Investment in UK legal technology has almost tripled in the past two years with start-ups receiving £61m in 2018, according to research by Thomson Reuters and Legal Geek.
Some £62m has been invested in UK lawtech start-ups so far this year, compared to £22.2m in 2017, £25.1m in 2016, and £5.8m in 2015, the Legaltech Startup Report 2019 has shown.
The UK has generated 44% of all lawtech start-ups in the EU, almost double its share of the European legal services market (23%). The report suggests the rapid development of the sector is the result of an extensive network of ‘tech labs’ created by law firms, universities and other corporate organisations.
Jim Leason, vice president of customer markets at Thomson Reuters, said: ‘The UK benefits from a unique mix of a large tech and data science talent pool and world-leading law firms as well as easy access to capital through financial markets.
‘Legaltech is now attracting funding from a variety of sources, including law firms themselves, private equity and venture capital funds. This interest has given startups the crucial leg-up they needed to take their products quickly through to the next stage of development and testing.’
Legal Geek is a lawtech start-up community and its London conference, which is due to be attended by 2,000 people, is taking place today.