Big Four professional services firm PwC has become the latest City player to place a bet on the fast-growing 'lawtech' sector setting up a hub for start-ups.
In an announcement marking the launch of Scale|LawTech, PwC said technological disruption is ‘reshaping the legal sector’. More than three quarters of counsel indicate that innovations such as machine learning, blockchain and process automation are critical to exploiting future opportunities.
Scale|LawTech is a 10-week programme of support to start-ups. It has three components;
- Curated events for founders to meet and pitch to industry;
- Group ‘masterclasses’ providing insights from PwC and industry experts;
- Support, including coaching and business support.
Meanwhile magic circle firm Slaughter and May has selected six startup businesses from 50 applicants for its first technology incubator, Slaughter and May Collaborate.
The cohort includes; a document automation tool, a transcription and dictation system based on AI and an AI-powered litigation platform which, according to its developer, uncovers hidden insights, provides a bird’s eye view of each case and automates day-to-day tasks.
Each business will have access to Slaughter and May lawyers, and client and expert panels. Two Slaughter and May mentors will be allocated to each, one from the firm’s knowledge or innovation teams and a lawyer from a relevant practice area.
Magic circle firm Allen & Overy and London firm Mishcon de Reya also run lawtech hubs for start-ups.