The Law Society seems to be trying to dispel the legal sector's association with dusty tomes and robes, announcing today that it has partnered with startup investment platform Seedrs.
As the representative body for solicitors in England and Wales, the Law Society is hoping to encourage its members to take up more innovative tech services in their firms.
The partnership will give Law Society members priority access to selected legaltech deals before they go live on the platform, and discounts to certain Seedrs partnership services.
It will also mean that any legal sector-focused startups raising on the platform will have the backing of the Law Society, giving prospective investors a confidence boost and the companies access to its resources.
“While lawtech is still in its infancy, a host of startups are already changing the way legal services are delivered – making the sector an appealing prospect for frustrated legal professionals like me, looking to future-proof their industry,” said Seedrs' chief legal officer Karen Kerrigan.
Investors on the platform can give mentorship as well as contribute capital, and the Law Society hopes solicitors will work with entrepreneurs to deliver innovations that can benefit the industry.
Seedrs has completed more than 530 deals with over £270m invested into campaigns on its platform.
According to a report by legaltech community Legal Geek, 46 per cent of legaltech startups are helping firms become more efficient and win new customers. There has also been a 160 per cent increase in new legaltech businesses year on year.