A leading British technology firm has been awarded £2 million of Government funding to help support the digital transformation of the UK’s legal sector. Tech Nation will embrace the opportunities of ‘lawtech’, drive innovation and help the sector grow. An ambitious vision and series of projects will now be delivered through a three-year programme.
The funding was allocated following the Government’s announcement earlier this year of just over £2 million for UK ‘lawtech’ to support the development and use of technology in the legal sector. This could include encouraging investment and innovation, ensuring understanding, awareness and use of ‘lawtech’, exploring ethics and regulation around technology in the legal sector, enhancing the competitiveness of the UK as a global commercial dispute resolution centre and promoting the use of English law and UK jurisdiction as a foundation for ‘lawtech’ globally.
Justice Secretary Robert Buckland QC MP said: “This funding will help support the development and use of UK ‘lawtech’, boost wider economic growth and pave the way for a technological revolution in the UK’s legal sector. Tech Nation has an impressive track record in both ‘fintech’ and ‘insurtech’ and I’m delighted that the business will be taking forward this initiative.”
Tech Nation will be responsible for driving forward and building on the work of the Lawtech Delivery Panel, an industry-led body designed to promote and champion the use of technology in the UK’s legal sector. It will work closely with the legal and tech sectors.
Tech Nation’s CEO, Gerard Grech, observed: “The legal services sector is a major contributor to the UK economy, delivering around £25 billion annually. Emerging technologies are transforming legal services, while investment in UK ‘lawtech’ has tripled in the last year alone. We look forward to working with the LawTech Delivery Panel’s distinguished members, tech entrepreneurs, the Ministry of Justice and the wider ecosystem to grow this sector.”
Legal services market
The UK is the second largest legal services market in the world. It’s worth around £25 billion to the economy with more than 300,000 people employed in the sector. The UK is also a leading global legal centre.
Entrepreneurs, academics and legal services providers are starting to develop new technology to drive innovation in the sector and improve the UK’s productivity, and the Government is wholly committed to supporting this activity.
Large London law firms are already recognising the opportunities presented by innovative ways of working and new technologies. This includes setting up spaces within their own buildings to encourage product testing and feedback that’s designed to encourage growth in the sector.
Barclays has also partnered with the Law Society of England and Wales to launch a LawTech Eagle Lab in London which provides a space for start-up companies to develop new products, build their business and collaborate with entrepreneurs and innovators. Support has been provided by law firms and universities.