Plans for a new Government backed Lawtech Sandbox have been unveiled. The new sandbox is inspired by the success of the Financial Conduct Authority’s (FCA’s) regulatory sandbox, which was launched in 2016 becoming a key driver of the UK’s world leading fintech ecosystem.
The plans for the sandbox were annouced by Tech Nation and will sit under a new initiative, LawtechUK, a collaborative effort between Tech Nation, the Lawtech Delivery Panel and the Ministry of Justice, to support the digital transformation of the UK legal sector. techUK is looking forward to working together with LawtechUK as its work develops and is already supporting its work with techUK’s Associate Director, Sue Daley, sitting on the LawtechUK Ethics Unit.
The initiative also includes the establishment of an online dispute resolution platform offering SMEs a cheaper alternative to resolving late payment disputes and the development of the Lawtech Online Hub and Training Centre, containing free digital courses on legal technology and open access data on the legal technology sector.
The UK is a world leader in both the legal and technology sectors with this new project seeking to provide a strong foundation for driving forward tech innovation in the legal sector which could more than double productivity and reduce the costs of legal services to UK business users by £350 million by 2030.
techUK has been a supporter of UK sandboxing initiatives with both the FCA sandbox and the ICO sandboxes creating environments for regulators and innovative companies to work to collaborate to create exciting new business models and inform innovation enabling regulatory practice.
Technology and innovation will be vital to ensuring the economy can adapt to the challenges posed by COVID-19 and power the economic recovery once the public health crisis has passed.
Supporting and expanding innovation enabling measures, such as regulatory sandboxes will be key to ensuring the UK not only actively supports the innovative tech products and companies it needs, but also informs the regulatory and legal framework which will allow them to scale and create the space for other disruptors to enter the market.