£290 million was invested into UK Lawtech in 2019. That’s 3 times as much as 2018. So, although Law firms may be set in their tried and trusted ways, Investors are seeing exciting opportunities to disrupt the status quo.
But proof of concept is tricky when access to data is heavily protected. So in May the British Ministry for Justice, TechNation and The LawTech Delivery Panel created an R&D sandbox to test out new concepts in a regulatory compliant environment. And they’ve just appointed 5 ‘judges’ to oversee it. A similar initiative had a huge impact on the UK financial sector, so the hope is it will do the same for law. So what can we expect?
1. Fast-tracking ideas - the goal is to allow innovators to bring products, services and tools to market quickly.
2. Data access - giving Lawtech firms access to court records or standard contracts to help with machine learning, for example.
3. Dispute resolution - a key priority is helping SMEs access legal services to address the billions paid out annually in litigation and late payment fees.
The goal is to help innovators bring quick and effective change to the law industry.
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