Non-lawyers will disrupt the legal technology market such as to create a “tipping point”, probably in the next five years, the outgoing head of Lawtech UK has predicted.
Two lawtech start-ups have secured significant investment – one a software platform aimed at corporate in-house legal teams and the other a one-stop shop for the legal needs of SMEs.
An app for SMEs and individuals which uses artificial intelligence to help diagnose and solve legal problems has almost completed its largest investment round so far.
PocketLaw, a start-up aiming to provide a one-stop shop for the legal needs of SMEs, has secured further funding of £1.2m, while an online divorce service has named a top judge as an advisor.
An online dispute resolution platform would help solve the problem of late payment debt by providing SMEs with a quick and cheap alternative to traditional lawyer-based solutions.
Clients should be put at the heart of legal technology by law firms, including being asked for consent before artificial intelligence is deployed, solicitors have been told.
The past year has seen a “step change” in the adoption of legal technology and innovation, in part as a result of Covid-19, a major piece of new research has found. However, significant barriers remain.
Access to judicial data should be made easier to increase public trust, while fears it will be used to create accurate predictions of what judges will do are overblown, a seminar heard last week.
The average annual growth rate for investment in UK lawtech companies over the past three years has hit 101%, a much bigger number than that seen in sectors such as finance or health.
A house in Kent is the first being sold using a blockchain network that connects conveyancers with estate agents and mortgage lenders.
Following approval from the Legal Services Board in May 2022, CILEx Regulation has launched an alternative route for chartered legal executives to obtain independent practice rights.
In May, news broke that a non-fungible token was the subject of a successful injunction made by the Singapore High Court. The NFT in question is part of the very valuable Bored Ape Yacht Club series.
There are many good claims brought for damages that are likely to be significantly less than twice the cost of bringing the claim. These cases present a real challenge for insurers.
LexisNexis Enterprise Solutions and Coadjute unite to facilitate property market digital transformation