The Department for Business, Energy and Industrial Strategy’s regulators pioneer fund have released £10 million to fifteen regulators tasked with realising the vision of solidifying the UK as a world leader in regulatory innovation within the legal sector.
Included within the fifteen regulators, the Solicitors Regulatory Authority (SRA) have been given £700,000 that will make up the funding for the ‘SRA Innovative Testbed’ which will search for six AI inspired products or services that will improve the legal sector.
The SRA are now looking for interested and inspired law firms, universities, tech companies and academics that have the experience, knowledge and determination to create AI products and automated services that could help improve the sector for both consumers and businesses alike.
The SRA and Nesta announced: “Continued advances in AI promise to transform the legal services industry. Investment in AI-powered services is accelerating, both within law firms and in the high growth legal tech sector.
“These developments could help tackle the longstanding problem of limited access to justice, but in practice investment is overwhelmingly focused on commercial law use cases where returns are perceived to be most promising.”
SRA chief executive Paul Philip said: “Smart use of technology could help tackle the problem that far too many people struggle to access expert legal advice.
“It will help us further build on our work to encourage new ways of delivering legal services, benefiting both the public and small business.”
Chris Gorst, Head of better markets at Nesta’s Challenge Prize Centre, said: “Our team works with innovators and public authorities with the aim of creating radically better products and services in regulated mass markets – such as the legal services sector.
“The UK is a world-leader in legal services but most people still cannot access reliable legal information or services when they need them.
“AI is set to transform the sector, so how can we ensure the benefits are widely spread? How do we enable AI to deliver on its promise in legal services while ensuring it is safe and responsible?
“Engaging with innovators will enable the SRA to accelerate these innovations by removing barriers and we will incentivise the innovators so their ideas become a reality.”
When price and service transparency are not only a regulatory requirement but also a consumer expectation, the need to offer information to the consumer instantly is imperative to legal service providers. This research and development could fast-track industry products which will transform and improve the consumer experience whilst increasing the legal service process.
Will this have a positive impact on the conveyancing sector? Do you think developing AI and automated services are crucial to the development of the sector?
