AI will shave millions of hours of administrative workload for Australian conveyancers and property lawyers each year.
And that will translate into hundreds of millions of dollars’ worth of productivity.
triSearch chief executive Chris Gibbs said that AI was a time-saving must-have for businesses and sole traders in 2024 at a launch event for the firm’s new Archie-powered Productivity Pack.
The SaaS industry veteran whose business is part of the Australian Technology Innovators group was speaking at the ALPMA Summit.
He said: “AI is already a game-changer for lawyers and conveyancers and the data tells us why.
“When the business down the street has saved several hours a day on the administrative work they do, that translates to being more competitive and that means being more profitable.
“If you crunch the numbers and look at the 25 million time-pressured jobs carried out by around 10,000 practitioners in our industry, it is actually fairly conservative to think of the saving terms of millions of hours a year.”
Numerous surveys by consultancy giants report incredible time-saving figures for efficiency, productivity, accuracy, security and compliance readiness, ranging from 30% to 90% depending on the task.
But Gibbs says: “We’ve seen it first-hand at triSearch where the feedback from clients and our own in-house, licensed conveyancers is that AI will change the landscape in ways we haven’t seen.
“When you see how quickly a Matter can be set up and worked through, shaving off so much time, it’s an incredible must-have resource.”
Gibbs pointed to a triSearch webinar demonstration of a Matter creation that summarised an “hour’s worth of work” into seconds.
Drafting emails and legal correspondence to clients can also be carried out in just a few minutes, taking away thousands of clicks and scrolling, he added. An 80-page strata report for a specific by-law can be done in seconds, for instance.
triSearch is currently offering a free trial for existing clients up until the end of September.
Note. Figures worked out based on a $200 an hour average fee that is charged by conveyancers who do not work on a fixed basis.
To find out more, visit https://www.trisearch.com.au/productivity-pack/
