Research conducted by Thomson Reuters and Legal Geek have found that in the past two years investment in the UK’s legal technology sector has nearly tripled as start-ups receive £61m in 2018. So far this year UK lawtech start-ups have received £62m, whereas in 2017 they received £22.2m which demonstrates the level of growth.
The legal sector is evolving quickly in the UK which has created 44% of all lawtech start-ups in the EU. The fast development is down to a law firms and universities creating a network of ‘tech labs’.
Jim Leason, vice president of customer markets at Thomson Reuters, said: ‘The UK benefits from a unique mix of a large tech and data science talent pool and world-leading law firms as well as easy access to capital through financial markets.
Legaltech is now attracting funding from a variety of sources, including law firms themselves, private equity and venture capital funds. This interest has given startups the crucial leg-up they needed to take their products quickly through to the next stage of development and testing.’
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