The lawtech sector has doubled in size since 2017, includes about 200 companies, has attracted £647m in investment and is outpacing fintech, climate tech and healthtech
LawtechUK, a government-backed initiative within Tech Nation, published a report, ‘Shaping the future of law’, last week, that highlighted the potential for further growth in the sector with a £22bn annual market opportunity across legal services and business.
The report anticipated UK lawtechs could attract up to £2.2bn in investment per year and employ up to 12,500 people by 2026 (about 7,100 people currently work in the sector).
It identified regulatory compliance within businesses as the fastest growth area.
Jenifer Swallow, LawtechUK Director at Tech Nation, said: ‘The law is critical in all our lives and businesses and it should be easy to engage with and affordable and effective for everyone. Lawtech is how we make that happen. The sector is seeing incredible growth.’
