Following the Spring Budget’s heavy focus on AI investment, we discuss with Andrew Lloyd the changes that technology could bring to the legal and property sectors.
Q. What are your thoughts on last week’s Budget?
First of all, I was pleased to hear the Government recognise the impact and power that technology and AI have to grow the economy. We are fully supportive of the Chancellor’s aim to make the UK a ‘tech superpower and will always welcome more investment. With a nod to AI regulation too – a field that is often neglected – there is momentum building that should accelerate real-world AI applications at pace. We’re sitting on the edge of a technological revolution.
Q. What are the most likely AI applications for conveyancing?
The success of AI in the legal sector is only as good as the quality of the data available to feed into the technology. This is where Search Acumen comes in. We are working to anticipate change and building a digital infrastructure now that will support the processes of the future. With access to over 500 data layers and counting, we can provide the tools, access and products that can be fed to automated systems. The result means contracts, lending offers, AML, and title deeds can be produced in an instant, giving lawyers more time to focus on higher quality cases and complex tasks. If bots have access to the right data, the uses are limitless.
Q. Could a conveyancer ever be replaced by AI?
It is incredibly likely that we will see widescale positive impact from AI, quicker than we will from other tech innovations such as blockchain technology.
AI has the power to drive efficiencies that support the commercial bottom line for many firms. From copywriting to data processing, once cumbersome tasks are no longer a barrier. That being said, AI will not be able to replace many of the important roles that conveyancers play. We need skilled lawyers to raise queries, negotiate, judge risk, and drive a transaction forwards. This is crucial human interpretation that only an experienced law firm will have.
This wealth of experience was especially poignant at a time when a few local conveyancers dominated business in a village or town – their local knowledge was unmatched and therefore, invaluable. Today, there are more bulk conveyancers in the market, which are less locally nuanced – and this is where an AI application would work well, on standard transactions that are less complicated.
Q. Can AI save homebuyers time?
As we all know, the buck doesn’t stop at conveyancing to speed up transaction times. However, if technology was used across multiple steps in the homebuyer’s journey, as an integrated and streamlined process from estate agent to mortgage lender, there is the potential to save thousands, if not millions of hours, every year. Just like when we saw banking go digital, if each stakeholder plays its role, we can live in a world where the same is said for property.
There are some roadblocks to this utopia. The big one is lending institutions which tend to have complicated communication processes, and heavy regulation that often stands in the way of change.
Q. What does the future hold?
Innovation pushes boundaries. This stimulus for change often comes from outside the industry, driven by a combination of consumer need and businesses looking for a unique selling point to be a successful disruptor. It might be that we see the emergence of pseudo-legal services that effectively implement AI, born from frustration and desire to use the tech available to get things done more efficiently. Because there is real-world implication to generate massive income from AI, it will win the race, eventually, so the most pertinent question is: can law firms keep up?
This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
