Tech Nation, a network of technology entrepreneurs, was named last week as the recipients of a £2 million Ministry of Justice investment. This funding forms part of a government funding scheme for the burgeoning legal technology sector. The lawtech industry saw a 714% increase in international investment in 2018 from the previous year, with investment reaching £1.29bn ($1.66bn) in 2018.
The network describes itself as ‘the leading scaleup network for entrepreneurs’ and already supports a government-backed panel for Fintech delivery. They will use this allocated £2m to build on another technology panel: the Lawtech Delivery Panel, a body set up in 2018 to promote technology in the legal sector. Regarding this opportunity, Gerard Grech, the chief executive of Tech Nations said, ‘we look forward to working with the LawTech Delivery Panel’s distinguished members, tech entrepreneurs, the Ministry of Justice and the wider ecosystem to grow this sector’.
Leading the initiative will be Jennifer Swallow, a former general counsel at financial transfer service TransferWise. She will engage with legal services and the lawtech community, whilst also working with the chair of this panel and Tech Nation to draw up a 2020 lawtech vision and specific projects to advance that vision.
This funding, according to the justice secretary Robert Buckland QC MP will ‘help support the development and use of UK lawtech, boost wider economic growth and pave the way for a technological revolution in the UK legal sector’.
Swallow said: ‘The transformational potential of tech is huge. Considering the foundational nature of law and legal services for our businesses and wider society, I am delighted to have the opportunity as director of the lawtech delivery function to help accelerate the evolution of the sector through tech. Bringing together industry leaders, our amazing tech talent, the wider legal community and beyond, and engaging candidly on the issues, we can step change the sector to be truly fit for the future, globally.’