Table of contents
Introduction ........................................................................................................................................4 1 – The legal services sector in Wales ....................................................................................................5 1.1 Composition and key characteristics......................................................................................................... 5 1.2 Contribution to the Welsh economy ........................................................................................................ 8 1.3 Issues affecting current and future growth ................................................................................................ 9 2 – LegalTech, LawTech and legal innovation: the future of legal services............................................13 2.1 Recognising the role of technology in law .............................................................................................. 13 2.2 LegalTech and LawTech ........................................................................................................................ 17 2.3 Technology and innovation .................................................................................................................... 18 3 – LegalTech innovation in Welsh law firms......................................................................................20 3.1 Methodology and limitations.................................................................................................................. 20 3.2 Innovation in Welsh law firms and in law firms with a substantial presence in Wales........................... 22 3.3 Overall evaluation and outstanding issues............................................................................................... 32 4 - The LegalTech start-up and scale-up ecosystem in Wales ..............................................................34 4.1 Methodology and limitations.................................................................................................................. 34 4.2 Mapping the LegalTech start-up and scale-up ecosystem in Wales ....................................................... 35 4.3 Welsh LegalTech Start-up and Scale-Up Map ...................................................................................... 47 4.4 An in-depth look: Credas, Identitech, Validient, Wyser ........................................................................ 49 4.5 Key findings ............................................................................................................................................ 53 5 - LegalTech education in Wales.......................................................................................................55 5.1 Postgraduate courses in legal technology ................................................................................................ 55 5.2 Undergraduate modules .......................................................................................................................... 57 5.3 Research centres...................................................................................................................................... 58 5.4 Brief considerations on LegalTech education in Wales .......................................................................... 58 6 - Wales as a global leader in LegalTech: a roadmap for the future......................................................60 6.1 The key findings of our research ............................................................................................................. 60 6.2 Paradigm innovation at industry-level: the importance of a cohesive Welsh LegalTech ecosystem ....... 61 6.3 A circular approach to legal innovation in Wales ................................................................................... 62 6.4 Key recommendations............................................................................................................................. 67 Conclusion.........................................................................................................................................69
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