Updated: We asked PwC why they are running the Scale LawTech programme, see the end for that answer from PwC partner and NewLaw practice head Jason McQuillen.
Big Four giant PwC has unveiled the eight scale up companies that will take part in its inaugural Scale LawTech programme, with a heavy emphasis – you may not be surprised to hear – on AI-backed compliance and contract review and management solutions.
PwC Scale aims to support B2B and B2B2C scale-ups to expand and grow within the legal sector.
The companies are:
AuditXPRT – AI solution for regulatory compliance (KYC/AMLs) and audit – https://auditxprt.com/
Capnovum – Cognitive compliance management for institutions impacted by regulations – http://www.capnovum.com/
Cognitiv+ – Using AI to get legal insights from contracts, understanding your legal obligations – http://www.cognitivplus.com/
Contract Mill – Easy to implement, powerful SaaS solution for document automation – https://contractmill.com/
Lexical Labs – Intelligent contract review – https://www.lexicallabs.com/
Lexsnap – AI powered legal Q&A platform – https://www.lexsnap.com/
thedocyard – End to end deal management platform to manage lifecycle of corporate or commercial transactions – https://www.thedocyard.co/
Scrive – Premium eSign solutions for any business to modernise workflows, across all channels. – https://scrive.com/
When it first launched the programme PWC identified that technological disruption is reshaping the legal sector with over three quarters of counsel indicating that using innovations, such as AI, machine learning, blockchain or process automation, are critical to exploit future opportunities and adapt to shifting market conditions.
Located in London the programme intends to showcase the latest fast-growth innovations across the legal technology space. It will provide the following three things:
- A series of curated events to give founders the opportunity to meet and pitch to an extended network of industry decision makers to drive commercial opportunities.
- Group masterclasses to provide insights through a combination of PwC and industry experts, as well as learning from shared peer experiences.
- Individual support, including coaching, business support and other bespoke advice.
PwC Scale is part of a series of scale-up programmes across multiple sectors: https://www.pwc.co.uk/ux23/products-and-services/pwc-scale-up-programmes.html
PwC is not the only big player to launch an incubator in this space. Barclays launched Eagle Labs last year in partnership with The Law Society. While you may wonder what benefit this presents to Barclays, at its core the Lab is an attempt to help the legal sector catch up with its fintech peers and “turbo-charge London’s law-tech ecosystem.”
At the Eagle Labs launch Barclays UK GC Stephanie Pagni said: “Our judicial system is recognised and respected globally for its fairness and it should also be recognised for its speed and agility, underpinned by technology. We want to be part of the force turbo charging that innovation.”
So, why is PwC running the programme?
McQuillen says:“PwC is obviously a massive law firm in its own right, especially when you consider that our offices are all over the world, so we are a big consumer of LegalTech. Also our clients come to us to help them with their own LegalTech stacks. So it’s really important for us to stay at the cutting edge, to know the art of the possible and where we are headed. For the Scale Ups, we really can help accelerate their growth from a variety of angles and we’re really happy to be able to put on a programme like this which is mutually beneficial.”