The Lord Mayor, Nicholas Lyons, will today (18 July) at the annual His Majesty’s Judges Dinner champion the powerful role of the UK’s legal services and lawtech sector in generating economic growth and innovation. The UK’s lawtech sector is made up of 200 firms producing over £650 million in revenue – a figure which is expected to grow to £2bn in the next few years.
The Lord Mayor will speak alongside the Lord Chancellor & Secretary of State for Justice, Alex Chalk KC MP, and the Lord Chief Justice of England and Wales, Lord Burnett of Maldon.
An extract from the Lord Mayor’s speech is found below:
“A third of Western Europe’s legal services fee revenue is generated here in the UK, with UK legal services generating over £36billion in revenue and employing 365,000 people.
“Not only is this a sector which continues to grow, it is a sector which continues to innovate.
“The City Corporation is working closely with the sector to support innovation in the UK’s Lawtech sector, which now has 200 firms generating two thirds of a billion in revenue – a figure which is expected to grow to two billion in the next few years.
“Almost half of Europe’s Lawtech startups are based here in the UK, with the FT’s top 5 innovative European law firms all being British.
“The use of AI, for purposes both legal and illegal, presents huge challenges and opportunities which will only accelerate the pace of change across the sector.
“So, as well as our historical reputation, it is vital that we remain home to the sector’s latest innovation – which the City Corporation is determined to support.
“Our legal system will have to continue to transform to keep pace with these technological advancements. The Salisbury Square Development will be a key plank of this initiative.
“Working closely with the MOJ, this will be a flagship facility for His Majesty’s Courts and Tribunals Service, providing magistrates’, civil and crown courts across 18 state-of-the-art courtrooms, which will sit alongside a new headquarters for City of London Police and grade-A office accommodation.
“Our Policy Chairman, Chris Hayward, has helped us drive forward with this major project, which will ensure we adapt to the changing demands on justice and policing and provide specialist expertise in dealing with fraud and cyber-crime.
“This project is an important element of the HMCTS reform programme and we hope it will help to spur much-needed investment in the fabric and the staffing of the rest of the nation’s courts across England and Wales, truly demonstrating the value we attach to the rule of law – which is the bedrock of our society, our trade and our international reputation.”
