CAPITALISING ON CONVEYANCING
Written on the 7 November 2014 by Karen Rickert
IF you’ve ever purchased a property, there’s a strong chance it was settled with the assistance of GlobalX Legal Solutions.
The Brisbane-based company is an operating arm of GlobalX Information which was established in 1995 and has a presence in the United Kingdom.
With a software suite and support services for legal practitioners, GlobalX Legal Solutions has grown to become one of the largest suppliers of property settlement in Australia.
CEO Peter Maloney (pictured) says the secret to the company’s growth is simplicity, in both philosophy and product.
“Our organisation is largely about doing very few things, very well,” Maloney says.
“All law firms need access to deep integrated information, be that about companies, properties or consumers.
“We support the law firms by acting as a property management settlement agent and supply lodgement services for land registry, state revenue offices and also provide outsourced court filing services for the firm.”
The approach appears to be working, with the company reporting a 15 per cent lift in revenue to $52 million in FY14 compared to the previous period.
GlobalX Legal Solutions has forecast $67 million in revenue this financial year, largely driven by a shift in the industry to electronic conveyancing.
Property Exchange Australia Pty Ltd has facilitated the introduction of electronic conveyancing in most states, with a full roll-out to be finalised in mid-2015.
GlobalX Legal Solutions has been named as an official PEXA sponsor to integrate the technology into the company’s services.
Maloney says the innovation offers an opportunity for further growth and will allow the business to add scale through acquisitions.
“The traditional paper-based settlement agent market will continue to significantly rationalise as electronic conveyancing comes in,” he says.
“We see the market participants start to contract which gives us a great opportunity to grow, because conveyancers and lawyers are more likely to use a service provider that offers the hybrid of manual and electronic property settlements.”
The company is no stranger to the acquisition arena, after procuring five businesses during the past year.
“We acquired a business called Prime Legal Services and that was a really strong fit for our existing business. It allowed us to enter the Perth and South Australia, and double our volumes in Queensland and Victoria,” Maloney says.
The deal, completed in March, was accompanied by businesses including PlanXchange, Access Search and Settlements, Citylink & Legalities and Australian Paralegal Services.
The company aided 70,000 property settlements in FY14, and this is expected to reach 125,000 by 2016.
As a result, the company has expanded its headcount by 20 per cent in comparison to the previous year, boasting more than 240 employees nationally.
“We are true believers in helping our staff understand exactly where we are today, where we are trying to get to and the role they play in helping us get there,” Maloney says.
Looking ahead, GlobalX Legal Solutions will offer mobile applications for lawyers and conveyancers to complement its range of services.
Maloney says the strategy will give the company a competitive edge as the workforce becomes increasingly mobile.
“More and more we are seeing in the legal practitioner market that lawyers will go out and visit their clients or there are more flexible working hours,” he says.
“Lawyers like working from home one day a week and they need access via mobile devices to time recordings, file notes and contacts integrated back to their practice management software.”
Maloney says it’s all part of the overarching ideal of simplicity and helping clients to work more efficiently.