INDUSTRY OUTLOOK
It ’ s important that the lawyers understand pain points and where these inefficiencies can be improved by technology .
to review . Nowadays , products , such as HighQ , enable lawyers and their clients to review all this paperwork online wherever they are , at whatever time .
To effectively innovate real estate practices , it ’ s important that the lawyers understand pain points and where these inefficiencies can be improved by technology . There is , of course , little point in investing in technology you don ’ t understand . And while software licensing can seem expensive , it ’ s important to understand what time and cost are being spent on labour-intensive activities , which could be carried out by AI and free up a lawyer ’ s time .
Change is key !
Don ’ t be fooled into thinking you can stand still if you ’ ve invested in PropTech – if your business undergoes innovation , the tech will need to as well . If you don ’ t make allowances for that to happen , everything that follows won ’ t be an accurate depiction of where your company currently stands .
Helen Mutucumarana , Partner , Real Estate , HCR Hewitsons
The legal real estate market is beginning to embrace technology but there is still a way to go . While property lawyers are very unlikely to become redundant as a result of advancements in technology and AI , those who do not use technology are likely to fall behind . � allowing lawyers to visualise titles , analyse Land Registry documents in bulk and create reports from the data available .
When acting for clients who own multilet buildings or other large portfolios of properties , lease information extraction technology is available and effectively summarises the key terms of the client ’ s portfolio and various leases in an accessible report for them . They can then upload this to their property management systems . If it weren ’ t for streamlining automation , this work could take hours .
Data rooms are becoming more and more popular in real estate deals . These used to be actual rooms filled with boxes of all the relevant deeds and documents for lawyers
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