London has fragile lead in lawtech
Research by the Law Society has revealed that London will need continual investment to maintain its position as a leading global hub for legal technology. LawTech Comparative Analysis published by the Society shows London is one of 10 “emerging lawtech scenes”, which also include Belfast, San Francisco, Tel Aviv, Madrid and Kuala Lumpur. Globally, the UK’s closest competitors in lawtech are Singapore, Hong Kong and the Netherlands. The UK has 269 private companies “impacting the legal industry”, backed by $556m (£430m) in capital investment. But the research also notes: ‘The growth of the lawtech sector is intrinsically tied to the amount of investment businesses receive. Although funding reached record levels between 2016 and 2017, a decrease in investment globally has left lawtech businesses unable to scale and fulfil their improvement.” The most established lawtech products in the UK are in the fields of eDiscovery and legal research.