Law Firms Ready to Invest in Fintech
- 19.04.2021 04:00 pm
Legal professionals say the estates administration process is ‘slow and inefficient’ and is causing stress and frustration for them and their clients and they want to find a solution – that is according to the latest research from digital probate platform Exizent.
The vast majority of legal professionals (88%) say the probate process is ‘slow and complicated’ while more than half (52%) admit the time it takes to complete probate is unreasonable. Almost eight in ten (78%) say waiting on asset information from financial institutions is a major cause of delay, with 31% saying this is the single main cause; most (53%) have to wait at least four weeks for asset and liability providers to respond. It is also the number one cause of client stress.
Almost two thirds (64%) say their clients become stressed by the probate process with many needing emotional support from someone within the firm. When asked for the top cause of client stress, almost two thirds (64%) said delays from financial institutions and asset holders - twice as many as who said family disputes and almost three times the number who said unexpected costs.
Frustrated by archaic practices
While one in four legal firms are resigned to the fact the estates administration process doesn’t work as efficiently as well as it should, 75% think there are things that could be done to improve it.
When asked what they think would make the process easier for themselves and their clients, 44% of law firms said better communication and relationships with financial institutions, 49% said an easier asset discovery process and 41% said better technology.
However, just 15% of law firms use dedicated probate software. But, this is more down to a lack of awareness than a lack of willing, as most of those that don’t have software (and don’t outsource probate work), said it was either because they were not aware of any dedicated solutions or they had ‘not thought about it before’. All firms surveyed said investment in tech is one of their top 5 priorities for the next 12 months, with 22% saying tech is their number one priority and almost two thirds (64%) of said they would consider a dedicated platform for managing their probate.
Nick Cousins, Founder and CEO of Exizent said:“Communication between executors, financial institutions and law firms is a vital part of the probate process but has been overlooked for some time. The Bereavement Index re-enforces this, with 44% of firms highlighting that better communication would improve their day-to-day work. We believe the administrative tasks facing families after the death of a loved one should be far easier, and that modern technology solutions and services can make this a reality.”
Exizent is building the first ever platform that connects data, services and the network of people involved when someone passes away, making it easier for legal services firms and institutions to work together, making their own processes more efficient and removing the burden from the bereaved.
Cousins continues: “We also believe in the power of platforms to connect people better and perform repeatable tasks efficiently, quickly and securely at scale. That is why we have created a dedicated platform for probate professionals, to help them make their processes more efficient which will ultimately relieve the emotional and financial burden that administering estate has on the bereaved.”