Collaboration could boost growing LawTech market

The UK LawTech sector is growing rapidly and could be accelerated further through cross-sector collaboration, according to new research.

LawtechUK, a government-backed initiative within Tech Nation has today published a report on the future of UK legal and court services.

The report highlights the rapid growth achieved within the British LawTech market.

According to the study, 200 UK LawTech start-ups have attracted £674 million and are growing at a rate of 101 per cent, which is faster than that of FinTech, ClimateTech, and HealthTech.

The research suggests that LawTech could be a £22 billion annual market opportunity for the UK.

The study found that lawTech shows mass market capability through rapid growth in the consumer segment, increasing by 74 per cent from 2017 to 2020.

But LawtechUK said that cross-sector support is needed to accelerate further growth, as has been seen in other sectors such as FinTech.

The organisation has called for collaborative action to shape and realise the market opportunity across seven priority areas – identifying significant benefits to UK consumers, businesses, and the wider economy.

“The law is critical in all our lives and businesses and it should be easy to engage with and affordable and effective for everyone. LawTech is how we make that happen,” said Jenifer Swallow, LawtechUK director at Tech Nation. “The sector is seeing incredible growth - with LawTech start-ups and scaleups growing at 101 per cent over the last three years, and adoption levels increasing during Covid-19 across our courts, legal businesses and in-house legal teams.”

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