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Sales increase for online law firm

1 July 2008

The internet-based Scottish law firm PSM Direct has reported a 24% increase in sales for the first quarter of 2008.

The company, which will be known as Your Conveyancer from today, has released its figures for residential sales, purchases and remortgages, which followed a further £150,000 investment in its technology development programme.

Your Conveyancer also reports that the number of cases completed during the first quarter increased by 17% compared to the first quarter of 2007. Turnover for the first quarter was up by 6.7%, with an 11% increase in profit.

Company co-founder and chief executive Kyle Peddie, said: “Our growth in the first quarter of this year is thanks to our investment in technology, which has made our business much more capable of handling a higher volume of transactions more effectively and efficiently.

“Despite the downturn in the economy, the number of transactions we are processing – particularly in remortgage business – is well up on previous months, as consumers look for better offers and move on from long term fixed price deals.”

PSM Direct was a traditional law firm until an investment in IT in the 1990s led to it specialising in conveyancing. The business has 88 employees based at its Dunfermline headquarters and its Glasgow office.