Government Pledge £2 Million Towards Lawtech Investment Initiatives
The Government has promised £2 million worth of investment to the legal sector in a bid to improve new and emerging technologies and solidify the UK’s legal sector as a market leader.
In 2018, the Lord Chancellor and Justice Secretary, David Gauke, set up an expert panel of industry experts, governmental figures, leading members of the judiciary as well as leading technology specialists to think of ways to fulfil the full potential of LawTech innovations.
The panel looked at regulation challenges, ways to improve investment and funding, as well as bolstering education and skills within the sector. It is hoped the financial injection will lead to increased advancement of legal technology.
Boasting the second largest legal services market with an annual sector worth over £25 billion, the Government hope that improved investment and consideration of legal technology will set the 300,000 strong legal force up as a market leader.
David Gauke, Justice Secretary, 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.”
Christina Blacklaws, President of the Law Society, commented:
“As chair of the LawTech Delivery Panel, I am delighted to welcome the lord chancellor’s announcement of new funding for technology in the legal sector.
“There has been an exponential growth of technology in the financial services industry in recent years, thanks in no small part to government support. Last year, job creation increased in London by 61% – and nearly a fifth in the country as a whole.
“This initiative will help the UK to become a world leader in legal technology – with all of the economic benefits that follow.
“We look forward to working with the lord chancellor and the ministry in the strategic delivery of this investment.”
How well used is technology within the legal sector? Will this investment encourage more law firms to embrace technology?