Greater use of AI and technology in legal services could spur economic growth after the government announced 拢1.5m investment into the LawtechUK programme.
In a speech to legal professionals, Justice Minister Sarah Sackman said the investment will help startups to attract further private investment.
Since 2023, LawtechUK has directly supported over 176 startups to grow and the legal services sector is now estimated to provide over 300,000 jobs in the UK.聽
One recent example is Lexverify – a Birmingham-based firm which created an advanced AI tool that helps to save lawyers time and money by providing real-time risk prevention for legal, compliance, and cybersecurity issues.
Founder of listed tech firm to retire after two decades as CEO
鈥淏ritain is leading the world in Lawtech. We are innovating and making legal services faster, cheaper and more accessible,鈥� said Sackman.
鈥淥ur Lawtech sector is changing how we work, and opening up access to justice for working people, at lower costs.聽
鈥淟awtech is powering the future of the UK economy by helping people resolve disputes faster.鈥�
Lawtech UK is a government-backed initiative to drive digital transformation in the legal services industry, which is already worth 拢37bn to the UK economy every year.
Over half of the participants in LawtechUK鈥檚 education programmes come from outside London and the South-East, ensuring the benefits of legal technology reach across the country.
Since April 1, 2023, LawTechUK has been delivered by CodeBase and Legal Geek.
Jon Hope, senior vice president at CodeBase, added: 鈥淏uilding on the success of the past two years, we are excited to extend LawtechUK into its third year.
鈥淭ogether with our delivery partners, Legal Geek, we remain committed to driving innovation and transformation in the legal industry.
鈥淲e are proud of the impact LawtechUK has already made and look forward to continuing to shape the future of the legal sector.鈥�