A leading Australian specialist GlobalX Legal Solutions, has released results of a national study unveiling the top five IT trends impacting Australian law firms.
Results of the Law Technology Survey 2015 indicate the move to the electronic conveyancing system, PEXA, is set to be the biggest shake up of Australia’s legal industry with 60 per cent of firms surveyed planning to jump on board within 24 months.
GlobalX Chief Executive Officer Peter Maloney said the platform was on the path for strong growth and was expected to support 85 per cent of property transactions by 2019.
“PEXA will change the way property lawyers and settlement agents do business, helping to prevent transaction failure which is frustrating for agents and clients alike,” Mr Maloney said.
“Many industry professionals already using the platform have been impressed with its speed, accuracy and usability.”
The survey also revealed connectivity between internal systems within the firm to be the biggest priority for mid and top tier firms. Over 65 per cent of the top end of town – those with over 50 practitioners – rated integration between multiple systems as the biggest technology trend affecting their firm.
The importance of integration between multiple systems translated to 1 in 3 practitioners feeling concerned about their organisation’s level of system integration.
Mr Maloney said other big trends impacting Australian firms included the migration to cloud-based technology, the rise of mobile technology and data security.
“We’re finding the technologies that have the biggest impact are those that are disrupting the norm. These technologies affect the day-to-day operations of legal professionals, require them to put their trust in new systems and to develop new habits,” he said.
“GlobalX is committed to assisting the industry as it adapts to the disruption and transitions to new technology.”
“We have a number of resources to help our clients manage the change as seamlessly as possible.”
Top five tech trends affecting Australian mid-to-top tier law firms:
- Integration between systems
- Cloud-based technology
- Electronic conveyancing
- Mobile technology
- Data security