The new Barclays initiative to nurture law tech startups is also backed by the Law Society, major law firms, Legal Geek, University College London and The University of Liverpool
From chatbots interpreting legal jargon to apps creating contracts on the fly, law tech startups are transforming how solicitors service their clients. And now a new incubator aims to do its part to ease the change.
Having already opened 14 legal technology incubators around the UK, Barclays, the bank, has announced the launch of its 15th Eagle Labs in Notting Hill. The initiative aims to offer guidance, co-working spaces for up to 100 people and the opportunity to take part in networking events, all of which are designed to enable entrepreneurs to successfully launch and scale their law tech startups.
The incubator was launched in a partnership between Barclays, the Law Society, the law tech startup network Legal Geek, University College London and The University of Liverpool as well as a slew of leading law firms including Allen & Overy, Baker McKenzie, Brethertons, Capital Law, Clifford Chance and Clyde & Co. Together they hope this latest addition to the Eagle Labs family will help UK startups become leaders in law tech by providing both support and advice.
Commenting on the launch, Ashok Vaswani, chief executive of Barclays UK, said: “Law tech is an area where the UK has every reason to be a world leader. It is home to some of the greatest law firms in the world and we want to help build on the success of its legal sector and play a leading role in transforming law tech in the future. The impressive range of partners supporting this initiative shows just how important this is.
“Our Eagle Labs are supporting thriving new businesses up and down the country and our Notting Hill lab will lead the way as an industry centre of excellence for law tech.”
Last year, investment in the law tech space had already grown to an impressive £16m, according to Reuters. With the support of heavyweights like Barclays behind them, we’re confident that this number will soar in the not too distant future.