Technology Innovation Package Lifeline

Utilising technology and finding new ways of working, has been a theme which has developed and picked up pace as a result of the coronavirus pandemic.

Last week, the Government announced that the £1.25billion coronavirus package to protect firms driving innovation in the UK will take applications until September 2020.

On hearing the news, Simon Davis, President of the Law Society said:

“Previously, we made clear that the eligibility criteria should be open to innovators in legal technology – a market valued at £15.9 billion globally.

“Every £1 spent on legal services supports nearly £1.50 in spending across the entire UK economy, making technological innovation an important driver of wider growth.

“Our sectoral analysis found that the adoption of new technologies is set to double productivity growth across the sector.

“The new eligibility information provides clarity that legal technology innovators are welcome to apply, however, it is positioned to focus on scale-ups rather than start-ups, locking out angel investors and prioritising Venture Capitalist funds.

“Firms in international accelerator programmes, meanwhile, will be excluded from the fund as companies are required to create a parent company in the country holding the programme.

“With technological innovation set to play an essential role in our post-Covid recovery, the government should seek to support dynamic and innovative firms of all shapes and sizes.”

What technology would you like to see innovated in the conveyancing and wider property sector?

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