Business insights start-up Valafy has launched a new quarterly market intelligence report into the conveyancing sector which its co-founder says could help conveyancers “[ensure] fees can be set and kept as a reasonable level”.
Valafy, which was founded in 2022, described itself as a “cost-effective business intelligence service which aims to provide actionable business insights in the form of benchmarking reports by collating data in a confidential and anonymised format”.
The timing of the launch coincides with a “significant period of transformation [affecting] the conveyancing profession”, added Valafy, whose co-founder Karen Babington recently appeared on the Today’s Conveyancer Podcast.
By participating in a quarterly questionnaire with information sourced from their case management systems, conveyancing departments gain access to an amalgamated, anonymised report highlighting how they compare to their peers on key performance indicators.
Armed with this information, Valafy say firms can confidently identify areas of strengths and weaknesses, enabling them to make the strategic adjustments and ultimately improve their profitability.
Chris Harris, co-founder and experienced entrepreneur in the conveyancing market, said:
“There has been significant commentary and discussion about fee levels and whether firms are charging enough. It’s a question I am often asked when consulting for firms.”
Harris went on to suggest that small changes on this front – guided by relevant insights – can have significant impacts.
Karen Babington, co-founder of the business, added:
“One of National Conveyancing Week’s objectives was ensuring that fees can be set and kept at acceptable levels. This is one example of how law firms can work together to do this. Valafy is simply the facilitator.”
Early bird pre-registrations are already open and firms can sign up without obligation.
Lisa Summerton, strategic adviser to Valafy, commented:
“After many years working in the conveyancing sector both in practice and as suppliers the team have a real understanding of the kind of information CEOs, CFOs, Heads of Conveyancing, in fact all those responsible for strategy and business development, need, to run and grow successful conveyancing practices. We have taken this knowledge, alongside the input from conveyancers, to build what we believe to be an extremely useful report.”
