The City of London Corporation has become the latest public body to launch a LawTech Sounding Board to enter the ‘lawtech’ arena with the announcement of an initiative to gather views on how to increase adoption of new technology in the financial and professional services sector.
An inaugural meeting of the ’law tech sounding board’ today was attended by the Lord Chancellor, David Gauke MP, as well as the Law Society and representatives of start-up businesses. The initiative follows a Law Society’s survey earlier this year which concluded that the adoption of information technology in law was lagging behind sectors such as financial services and insurance.
According to the City of London Corporation, the new group will operate alongside existing initiatives including the LawTech Delivery Panel, a joint initiative between government, judiciary, industry and academia to promote the use of technology in the legal sector.
Catherine McGuinness, City of London Corporation policy chair, said: ’With technology continuing to develop at a rapid pace, firms need to evolve in order to embrace the benefits available and ensure that the UK remains at the cutting edge globally. After all, as a world leader in legal services, it is only right that we are at the forefront of this lawtech revolution.’
Law firm members of the group include Clyde & Co, CMS, Dentons, Eversheds Sutherland, Freshfields Bruckhaus Deringer, Osborne Clarke and White & Case.
UK businesses account for nearly half of all the lawtech start-ups in Europe over the past six years, according to technology community Legal Geek.