LawTech continues to play an important role in cementing the UK’s position as a leading global legal centre, the Law Society of England and Wales said following the publication of LawTechUK’s Impact Assessment report.
Law Society president I. Stephanie Boyce said:
“The UK is a longstanding global leader in legal services, with English law estimated to govern 40% of global corporate arbitrations and generating £250bn through global mergers and acquisitions in 2019.
The UK ranks second only to the US for legal services, which contribute £60bn gross value added to the UK economy and employ 552,000 people, according to research from KPMG commissioned by the Law Society.
Our research found the UK is a global hub for LawTech, with London serving as a magnet for global tech investors looking to get the latest cutting-edge technologies.
Legal services have an impact on other sectors of the economy. Every £1 of improved productivity in the legal services sector could generate between £3.30 and £3.50 of additional gross domestic product for the UK across other sectors of the economy by 2050.
LawTechUK’s Impact Assessment report confirms the UK’s pole position in legal services tech.
We have seen first-hand how lawyers have utilised technology during the Covid-19 pandemic, with the justice system moving online and legal professionals providing services remotely, innovating at pace to keep the wheels of justice and business turning.
LawTechUK’s report has shown that the UK government-backed initiative has enabled enhanced cohesion and collaboration across the legal sector, policy-makers and regulators and created a sense of urgency around the development of LawTech.
For every £1 LawTechUK received from the government, it has leveraged £2.30 – £2.60 from the private sector, indicating high value for money.
As we work with hybrid or flexible models, technology will play a prominent role so the profession can continue to deliver high-quality legal services to their clients globally.”