Law Society advocates for tech funding

The Law Society of England and Wales has commented on the recent decision by the Ministry of Justice to extend funding for legal technology through the LawtechUK initiative. Ian Jeffery, the CEO of the Law Society, highlighted the significance of the UK legal sector, noting that it generates £60 billion annually and is a world-leading economic powerhouse. He stated that this sector provides essential stability, allowing other industries to innovate, invest and grow. Moreover, with 40% of global business and financial transactions governed by English and Welsh law, it is imperative to embrace the evolving technology landscape to maintain competitiveness.

While welcoming the funding extension, Jeffery stressed that “the government’s decision to extend the funding for legal technology is vital but more is needed.” The current landscape presents significant barriers for smaller legal firms and non-profits eager to integrate artificial intelligence into their practice. Thus, he urged the UK government to broaden support options, suggesting that grants, tax incentives, and loan schemes would be beneficial for these entities.

Jeffery also pointed out the necessity of upskilling legal professionals to ensure that technology is adopted responsibly and productively. He expressed that “government-funded courses for the legal sector would be a major step in closing the knowledge gap.” This emphasis on education and training aligns with the broader goal of fostering innovation within the legal sector.

Concluding his statements, Jeffery expressed optimism about collaborating with the government to create a level playing field within the legal profession. He remarked that “an innovative legal sector is key not only for the profession but for the entire UK economy.” With appropriate regulation and support, England and Wales are poised to maintain their status as a prominent global legal hub.

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