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Regulation: a catalyst for innovation?

Alison Hook queries whether regulation is the stumbling block between the profession and a meaningful legal technology breakthrough

28 August 2019

Legal tech was one of the breakout areas for technology investment in 2018, with more than $1bn of capital raised worldwide for applications in the legal sector according to Forbes.

So is the legal sector finally catching up with the financial services sector in harnessing the transforma­tive power of technology to improve access to and standards of service?

Well not quite. Although larger law firms in the US, UK, Australia and some parts of Europe are experi­menting with artificial intelligence, we do not yet have a legal Revolut or Mon­zo – a consumer-centred, technology driven legal service provider.

Although the courts in the UK and elsewhere have begun to address e-filing and explore the concept of online dispute resolution, little has changed.

There are many reasons for the slow take-up of tech­nology in the legal sector: Lack of investment appetite and capacity in traditional consumer facing legal ser­vice providers, data dese...

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