LegalTech will continue to “shape the industry” according to ME Group’s Chief Operating Officer, who believes reliance on technology will create innovative ways in which people can work and access justice.
Jo Sharp, who has over 20 years’ experience in the financial sector, feels that continued advancements will enable a responsive environment allowing businesses to be more efficient.
According to technological research and consulting firm, Gartner – legal technology spending increased from 2.6% of in-house budgets in 2017 to 3.9% in 2020.
It predicts this spending will increase to approximately 12% of in-house budgets by 2025, a threefold rise from 2020 levels.
Jo also believes LegalTech is vital when managing strategic risk – allowing for more robust and structured procedures for businesses.
She commented: “LegalTech will continue to revolutionise the industry creating agile environments and the ability to manage large volumes of data through automation.
“It will not only be seen as a technical advantage and benefit, but also as the enabler for operational excellence.
“This will be seen through key strategic elements such as performance, cost and risk measures, with a clear focus on the client outcome through continuous improvements.”
ME Group champion access to justice through litigation funding and LegalTech.
Their proprietary technology enables litigation funders, litigation insurers and claimant law firms to automate their due diligence and underwriting of volume consumer disputes.
This helps to increase data accuracy, validity and efficiency for all stakeholders.
Jo adds: “Streamlining our processes in this way allows an efficient journey for the end user.
“I’m proud of how forward thinking ME Group have been in this space and we continue to build on our successes enabling law firms to provide more justice to their clients.”