The Law Society has partnered with Seedrs to connect its members with innovative legaltech startups looking for investment.
The Law Society is encouraging law firms to adopt innovative tech solutions and set out its vision for a more integrated legal tech ecosystem at this year’s Legal Geek conference.
It’s reckoned that with the UK legal services market worth over £26bn, there is a significant opportunity for ambitious and innovative startups to boost the legal industry, providing a range of complementary services to help the incumbents improve their existing service.
According to a Legal Geek report, the UK’s largest legaltech community, 46% of legaltech startups are innovating to help law firms become more efficient and win new customers, and with a 160% increase in new legaltech businesses launching year on year, the space is growing at a rate in keeping with demand.
A statement said that the success of FinTech in the UK has in many ways paved the way for legaltech businesses 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 legaltech businesses can take advantage of the same factors, supported by a world leading legal profession.
Chief Legal Officer at Seedrs Karen Kerrigan 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 legaltech 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 frustrated legal professionals like me, looking to future-proof their industry.
“We are excited to invite innovative 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 legaltech scene by using an efficient and trusted investment platform.”
Vice-president of the Law Society Christina Blacklaws said: “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.”
