Independent review reveals a catalogue of errors led to conveyance software flop
An independent review into a Law Society-backed business venture that left solicitors £7 million out of pocket has unveiled a series of failures.
In a joint venture with Indian-based global IT firm Mastek, the Law Society big-wigs attempted to revolutionise the glamorous word of conveyance law by establishing an online portal called Veyo.
Paying £600,000 for a 60% stake in Veyo back in 2014, and a further £2,668,000 to Mastek over the same year, the Law Society invested heavily in the development of the new software technology. However, citing a “radically” changing market — just one year on — society management pulled the plug. And all the senior staff who worked at the newly formed Legal Practice Technologies (LPT) and the Law Society on Veyo are no longer employed.
With reports suggesting the failed venture cost reached an eye-watering £7 million, an independent review into what went wrong has revealed a catalogue of embarrassing errors. Speaking to website Legal Futures the society’s chief executive, Catherine Dixon, revealed an overly complex management structure led to poor communication.
Furthermore, staff not only lacked certain expertise but there was insufficient input from expert conveyancers. Dixon — who said she was “deeply sorry” for the failure of Veyo — confirmed that a full version of the review would not be made available to the public.
This is second time that attempts to create an industry-wide online conveyancing system have hit the buffers. In 2011, Land Registry discontinued a similar scheme because of escalating costs and security concerns.
With solicitors left to guess the finer details of what one can only imagine is a very damning report, here are some ideas from Legal Cheek as to how the Law Society might have more profitably spent the £7 million.
3. Graduate Diploma in Law
4. Legal Practice Course
5. Trainee Lawyers
Got a better suggestion? Be sure to post it below.