Lawtech consolidates the UK’s position as a global legal center

Lawtech continues to play an important role in cementing the UK’s position as a leading global legal centre, the Law Society of England and Wales has said following the release of the impact assessment report of LawTechUK.

Law Society President I. Stephanie Boyce said: “The UK is a long-standing global leader in legal services, with English law estimated to govern 40% of global corporate arbitrations and generating 250 billion from global mergers and acquisitions in 2019.

“The UK ranks second behind the US for legal services, which add £60 billion in gross value to the UK economy and employ 552,000 people, according to KPMG research commissioned by the Law Society.*

“Our research revealed that the UK is a global hub for legal technology, with London serving as a magnet for global tech investors looking to secure the latest cutting-edge technologies.

“Legal services have an impact on other sectors of the economy. Every pound of improved productivity in the legal services sector could generate between £3.30 and £3.50 of additional gross domestic product for the UK in other sectors of the economy by 2050.

“LawTech UK’s impact assessment report confirms the UK’s leading position in legal services technology.

“We have seen firsthand how lawyers have used technology during the COVID-19 pandemic, with the justice system moving online and legal professionals providing services remotely, innovating at pace to keep the cogs turning. justice and business.

“The LawTechUK report showed that the initiative supported by the UK government has improved cohesion and collaboration between the legal sector, policymakers and regulators and created a sense of urgency around the development of the lawtech.

“For every £1 LawTechUK received from the government, it got £2.30-2.60 from the private sector, indicating excellent value for money.

“As we work with hybrid or flexible models, technology will play a leading role so that the profession can continue to provide high quality legal services to its clients around the world.”

Notes to Editors

Read the independent impact assessment report from LawTechUK

* Read our KPMG-commissioned report on UK legal services and the economy

Read our comparative analysis of legal tech in the UK

Read CityUK’s 2021 Legal Excellence Report

Read our lawtech foresight report

Read our Blockchain: legal and regulatory advice report (second edition)

Read our COVID-19: cybersecurity, fraud prevention and lawtech tips

Discover our global campaign for legal centers

About the Law Society

The Law Society is the independent professional body working globally to support and represent lawyers, promoting the highest professional standards, the public interest and the rule of law.

Press office contact: Naomi Jeffreys | 020 8049 3928