In a speech at the Lord Mayor’s Dinner for HM Judges at Mansion House on Wednesday evening, the Lord Chancellor unveiled plans for a panel of industry professionals to support and accelerate the development and adoption of innovative new legal technologies.
Chaired by The Law Society’s incoming President Christina Blacklaws, the group will provide direction to the legal sector and help foster an environment in which new technology can thrive.
The Government recognises the importance of embracing cutting-edge initiatives to ensure the UK’s £24billion legal services sector continues to grow and retain its world-leading reputation.
The legal sector is already adapting to harness the power of these emerging technologies – with the Serious Fraud Office introducing a document review system, backed up by artificial intelligence, that can review 2,000 documents a day and law firms embracing automated digital contracts that allow for on-going monitoring of contract terms.
Lord Chancellor David Gauke said: “I am determined to ensure our world-leading legal services sector continues to thrive and that the UK remains the primary choice for international business. The Lawtech industry is experiencing rapid growth and cutting-edge initiatives are already underway across the country.
“It is of paramount importance that, working together, we foster an environment in which these new technologies are embraced and take advantage of every opportunity created.”
The UK is the ideal place for LawTech to thrive – with its progressive regulation, world-leading professionals and financial services sector and huge tech talent pool.
Today’s announcement builds on the Government’s work to boost innovation and emerging technologies and create a thriving service industry.
In April of this year, the Prime Minister announced a £20 million fund to encourage work between businesses and researchers and help the service industry, including the legal sector, take advantage of new technologies.
The Home Office has also announced the launch of start-up visas for entrepreneurs looking to come to the UK.