interest in communicating at this stage!
Conveyancers still keep focusing almost entirely on price – because the easiest question to ask and to answer is “How much ..?”
Conveyancers may also be interested in the following posts:
Interesting comments from legal practitioners and the insurance sector at the Doctors Chambers Modern Law Conference 2016 at Old Trafford; reported recently in Modern Law.
According to David Hallam, Commercial Director at NCC Group – the majority of data breaches arise from “phishing attacks”. He explained that their expert hackers can gain access to systems “within 20 seconds” and once the hackers are in “40% manage to launch malware”, and of that 40%, “30% manage to obtain or compromise sensitive data”. Responding to questions posed by the session chair, he concluded that cyber insurance “is moving towards becoming mandatory” for lawyers.
According to Verizon’s Data Breach Investigations Report, May 2015:
Michelle Garlick, Risk and Compliance expert at Weightmans said – “Firms can’t just sit and hope that attacks won’t happen … [they are] taking insurance more seriously” and looking more at “AAA rated insurance companies”; also suggesting that when it comes to cyber risk, conveyancing is more risky than personal injury and that it is “too early” for cyber insurance to be mandatory.
On the other hand, Lesley Graves, MD of Citadel Law said that cyber crime could easily affect the personal injury market because firms often deal with “large amounts of money and sensitive information”. She recommended that delegates undertake a “business assessment” and look at how to build the long term cost into the business strategy”.
Ian Muldowney, Head of Professional Indemnity & Financial Risks (Reich Insurance Brokers) has seen a steep increase in calls surrounding cyber risks, particularly over the last 12 months, “with a huge increase in cyber crime activity both in the UK and globally, our clients are discovering that criminals are looking to target large organisations and SMEs alike.”
With the National Crime Agency noting that losses from such crimes exceed £16bn in the UK annually, clients are right to be concerned and to have cover in place which offers both preventative advice and a security blanket should anything go wrong. This is particularly were an expert broker can prove their worth.”
To address these critical risks:
1) Assess the risks and take steps to prevent breaches. The priority should be to take the 10 steps highlighted in this article to make your practice more cyber-resilient.
2) Insure against the breaches you can’t prevent. You can be sure that no law firm can eradicate the risks completely – so backup insurance is essential with the risks clearly increasing here. To give you a feel for the kind of cover available from reputable and reliable insurers, speak with a broker who has taken the time to understand Cyber insurance – such as Reich Insurance – who can review your needs and advise you on the best solutions available.
For more information about this and other relevant insurance policies, contact Reich on 0161 830 5491.
To discuss what steps you should be taking now to reduce the risks of cyber breaches and build cyber resilience into your practice, contact NIgel Stott at Inpractice UK on 0161 929 8355 or firstname.lastname@example.org
The latest issue of the Internet Newsletter from Infolaw is now published.
Define, agree and act on opportunities to improve performance and produce more profit from your residential conveyancing services … and your wider private client practice.
Inpractice UK have partnered with TheConveyancingMap to deliver a tailored service to help conveyancers quickly and reliably set out a sound plan to develop their residential conveyancing business; also engaging the conveyancing team in the initiative to make sure that plans are put into practice. This service is delivered by Allan Carton at Inpractice UK and Richard Hinton of theConveyancingMap – each with more than 20 years’ experience of developing conveyancing services in the legal sector.
Who is this for?
Any practice that provides conveyancing services will benefit from an objective review of the market in which they operate. Conveyancers may also be interested in our specialist workshop on dealing with conveyancing quotes / enquiries and maximising referral opportunities.
WHAT YOU GET:
A: Market Intelligence
TheConveyancingMap intelligence on transactions completed in your local area, including a clear picture of who is doing what, This includes mapped distribution, volume and value of conveyancing transactions handled in your catchment area by:
B: Expert Interpretation in Context
A preliminary report providing expert interpretation of this information in the context of your business, identifying key opportunities and potential challenges.
C: Brainstorm with Our Experts – Explore Options, Agree Strategy & Plan
Up to a day of consultancy, working with your team on your premises to develop an agreed strategy and action plan to develop your conveyancing practice, most effectively to meet your objectives for your practice. During this session, Allan Carton of Inpractice UK and Richard Hinton of ConveyancingMap will work with you to:
D: Defined Plan of Action
We then deliver a concise report recording the conclusions, strategy and plan of action agreed during the workshop session and any other recommendations. This is to be shared and actively reviewed to engage the whole conveyancing team and to track progress; and to be adapted over time.
Optional Extra: We can “mystery shop” your practice and your competitors to add more intelligence to identify more opportunities to differentiate your practice, to make you stand out above competitors.
To find out more, complete the enquiry form on this page or contact Allan Carton at email@example.com or Tel: 07779 653105.
Thankyou for this one Brian Henderson, COO Baker McKenzie in Asia
In this issue
Need CPD? – Details of the new Internet for Lawyers CPD 2016 competence courses are now online.