How Singapore is bringing the legal industry into the digital age

When the Ministry of Law, Law Society of Singapore, Enterprise Singapore and the Infocomm Media Development Authority launched a $3.68m funding scheme that allocates funding of up to $130,000 annually for each Singapore law practice, it signified a growing movement to bring the paper-heavy industry into the digital age and help establish Singapore as a legaltech hub.713.7% from only US$233 in 2017 to US$1.66b in 2018, data from Forbes show.

“Law is intrinsically tied to a country, and for legal tech providers aiming to cross borders, that can mean significant re-development costs,” Wong continued. “Every month another large legaltech player expands from the US or Europe, where they are well-established, to Singapore; how often does one see a Singapore legaltech startup go the other way? Truly, such successes are rarer than unicorns.”

Lew noted that there is a rising demand for faster response and a structure that charges clients for an hourly rate up to an agreed limit, making it crucial for Singapore law practices to adopt. WPGenerate, powered by Contract Express, helps its lawyers and clients to generate documents more efficiently, whilst its WPGrow-VIMA platform focuses on venture capital documentation for startups.

Similarly, solutions provider Zegal offers its cloud-powered document automation software to individuals and small and medium-sized enterprises who can only afford to shell out more than three digits, which contrasts with law firms that traditionally enlist services within the four- or five-digit range.

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