The UK Government has pledged over £2 million to help embrace and support new and emerging technologies in the legal sector.
With the UK legal services sector contributing around £25 billion to the UK economy and £4 billion in exports per year, the Government is committing more funding to continue to drive innovation and help fuel growth.
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.”
Legal technology, also known as Legal Tech, is a rapidly evolving industry. Technology and service providers are finding innovative solutions to assist law firms and corporations with practice management, document storage, billing, accounting and eDisclosure. Apogee FTE provide end-to-end solutions right across the electronic discovery reference model (EDRM) to become a single supplier of choice for eDisclosure services.
James Merritt, Head of Forensic Technology & eDisclosure at Apogee Corporation, said:
“The continued development of technology in this industry is vital as we continue to move down a path of big data. Using technologically innovative ways to manage and reduce large volumes of potentially relevant case material to maintain case proportionality is essential. It’s great to see that the government is getting on board and £2 million is a good starting point. But it is only a starting point.“
The UK is already the second largest legal services market in the world, with more than 300,000 people employed in the sector. 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.
With the latest news that the UK Government is supporting the LegalTech industry with more investment, the growth of the sector looks very promising. According to research published ahead of London Tech Week. more than a third of Europe’s fastest-growing tech firms are based in the UK.
Could we see the UK technology industry producing another “unicorn” company (firms privately valued at more than $1bn or £784 million) within LegalTech in the next few years?