Administrative tasks in commercial real estate transactions will be fully automated by 2025, according to senior legal professionals
SearchFlow study discusses the evolution of the real estate transaction process with senior lawyers in the UK
More than two thirds (67%) of senior professionals in commercial real estate law consider it very likely that the administrative tasks related to the legal transaction process in commercial real estate transactions will be fully automated in the next three years.
In a report on Commercial Real Estate Lawyers of the Future published by SearchFlow, the study examined the expected and most likely scenarios for the industry in 2025. Almost all of the 42 senior lawyers surveyed said that the automation of administrative tasks will enable attorneys to become on more income-generating activities (67% very likely and 31% more likely).
95% also believed that having better access to more upfront due diligence information will help buyers and investors make better informed decisions, reducing the element of surprise later in the process.
The report also examines the opportunities offered by the use of automation and AI to real estate lawyers. 52% believe that advances in technology will result in them spending more of their time doing paid activities, while nearly half (48%) specifically suggest that this will help reduce human error.
Dr. Thomas Quirke, Managing Director of SearchFlow said, “The research report on Future Commercial Real Estate Lawyers was a really useful exercise. It not only shows how companies are already using LegalTech today, but also looks at what additional steps are likely to be taken in the near future to further improve real estate transactions. A clear majority agrees that by 2025 the automation of certain administrative tasks in legal proceedings will lead to faster settlements, a lower risk of human error and, above all, to lawyers having more time to conduct business. “
To download a copy of the report on Commercial Real Estate Lawyers of the Future, visit https://info.searchflow.co.uk/commercial-real-estate-lawyers-of-the-future-download-report.
For more information on SearchFlow, call 0800 977 8818, email [email protected] or visit www.searchflow.co.uk.
This article was submitted for publication by SearchFlow under their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.