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Law Society disbands Veyo after spending north of £3m

The Law Society of England and Wales’ technology partner in online conveyancing portal Veyo may temporarily be regretting adopting the catchphrase on its website: “In the news: for all the right reasons.”

The Law Society and Mastek both announced yesterday (3 December) that, following a review of Veyo by Legal Practice Technologies (LPT) – the vehicle set up to deliver the online portal – both parties to the venture have decided against any further investment.

The full scale of the monies spent to date on the failed project are still being calculated but, according to the Law Society’s annual report for 2014, the body invested £600,000 in LPT in May 2014 in consideration for a 60% shareholding in the newly-formed company, with the minority shareholding being held by Mastek (UK) Limited.

However, the accounts for that year also show that during 2014, The Law Society made “purchases” of £2,667,650 from Mastek, bringing the total money spent to date on the project to well over £3m.

Law Society pulls the plug on the Veyo conveyancing portal – shocked to discover no demand for a product when there is a free alternative

The Veyo hare has run into the Monty Python parrot. The English Law Society has just announced that its Veyo conveyancing portal is being closed down. We’ll be following up with our own coverage but in the meantime we’re linking to the Law Society Gazette article so you can also see the readers’ comment, particularly those of Ian Newbery. One particular point is that at the time the project was announced, it was said £10 million had already been spent on product development and that the Law Society had a 60% stake, whereas the Gazette article suggests only £600,000 of members money has been wasted. So has Mastek, the other partner in Veyo, lost £10m or is the full financial picture still to emerge?

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