Many SMEs find accessing legal services a relatively daunting, challenging and sometimes expensive proposition. Enter the new wave of LawTech companies which are playing a crucial role for SME and start-up/scale-up businesses – helping companies access legal advice and documentation when either their budgets or people resources are stretched. LawtechUK, the Ministry of Justice (MoJ) backed initiative, is a driving force behind this Digital Transformation in the legal sector while also hoping to boost more entrepreneurial activity and inspire more founders to launch LawTech start-ups.
“It is essential that everyone can access justice, whether as a private individual or as a business. This is especially crucial for SMEs, which often struggle to find or afford legal services. Research shows that over a quarter of SMEs have lost income due to legal issues but only 16% have instructed a solicitor to solve a legal issue,” said Christina Blacklaws, Chair of LawtechUK’s Panel.
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