It is understood that the Law Society, which is funded by its members, contributed around £5 million to the joint venture. Its partner, software services provider Mastek, is thought to have invested around £6 million.
Decided to step back
In a statement, the Law Society said: 'Other software providers operating in the conveyancing market are responding to our members’ needs and so we have decided to step back ... 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.' Source: Financial Times