LAW FIRM TRUMPS BIG APPLE WITH AWARDS DOUBLE
Wednesday, March 10th, 2004
on behalf of PSM Law Group
Legal PR experts celebrate dynamic legal firm’s international awards success
A FAST-growing law firm has cemented its reputation for IT innovation by winning back-to-back technology awards.
The PSM Law Group has built success on the strength of its groundbreaking IT developments, catapulting it from a rural legal firm into one of the UK’s leading online conveyancing experts.
Now the commitment to continued technological excellence has helped the firm scoop two prestigious awards – one in its own backyard and the other at a glitzy global event in New York.
Firstly, PSM became the sole Scottish company to win a plaudit in the inaugural International Business Awards, known as The Stevies, where it was honoured for producing the Best Designed Corporate Website.
The company was among 67 winners from 19 countries around the world and the six UK recipients included blue chip names like Saatchi & Saatchi, the Woolworths Group and the Nationwide Building Society. Judges included billionaire Donald Trump, Forbes magazine publisher Rich Karlgaard and captains of industry from all over the world.
Days after the Stevies success PSM went on to collect another prestigious award, though this time closer to home, when it claimed the best E-Business title at the 2004 Fife Business Awards. As runner up in the Innovation and Technology section, PSM was the only firm to be nominated in two categories.
Chief Executive and co-founder Kyle Peddie said the awards were recognition of PSM’s foresight to merge the best of modern technology with trusted tradition. Although founded 14 years ago, the majority of growth and success has come since 2000 following a radical business shift to embrace new technology.
He said: “These awards couldn’t be more different in size and scope and our success reflects the fact that our technology is making a real impact at a local and UK level while also catching the eye of experts right across the world.
“A huge part of our success is down to the foresight we have shown in using modern technology to make huge advances to change perceptions of the legal profession as a dusty and closed world.
“Both these awards are a fitting tribute to every single member of staff within PSM who has not only welcomed change, but fully embraced it to make this a fantastic place to work, as well as a highly successful business.”
From its base in Dunfermline, Fife, the group has seen turnover increase by more than 80 per cent in the last 12 months, while recently opened offices in Yorkshire and Northern Ireland have seen it clear the hurdle of regional legal differences, enabling it to offer truly UK-wide online conveyancing service.
It developed software and systems build round incredibly safe and secure Application Service Provision (ASP) – the platform favoured by internet giants like Yahoo and Amazon. It lets lenders borrowers and finance professionals using the PSM online service enjoy 24-7, password protected access to their case, allowing online tracking of developments in real time.
The efficiencies afforded by technology have allowed PSM to shave 40 per cent from the cost of the average conveyancing transaction. The IT systems have also allowed PSM to open lucrative new income streams, by offering its technology on a “white label basis” letting financial firms offer their own-brand online conveyancing service, with PSM providing the technology plus all the backup legal services.
PSM is now handling almost 4000 cases a month, expected to reach 5000 within the next year. In the past four years turnover has risen 300 per cent, while staff numbers have grown from 18 to 80. In the year 2004-05 profitability is expected to reach 50 per cent, double that of the average law firm.
Last month PSM was a finalist in the Best Legal Website category of the Scottish Legal Awards where it was also shortlisted for the Firm of the Year title. That built on the previous year’s success at the awards – the biggest in the Scottish legal calendar – when PSM won the specialist Innovation and Technology Award.
Michael Maloco, co-founder and vice chief executive of the PSM Law Group, said: “We are especially pleased to have won in IT categories because we have been instrumental in developing some of the most innovative and exciting technology in the UK legal profession.
“We have repeatedly proved ourselves in fiercely competitive online markets and stayed ahead of the game. The main reward has been sustained business growth, but it is hugely satisfying to be recognised in this way.”
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