By Brad Newton, vice president, Australia and New Zealand, DocuSign
With the help of DocuSign, Australian legal practice Colin Biggers & Paisley has embraced the use of electronic contracts and developed a ‘lawyerless’ model that will see the extension of paperless eConveyancing solutions to automation.
The Electronic Transactions Act 1999, was a milestone for the industry’s transition into the digital environment, which Colin Biggers & Paisley has extended with a new automated model to speed up the process of conveyancing and retail leases. This improved electronic system will further minimise the involvement of lawyers, reducing costs and time.
This new automated digital model allows clients to save on costs by up to 50 per cent, and the time taken to finalise retail leases is expected to decrease from six weeks to seven days.
Colin Biggers & Paisley partner Mark Morgan, spoke to The Australian Financial Review recently about how the cut-throat and competitive nature of the legal sector has driven the implementation of technology within individual firms to ensure they are competitive in the market. He explained that, “Because the market is overcrowded, cost cutting has reached a point where lawyers are now doing it [their services] uneconomically. They’re not making any money.”
Colin Biggers & Paisley has already used the technology to conveyance more than 1,000 residential properties and will soon start to use the platform for retail leases. The model has already reduced the billing hours for preparing lease documents by 80 per cent.
Morgan said, “Our clients have said, ‘we’re happy for lawyers to have a lot of input in the creation of the initial contract, but we don’t want to keep involving lawyers’. Clients just want a simple, accurate, secure contract system.”
The technology is an extension of DocuSign’s eSignature technology which Colin Biggers & Paisley have used for the past year to meet client demands in a fast, cost-effective way.
If your business could benefit from cost and time saving technology, visit our Solutions for Legal Departments page or call DocuSign today on 1-800-255-982 to learn how your business can save time and money.