Legal technology firm Search Acumen says its AI-powered document reading tool has saved real estate lawyers around 10,000 hours of work since launching in late 2024.
The company’s Real Estate Intelligence (REI) platform automatically reads and extracts information from CON29 local authority search documents, helping lawyers process property transactions more quickly and accurately.
Since its launch in the fourth quarter of 2024, the system has analysed more than 225,000 pages of CON29 documents and processed extracts from 317 local authorities across England and Wales.
According to Search Acumen, reviewing a commercial CON29 search typically takes 10 to 15 minutes using REI, compared with around one hour and 15 minutes when done manually. This equates to an estimated 65 minutes of time saved per property title.
COMPLEX PORTFOLIO TRANSACTIONS
The technology has been adopted by law firms handling complex property portfolio transactions, particularly in the commercial real estate and social housing sectors, where deals often involve assets spread across multiple local authority areas.
Search Acumen said the use of AI-driven document processing can also help reduce errors in property applications.
Industry estimates suggest UK law firms lose around £19.1m each year due to avoidable mistakes linked to manual processing.
GAME CHANGER
Andrew Lloyd (main picture), Managing Director at Search Acumen, says: “They say it takes 10,000 hours to become an expert in something. Think of all of the additional problem solving and value real estate lawyers could be bringing to clients with the time saved by REI in just over a year.
“Since launch, REI has helped law firms save thousands of hours and tackle complex deals with ease. There is no longer a need to slog through endless paperwork and manage multiple different search formats. What used to take over an hour now takes just minutes, freeing up valuable time and boosting productivity by up to 80%.
“Not only are real estate lawyers gaining time, but they’re also saving on costly mistakes, which can add up to millions each year.
“REI is changing the game for commercial real estate and social housing lawyers, and we’re excited to keep driving innovation as the industry moves further into the digital age.”
