‘Lawtech’ is an increasingly used buzzword in the legal industry as more and more firms switch on to the potential it has. Not to mention the huge amount of investment that’s driving the industry forward at quite a pace! Financial backing has almost tripled over the past two years, with £62m being invested in Lawtech start-ups so far this year.
What does Lawtech actually mean?
Is price everything?
A growing sector
Lawtech in practice
If you’re keen to jump on the bandwagon, it’s important that your firm is invested in growing its technical capabilities. There are so many Lawtech vendors and services to choose from, it can be a minefield working out which ones are a potential match for your business. Attending conferences, listening to podcasts, searching the web and even going out to tender can help to scope and finesse the possibilities.
Vital to successfully adopting Lawtech is the implementation stage. Allowing the firm culture to shift as change embeds will take time and require careful consideration. Some Lawtech services overlap with elements of solicitors’ roles, such as admin tasks, so this will need to be factored into the shift. What’s apparent is that the variety of choiceis now blooming which could make it the right time to invest whilst the market is highly competitive.
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