Singapore 'a shining light' for legal technology in Asia
Alpha Creates consultant Dharmendra Yadav says Singapore-based legaltech companies can also cater to the legal services market beyond Singapore. Mr Eric Chin, a principal for innovation and strategy at Alpha Creates, says Singapore has a thriving legaltech industry in the region.
Singapore is punching above its weight in embracing the legal technology trend.
The Republic, with about 5,900 lawyers, has 49 legaltech companies, according to a report.
The number of such firms here exceeds that of China, which has 43 even though it has some 460,000 lawyers. Japan, with 42,642 lawyers, has 42, said the Global Legal Tech Report Asia 2020.
IT powerhouse India has more - 84 legaltech firms - but its base is some 1.7 million lawyers.
"Singapore has been a shining light in the Asian region for having regulators that are embracing legaltech as an enabler instead of a threat," said Mr Eric Chin, a principal for innovation and strategy at Alpha Creates, a Sydney-based legaltech company that co-produced the report.
Grant programmes introduced by the Law Society of Singapore and the Singapore Academy of Law as well as law and tech convention TechLaw.Fest have created a fertile environment for the organic growth of local legaltech start-ups and for attracting overseas legaltech companies into the country, he added.
"As a result, Singapore has a thriving legaltech industry in the region," he said.
The legaltech market here is led by a combination of mainstays like legal research portal LawNet and the LexisNexis database as well as new legaltech companies that have emerged in the last few years such as Narus, Rajah & Tann Technologies and Pactly, he added.
Alpha Creates consultant Dharmendra Yadav said Singapore-based legaltech companies can also cater to the legal services market beyond Singapore.
"This is the natural thing for them to do, given that many international law firms and legal teams have their regional headquarters in Singapore. Additionally, there are also the aspirations of strong Singapore-headquartered companies like DBS Bank to build a better world; it is only natural for legal technology companies to align themselves with these laudable aspirations," he said.
Alpha Creates is a tech consulting firm that specialises in the legal industry across the Asia-Pacific region. It also works with law firms and legal departments here on innovation and other projects.
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