·       Total value: $62 million

·       A 119 mid-rise apartment development with one- and two-bedroom units

·       iCLAW contracted on-site management and letting management services as part of their role

·       In November 2019, approximately 100 settled transactions were completed in one day

In November 2019, iCLAW set an ambitious goal: to settle $62 million worth of property transactions, an entire South Auckland apartment development, in just one day. The aim was simple – by settling as many units as possible in a single day, the team could save valuable time and interest costs for their client, the Du Val Group.

Tasks of this scale are rarely tackled in the legal industry. “It’s no easy feat settling 100 transactions in one day,” says iCLAW founding partner, Aasha Foley. “That alone makes it unique amongst NZ law firms.”

To prepare for the challenge, the iCLAW team began planning months in advance. Detailed information packs, internal team flowcharts and consistent contact with all key stakeholders and purchasers ensured everyone involved was clear on processes for settlement day.

Each iCLAW team member was given dedicated tasks and trained thoroughly. Contingency planning and role-playing scenarios helped identify potential errors and risks prior to the day. The team also used software to achieve and facilitate seamless settlement processes. No stone was left unturned.

The thorough planning paid off. The iCLAW team managed to settle just under 100 transactions by 2.30pm on settlement day. The results? A happy client with an extra million dollars or so in the bank (because of interest savings), an immense amount of intellectual property gained through the experience, and the hunger to do more next time.