On Wednesday 2nd September, CILEx Regulation convened a single-day design sprint which sought to explore the opportunities that AI and data held for the conveyancing sector. The event, held in conjunction with a team of academics from the Next Generation Professional Services Fund (NextGen PSF), centred around the following question:
‘How might AI/data be better used to reduce risk exposure to third parties and open up the conveyancing market to a broader range of legal services firms?’
Collaboration was key to the day, with legal services regulators working together to assemble forward-thinking LawTech experts, conveyancing firms, lenders, industry bodies, HM Land Registry and others in order to identify areas for improvement and develop practical solutions.
While comprising an intense schedule of activities, the fantastic group of cross-industry participants engaged fully with the project, yielding some fascinating results and a lot of excellent discussion. The outputs and materials produced at the event are now being reviewed by the research team at NextGen PSF.
As a forward-thinking legal services regulator, the event proved invaluable to us at CILEx Regulation, and we will continue to engage with innovative actors in the legal services sector as the project moves forward.
We are always looking for new ways to collaborate and innovate, so if you have any ideas or opportunities you would like to discuss, please do not hesitate to get in touch.