The future of the legal sector is all about platforms and collaboration according to Assistant Minister for Industry, Innovation and Science the Honorable Craig Laundy, MP.
Speaking at GlobalX’s ‘A Shifting Legal Landscape’ event, Minister Laundy told a packed room of Victoria’s top lawyers and conveyancers that online platforms would revolutionise the way firms have traditionally conducted business.
“Clients and consumers increasingly demand more for less. Companies who invest in digitised platforms now, will see the long-term benefits of intuitive technology, functionality and enhanced productivity for users,” he said.
Minister Laundy said a general lack of consultation with research institutions, such as universities and PhD students, was holding companies back from the benefits of collaboration.
“Australian businesses, particularly in the legal and conveyancing sectors, have traditionally operated in silos, but collaboration is essential if businesses want to stay relevant in an era of digital disruption,” he said.
Pictured: Minister Craig Laundy discussed the need to embrace disruption and run with Innovation.
Minister Laundy said while Australia ranked highly in ingenuity and innovation, it was scraping the bottom when it came to collaboration.
“The challenge we have in this country is that we need to embrace disruption and run with innovation, as well as invest time and money in collaborative efforts,” he said.
“There’s huge potential for businesses to expand their offering through engaging with research institutions and getting PhD students to consult with industry professionals to enact change.
“It’s no longer a choice whether to innovate or not. Companies that fail to innovate will simply become obsolete if they fail to get on board with new changes.”
GlobalX CEO Peter Maloney echoed Minister Laundy’s sentiment, stating electronic conveyancing (PEXA) was the biggest industry disruption since the Australian Stock Exchange formed in 1987.
“I can confidently say that if there are any legal practitioners that doubt whether PEXA will come to life to the full extend, they are probably setting themselves up for failure,” Mr Maloney said.
“Almost $40 billion worth of property transactions have gone through the platform already. Additionally, half a million transactions have been completed. State governments, through their Land Registries, across Australia are laying out the timeframe for paper-based conveyancing to converge into electronic conveyancing.
“The land registries across Australia are working to guide the industry through this change, and I can promise, there is a lot of change to come.”