, according to financial services industry body TheCityUK, and at the end of last year, The Law Society identified it as one of ten emerging lawtech scenes, alongside San Francisco, Tel Aviv, and Madrid."What might have been optional before is a must now," says Tech Nation's lawtech director Jenifer Swallow, formerly general counsel at fintech unicorn TransferWise. "This will only increase because we're about to step into a very, very challenging time economically.
The UK government is trying to ramp up provisions for lawtech. In November 2019, it announced a £2 million grant to fund the digital transformation of law in partnership with Tech Nation. As well as addressing the immediate need, the aim is to create long-term growth and value for businesses, says Swallow: "What we want to do is provide an environment where we can accelerate development cycles, get people who've got great ideas through to proof of value faster than they would do without support."
Partner Stan Laurent says that Highland is interested in the lawtech sector — even outside the realm of artificial intelligence, which is "in the pure legal space, still a few years out."
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