in Security

Tech Nation to support growth of UK Lawtech

Posted 7 November 2019 · Add Comment

British technology firm Tech Nation has been awarded £2 million of government funding to help support the digital transformation of the UKs legal sector.


Courtesy Ministry of Justice

Tech Nation will embrace the opportunities of lawtech, drive innovation and help the sector grow. An ambitious vision and series of projects will be delivered through a three year programme.

The funding was allocated following the government’s announcement earlier this year of just over £2 million for UK lawtech to support the development and use of technology in the legal sector. This could include encouraging investment and innovation, ensuring understanding, awareness and use of lawtech, exploring ethics and regulation around technology in the legal sector, enhancing the competitiveness of the UK as a global commercial dispute resolution centre and promoting the use of English law and UK jurisdiction as a foundation for LawTech globally.

Justice Secretary, Robert Buckland QC MP, said: "This funding will help support the development and use of UK lawtech, boost wider economic growth and pave the way for a technological revolution in the UK legal sector.

"Tech Nation has an impressive track record in both fintech and insurtech and I’m delighted they will be taking forward this initiative."

Tech Nation will be responsible for driving forward and building on the work of the Lawtech Delivery Panel, an industry-led body designed to promote and champion the use of technology in the UK’s legal sector. It will work closely with the legal and tech sectors.

Tech Nation CEO, Gerard Grech said: "The legal services sector is a major contributor to the UK economy, contributing around £25 billion annually. Emerging technologies are transforming legal services, while investment in UK lawtech has tripled in the last year alone.

"We look forward to working with the LawTech Delivery Panel’s distinguished members, tech entrepreneurs, the Ministry of Justice and the wider ecosystem to grow this sector."

The UK is the second largest legal services market in the world, worth around £25 billion to the economy with more than 300,000 people employed in the sector, and a leading global legal centre.

Entrepreneurs, academics, and legal services providers are starting to develop new technology to drive innovation in the sector and improve the UK’s productivity, and the government is committed to supporting this activity.

Large London law firms are already recognising the opportunities presented by innovative ways of working and new technologies. This includes setting up spaces within their own buildings to encourage product testing and feedback designed to encourage growth in the sector.

Barclays has also partnered with the Law Society of England and Wales to launch a LawTech Eagle Lab in London which provides a space for start-up companies to develop new products, build their business and collaborate with entrepreneurs and innovators, with support provided by law firms and universities.

Tech Nation has an established UK tech network and a strong track record in the tech sector, having provided support for the government-backed Fintech Delivery Panel and Insurtech Board.

This funding has been allocated to Tech Nation following the government’s announcement earlier this year of just over £2 million for UK lawtech to support the development and use of technology in the legal sector.

Lawtech
Lawtech refers to new legal technologies which aim to support, supplement or replace traditional methods for the delivery of legal services. In 2018 the lawtech sector was valued at $15.9 billion globally.

 

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

ADIPEC 2019: BMT delivers mooring line monitoring system for Helang FPSO

BMT teams with LMC on turret moored FPSO for field development

WeaponLogic Unveils for the first time at Milipol

WeaponLogic (Secubit) & #8210; a leader in advanced weapon readiness and maintenance solutions for global military and paramilitary forces as well as law enforcement and HLS agencies ‒ unveils for the first time at

DASA awards 2m contracts to counter hostile drone threats

The Defence and Security Accelerator (DASA) has awarded nearly £2 million to develop new capabilities to detect, disrupt and defeat the hostile and malicious use of drones.

UK Space Agency confirms 7.35m funding for small sat launch from Cornwall

It has been confirmed this week that the UK Space Agency will award £7.35 million to Virgin Orbit UK Limited, the UK branch of US launch operator Virgin Orbit, to enable horizontal launch of small satellites at Cornwall Airport

Rolls-Royce appoints George Culmer as a Non-Executive Director

Rolls-Royce today announced the appointment of George Culmer as a Non-Executive Director. He will join the Board with effect from 2nd January 2020 and will become a member of the Nominations and Governance Committee, the Audit

Crash Detectives make BAFTA Cymru debut

Last month, Gwent Police's Crash Detectives, along with Chief Constable Pam Kelly, attended the Welsh BAFTAs in Cardiff City Centre.

ODU 0201311219
See us at
SMI FAV BT1006141119VIDSE BT1605060320SMI ActiveP BT1206121119DSEI JP BT1605201119S&P BT241019040320FIL20BT010819260720