South East is key player in UK's burgeoning lawtech sector
The South East is rapidly emerging as a key player in the lawtech (legal technology) sector and is a catalyst for growth.
LawtechUK, the government-backed initiative has published its 45-page Ecosystem Tracker Report, offering in-depth analysis of the sector.
The UK is now a major hub for lawtech, being home to almost half of the start-up companies in lawtech across Europe.
It has evolved from a niche industry of 37 companies in 2002 to 356 companies in 2023, with the South East now hosting 23 such firms - the second highest number after London.
"The tracker highlights our home-grown talent with 254 of those being UK-founded, whilst also showing the continuing attraction of the UK as a destination for international businesses," said Minister Freer in the report's foreword.
"The UK is a uniquely supportive environment for lawtech innovation due to its flexible regulatory framework, world-class legal services sector, deep technological expertise, and entrepreneur-friendly business environment.
"Alongside LawtechUK, our rich network of innovation labs, law firms, universities and businesses have all played an important role in establishing the UK as a globally recognised leader in lawtech."
Projections show that the sector could draw £2.2 billion in annual investment to the UK by 2026.
The report also highlighted an emphasis on B2B solutions, from automating mundane tasks to offering sophisticated analytics, with 68% of UK lawtech companies focusing on catering to the needs of businesses.
In addition, over the past five years, LawtechUK has seen 26 new female-founded companies, with 14.3% of UK lawtechs in the study having at least one female founder.
The LawtechUK Ecosystem Tracker can be seen HERE.
