ALSPs expected to boost lawtech sector

A report by TheCityUK has concluded that tech is a key element of growth in UK legal services, and investment deriving from market liberalisation and alternative providers increasingly linking up with law firms will boost the lawtech sector further. The study highlights that some 700 alternative business structures are now regulated by the Solicitors Regulation Authority and suggests legal technology take-up will be enhanced by the advent of alternative legal service providers (ALSPs), which would “grow and partner with law firms, boosting technology adoption and strengthening client offerings”. TheCityUK has also revealed that 44% of all legal technology start-ups across Europe are based in the UK, following a jump in investment from £2.5m in 2016 to £61m in 2018. The report also revealed that Britain’s 100 biggest law firms have seen an increase in revenue of over 8% as the legal profession shakes off political and economic uncertainty. Turnover at the largest legal practices rose by £2bn to hit £26bn last year. Gary Campkin, managing director of external relations and strategic issues at TheCityUK described UK legal services as a “truly world-leading industry.”

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