The LawTech Delivery Panel, a group of industry experts and members of the government and judiciary, is likely to play a key role in allocating the funding. The panel was established by the Lord Chancellor a year ago to champion the use of technology in the legal sector. It aims to foster innovation, identify and help overcome barriers to growth and provide direction to the legal sector.
Several of the global firms such as Allen & Overy and Clifford Chance have embraced LawTech to the extent of setting up their own technology innovation centres.
Justice secretary David Gauke, said technology ‘promises to be a key component in the success of our legal services sector.
‘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.
‘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.’
In 2017, the UK legal sector was worth about £25bn to the economy and employed more than 300,000 people. It is the second largest legal services market in the world. The LawTech sector was valued at $15.9bn globally in 2018, the MoJ said.
Welcoming the announcement, Christina Blacklaws, Law Society president and chair of the LawTech Delivery Panel, said: ‘There has been an exponential growth of technology in the financial services industry in recent years, thanks in no small part to government support.
‘Last year, job creation increased in London by 61%―and nearly a fifth in the country as a whole. This initiative will help the UK to become a world leader in legal technology―with all of the economic benefits that follow.’
