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The legal sector is supposedly a late adopter of technology. In fact, today, lawyers are embracing technology more and more. Currently in the legal industry, you can’t escape the word ‘legal tech’, or ‘lawtech’, or whatever the current buzzword is, and the inevitable hype that ensues.
Lawyers are reaping the rewards of investing in automation tools that reduce administrative tasks and increase efficiency. Cloud solutions enable agile working, and AI-enabled research tools give you competitive advantage to compete in court, against your competitors – in your many guises as a legal professional.
So, what’s the latest need to know information on the legal tech front? In this article, we have debunked some of the myths surrounding the topic and looked pragmatically at recent interesting developments.
In 2019, over £62m was been invested in UK legal tech start-ups, compared to £22.2m in 2017 and £25.1m in 2016.
Academics at the University of Oxford have been awarded £213,000 by the government to study the lawtech 'ecosystem', as part of a project led by the Faculty of Law aiming to enhance innovation in lawtech start-ups.
The Solicitor’s Regulation Authority (SRA) has also announced that its strategy until 2023 will involve regulation to help the development of legal tech. Anna Bradley, SRA chair, said:
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Amy leads the content marketing strategy for LexisNexis UK, writing thought leadership and product content for marketing campaigns, insight reports and legal industry magazines. She is an established writer and researcher, having contributed in national publications, such as City A.M. and Financial IT. She is also one of the writers and digital editors of LexisNexis' insights blogs, the Future of Law and the In-house blog.
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