Our new report, Movers and Shakers: UK Lawtech Startups, details the current state of play for the many startups in the UK and Ireland that are using technology to disrupt what has been a historically conservative and traditional market. The report, published in partnership with Legal Geek, gives insight into these lawtech companies – who they are, the solutions they offer, how much funding they’ve received and more.
From chatbots that help the consumer understand legal terminology to enterprise-wide solutions for the largest law firms there appears to be something for everyone. And albeit relatively small, and slow in emerging, the market is diverse and dynamic, and, crucially, starting to produce success stories.
The report also includes the latest UK Lawtech Startup Map – a one-of-its kind visual representation of the UK legal startup community, first created by Thomson Reuters and Legal Geek in 2016. Based on the iconic London Underground map it uses different “Tube” lines to indicate the various categories or market segments that start-ups are operating in, like Practice Management, Marketplace, Contracts, Risk and Compliance, Law for Good, and Analytics and Search.
How is lawtech changing the legal services market in the UK and Ireland?
Sam Steer, Thomson Reuters, Legal, and Jimmy Vestbirk, founder of Legal Geek, along with a number of startups featured in the new report, recently shared insights into the growing area of lawtech, and why it is important for all players in the legal services market to stay informed.
Sam Steer notes that “The new lawtech ecosystem is bringing with it a number of changes, particularly to the roles that are undertaken within law firms and the activities that lawyers and others within law firms and other organisations undertake.” Jimmy Vestbirk, Legal Geek founder, adds that “Law firms need to catch up with the fact that these new roles are coming; technology is going to enable those new roles, and what skills lawyers will need in the future.”
“It’s better to understand what’s happening to your sector and be a part of it than to wait on the sidelines and have it happen to you” says Daniel Van Binsbergen, CEO and co-founder of Lexoo, Europe’s largest legal marketplace.
Two key market drivers: efficiency and cost reduction
Increased efficiency and cost reduction are the two key market drivers that continue to intensify. And with no evidence to suggest that these pressures will reduce any time soon the stage does indeed appear to be set for continued growth and investment in UK lawtech. Over the last 18 months the start-ups on the Thomson Reuters Legal Geek Startup map raised a combined $15m in seed/series A funding.
A number of start-ups, including Neota Logic, Rocket Lawyer, Seal Software, RAVN and Kim Technology have joined the “graduate” ranks. Steer says, “We wanted a clear and defined approach to enable tracking start-up progress over the life-cycle. With this in mind we have defined graduates as companies that have revenue in excess of £5m and who are well on the way to being substantial, sustainable enterprises.”
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UK lawtech scene
About Legal Geek
Legal Geek is the largest UK community of lawtech start-ups with over 4,000 members. You can learn more about Legal Geek by visiting its website.
Thomson Reuters and start-ups
For more on Thomson Reuters and startups, read why we think corporations and startups can form beautiful partnerships.