Singapore Emerging as a Global Hub for Legal Tech
Singapore has always been identified as one of the most accessible markets to run a business. The stable and thriving commercial environment of the country provides a gateway to conduct business in the Asia Pacific Markets.
Also, English being the most commonly spoken language makes it easier to incorporate the latest technology across any business without having to face the language barriers. The Singapore government’s commitment to create a technology-driven nation attracts more investors to start their business here.
Traditionally, the legal sector is regarded as laggards when it comes to using technology. They are skeptical of technology and preferably stay away from its consequences. However, Singapore is leading the pack in changing this conception about the legal industry.
Over the last decade, there has been a significant increase in the number of legal firms in Singapore, most of which are associated with legal tech services.
Globally, the legal tech market is estimated to be worth USD 15.9 billion. Legal tech solutions use a combination of data analytics and machine learning, to help lawyers with relevant cases and also predict probabilities of case outcomes.
The use of legal tech enables law firms to improve their legal operations, with the use of tools like knowledge management solutions, matter management solutions, contract management solutions, practice management solutions, billing solutions, communication solutions, and collaboration solutions.
The Southeast Asian legal market consists over 24800 lawyers. Singapore ranks second among Southeast Asian nations in terms of population per lawyer ratio. The country also boasts of the largest legal tech ecosystem in this region with 25 legal tech firms.
This is mainly due to the high concentration of multinational companies and law firms in Singapore. It has a legal market worth USD 2.1 billion and over 900 law firms.
The Future Law Innovation Program (FLIP), set up by the Singapore Academy of Law (SAL), is a major contributing factor for the growth of legal tech in the country. This initiative, supported by the government, aims to drive innovation and encourage adoption of new technology across the legal sector.
It has facilitated the use of dedicated co-working spaces to incubate legal technology startups. The initiative also enables virtual collaboration platforms for innovators in the legal industry.
