In the news
Compliance, innovation and culture covered in tech talks
Subjects including unbundling, electronic data storage and sharing were among the issues covered at the Solicitors Regulation Authority’s (SRA) Compliance Officers Virtual Conference. Also discussed were dealing with clients remotely and using technology to support compliance. Expert panellists also talked about ‘quick win and low-cost innovation’ and technology opportunities for smaller firms.
And, at the SRA’s Innovate event in Brighton during the summer, delegates discussed similar topics. There was also debate about how to balance the advancement in tech with the needs of a client and maintaining a positive working culture. While a new hybrid and remote workplace opens the door for flexible patterns of working, it also brings a risk of burnout, the panel commented.
UK has become global hub for lawtech
A highly developed legal market, a technology talent pipeline, a competitive tax system and a liberal regulatory regime have made the UK the international centre for lawtech development. TheCityUK made the comments in its ‘Key facts about UK-based financial and related professional services 2022’ report.
‘Whereas most jurisdictions continue to bar non-lawyers from involvement in legal services firms, the Legal Services Act 2007 permitted alternative business structures business models that allow investment, ownership and management by non-lawyers,’ the report says.
The report also reflected on the average annual growth rate of investment in lawtech, which, from 2017 to 2020, was 101 per cent. This was greater than the growth showed in other similar sectors.
Average annual growth rate of investment
Lawtech
Healthtech
Fintech
Climatech
British tech explores opportunities in Asia Pacific
Two dozen tech companies working across projects such as driverless vehicles, lawtech, cybersecurity and deeptech headed to Singapore in September to explore growth opportunities in Asia Pacific.
The visiting companies intend to use the all-new UK-Singapore Digital Economy Agreement (DEA) to support their expansion into Asia Pacific. The DEA is the first of its kind between a European nation and an Asian one. UK-Singapore trade is already worth over £17bn per year.
Kara Owen, British High Commissioner to Singapore said: ‘The agreement is a marker of our ambition to break down trade barriers in areas including lawtech, data flows and cyber security.’
Great Legal Futures takes place in Miami
The Great Legal Futures event saw lawtech and legaltech experts come together in Miami earlier this month. Delegates discussed issues such as the practicalities of using modern tech, using it within the field of arbitration and enhancing cross-border collaboration and partnerships between the UK, the US and other global markets.
The conference also included pitching sessions in which UK lawtech experts exhibited their solutions to international law firms’ and legal professionals’ tech issues. Christina Blacklaws, Lawtech UK’s Chair, also led a panel discussion on the benefits of adopting legal technology.
This event is hoped to be the first of a series of UK government trade missions run to highlight lawtech innovation.
Major legal conference focuses on tech
The LegalEx Conference, running from 22 to 23 November at ExCel in London, will profile tech and innovation for the legal sector this week. Going paperless, law firm modernisation, artificial intelligence in document review, and data compliance will all feature in a range of sessions on legaltech. The event is free for people to attend.
The Solicitors Regulation Authority (SRA) will be at LegalEx, delivering seminars and offering delegates the opportunity to meet with regulatory specialists in areas such as anti-money laundering, education and training, and research. In addition to the latest legislative and regulatory changes, the SRA will be discussing how lawtech can improve the business opportunities for solicitors and help them make themselves more accessible to their clients. Other relevant organisations who will be represented include HM Courts and Tribunals Service and the Legal Ombudsman.
MoJ launches new lawtech grant competition
The Ministry of Justice (MoJ) has launched a new competition with the aim of accelerating innovation within the legal services sector and the growth of lawtech in the UK.
The successful applicant will receive a grant of up to £3m to help support the UK’s position as a world-leading destination for legal services by promoting English and Welsh law as the law of choice in relation to emerging technologies.
The MoJ sees the growth of lawtech and innovation in the delivery of legal services as vital to a flourishing legal sector and to making sure that UK legal services remain a leading choice for international business. This is the second phase of investment the MoJ has announced this year. In August, the department announced a £4m investment to modernise the UK legal sector through technology.