LawtechUK, the government-backed project to boost the UK legal sector via technology, has finished the three-month pilot stage of the first Lawtech Sandbox.
The pilot, launched in December last year, has helped the development of several early-stage LawTech scaleups.
Amplified Global, Legal Utopia, ClauseMatch, Deriskly, and Legal Schema were the five UK LawTechs selected to join the Pilot.
Through the three month period, each of the companies saw accelerated growth after using a number of tailored tools and services, including: access to regulators for fast response support in navigating regulation and governance; connections to LawtechUK’s network to help drive collaboration, commercial opportunities and development of LawTech products; and access to legal data by matchmaking with data sources.
LawtechUK said that the success of the pilot has paved the way for the second Sandbox in the summer.
“The Lawtech Sandbox Pilot was designed to help bring transformative lawtech to market faster and help reinvent the service of law,” said Jenifer Swallow, LawtechUK, director at Tech Nation. “The success of the pilot has been fantastic to see, playing a crucial role in the development of several early stage scale-ups and demonstrating the value and knock-on effects of the burgeoning LawTech sector. As we saw with FinTech, the Sandbox has the potential to propel LawTech into the mainstream - that is an incredibly exciting future many can help to build.”
Sheldon Mills, executive director, consumers and competition at the Financial Conduct Authority and chair of the Regulatory Response Unit, said: “It is a ground-breaking initiative to bring regulators together in this way to support technology innovators in law. It has been impressive to see how this engagement and support can make a difference and to see regulators themselves actively solving problems, including where there are boundary issues between two regulators. The creation of the Regulatory Response Unit is a clear demonstration of the commitment and scale behind LawtechUK’s approach.”
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