The Law Society, the representative body for solicitors in England and Wales, has partnered with Seedrs. The aim is to connect its members with innovative lawtech startups looking for investment opportunities.
It’s encouraging law firms to adopt innovative tech solutions and set out its vision for a more integrated legal tech ecosystem at the Legal Geek 2017 conference, where the new collaboration was announced.
Exciting times for the legal sector
Karen Kerrigan, Chief Legal Officer at Seedrs said, “As a Law Society member myself, I’m excited by the enormous value that this partnership can deliver to the legal sector. The Law Society has recognised the unrealised potential of greater digitisation and automation for the legal industry.”
While lawtech is still in its infancy, a host of startups are already changing the way legal services are delivered, making the sector an appealing prospect for legal professionals who are looking to future-proof their industry.
Karen added, “We are excited to invite innovative lawtech startups to pitch for capital from a new and savvy audience of legal professionals on the Seedrs platform, and in turn give those investors the chance to play a role in the future success of the thriving lawtech scene by using an efficient and trusted investment platform.”
Boosting the legal services and lawtech sectors
With the UK legal services market worth in excess of £26 billion a year, there’s a significant opportunity for ambitious and innovative startups to boost the legal industry. One way is to provide a range of complementary services to help the incumbents improve their existing service.
According to a report by Legal Geek, the UK’s largest lawtech community, the space is growing at a rate that’s in keeping with demand:
- 46% of lawtech startups are innovating to help law firms become more efficient and win new customers.
- 160% increase in new lawtech businesses launching year on year.
Fintech’s paved the way for lawtech to thrive
In the same way that fintech has flourished because the UK offers access to best-in-class tech talent, ample growth capital and progressive regulation, new lawtech businesses can take advantage of the same factors, supported by a world leading legal profession.
The collaboration means that ambitious lawtech startups will have the support of the Law Society when they pitch for capital on the Seedrs equity-crowdfunding platform.
Christina Blacklaws, vice president of the Law Society commented, “Harnessing technology effectively can have a significant impact on how solicitors operate and engage with their clients. This partnership will help us bring solicitors and entrepreneurs together to support innovations which will benefit our members and their clients. We are excited about the opportunities this will create for our members as they develop and grow their businesses.”