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How is the Legal Tech Market Performing in the UK?
The investments flowing into legal tech makes it one of the most exciting sectors in the UK, a country known for its dynamic business ecosystem.
FREMONT, CA: The credit for the digital transformation of the legal sector in the UK goes to its thriving legal tech. The rise of legal tech in the UK has been fueled by enthusiastic legal practitioners and representatives who have constantly created the demand for technology-backed solutions that has fostered rapid digitalisation. Many of the successful legal tech firms in the UK are startups that have been able to generate a lot of funding over the years. With investments showing no signs of slowing down, the market for legal technology offerings is now expected to expand over the coming year.
The UK has supported the growth and development of legal tech in various ways. Its open market and favourable regulatory frameworks have allowed external investments in law firms. This has resulted in a dynamic industry that is driven by healthy competition. Competition has led to a lot of innovations and a drop in prices of offerings. Overall, the UK has been able to offer legal tech firms with a good network of facilities and experts who support business development and nurture innovations. These inter-related factors, along with incentives, make the legal tech domain a highly attractive one for entrepreneurs, as well as investors.
Legaltech Startup Report published by Thomson Reuters and Legal Geek says that legal tech startups in the UK attracted around €70 million in 2018. Compared to the previous years, the value of investment more than doubled. In 2019, the trend has continued on the same trajectory of growth. Thus, it is no surprise that the UK is considered to be the hub of legal technology in Europe. The use of advanced technologies like AI and ML in legal solutions has increased. From offering data protection to providing analytics tools, legal tech firms are empowering law firms in several ways. As legal tech keeps evolving in the UK, the inflow of funding and robust support infrastructure will result in a market full of opportunities.
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