Legal Practice Technologies (LPT) was a joint venture set up between the Law Society and IT giant Mastek to develop the Veyo conveyancing system. The Law Society acquired a 60% stake in LPT, with Mastek having a 40% stake.
The aim of the Veyo system was to bring together electronically all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.
Earlier this year it was reported nearly half of conveyancing firms in England and Wales had preregistered with the soon to be launched online portal Veyo.
In a statement the The Law Society said:
‘It is with considerable regret that we are announcing that we will not be making any further investment in Veyo. Other software providers operating in the conveyancing market are responding to our members’ needs and so we have decided to step back. We are committed to identifying unmet member need and innovation, but on this occasion we also have recognised the reality that the market has developed significantly since we started to develop Veyo and that the costs of continuing outweigh the benefit to our members.’
‘We are deeply sorry that those who have waited patiently for the Veyo conveyancing portal from our joint venture will not now be able to use it.’
‘We knew that the project carried risk, as all technological innovations do. Unfortunately it is no longer in our members’ interests to invest resources to make a product of the high quality our members expect and deserve.
‘The timetable for getting Veyo to market was, in retrospect, over ambitious. We have made the very difficult decision not to invest further in light of developments in the market which mean that case management providers are likely to meet our members’ needs at no additional cost.’