Justice Minister Sarah Sackman has emphasised that the UK's legal services sector must embrace artificial intelligence (AI) to secure future economic benefits. Ms Sackman stated that the economic prize from AI will go to countries where businesses confidently use, invest in, and build around the technology.
The legal services sector currently contributes over £40bn annually to the UK economy. Ms Sackman noted that English law governs 40 per cent of cross-border transactions and underpins trillions of pounds in global business.
The minister highlighted that the UK is a global leader in lawtech, with nearly half of all European lawtech startups located in the country. Last year, UK-founded lawtech companies secured almost £189 million in investment, a 35 per cent increase from the previous year.
Ms Sackman also mentioned that the government is modernising the justice system, including recognising digital assets as personal property and developing AI tools for courts, such as transcription and case summarisation. The government is also supporting legal services AI growth labs to encourage responsible experimentation and innovation.