Barclays bank has announced the launch of a new incubator in partnership with the Law Society to help scale up startup businesses in the law-tech sector.
The law-tech incubator will open soon at Barclays’ Notting Hill-based Eagle Labs, where successful applicants will get access to a 100-seat co-working space, as well as mentoring and workshops.
Together with the Law Society, Legal Geek and partnering firms, Barclays’ aim is to make the UK a world leader in law-tech, helping companies start up and scale up in the field.
Commenting on the programme, 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.”
The new incubator will be supported by a dedicated ecosystem manager and Barclays’ colleagues who will provide on-site advice for entrepreneurs on areas including business and personal finance, as well as connections into Barclays’ international networks.
Partnering law firms will provide feedback and guidance to help entrepreneurs develop, test and refine their products, with the potential to implement new technology into their firms.
Commenting on the Law Society’s involvement with Barclays, vice president Christina Blacklaws, said: “As new technologies continue to be developed, they are changing the way solicitors and their clients approach legal issues.
“Law-tech is an important area of focus for us as we seek to help solicitors and law firms keep pace with evolving client expectations. We want to ensure the profession is promoting and adopting new ideas and technologies to provide the best possible service to their clients.
“This collaboration will create a forum for solicitors to learn and innovate with entrepreneurs and developers for the common good of the legal sector. We encourage all our members to get involved.”
Startup community Legal Geek will also play a vital role in organising events to encourage the sharing of ideas, and help entrepreneurs network and collaborate.
Jimmy Vestbirk, founder of Legal Geek, said: “The launch of this new law-tech incubator marks an exciting time for the legal profession. Technology is transforming how legal services are delivered and the market is starting to sit up and take notice, with the number of start-ups and investment in the sector rising.
“London is emerging as a global leader in law-tech, with an increasing number of high growth international legal startups choosing the city as their second market.
“The law-tech space has huge potential for growth, and with initiatives like this, I wholeheartedly believe that the same success we have seen in the UK’s thriving fintech scene can be replicated.”
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