Just over £2m has been committed by the government to help embrace the opportunities of LawTech, drive innovation and help the UK legal sector grow.
The UK is the second largest legal services market in the world, worth around £25bn to the economy with more than 300,000 people employed in the sector, and a leading global legal centre.
Entrepreneurs, academics, and legal services providers are starting to develop new technology to modernise the sector and improve the UK’s productivity, and the government is committed to supporting this activity and encouraging law firms to utilise emerging technology even further.
Justice Secretary David Gauke said: “Technology promises to be a key component in the success of our legal services sector and this funding will help support emerging LawTech in the UK and wider economic growth.
“We are home to some of the best law firms in the world, globally renowned courts and a wealth of legal talent. Through the effective use of technology, we can help the sector advance and continue to lead globally.”
More than 200 international firms, from more than 40 jurisdictions, have chosen to base themselves here and English and Welsh law is the most commonly used in international business and dispute resolution.