Singapore has embraced legal tech innovation more than its Asian neighbors
The COVID-19 pandemic has torn up the rule book on business strategy for legal service providers and law firms around the world, and now more than ever, firms are being forced to embrace technology or risk being left behind.
Arguably, firms have had many years to prepare for this transformation, but as the industry adjusts to the accelerated rate of change, only a small number of firms in Asia have managed to stay ahead of the curve.
Most of these are in Singapore, which now counts about 25 legal technology startups in its ecosystem. Other countries in Asia, including Indonesia, Malaysia, the Philippines and Thailand, can also boast some legal tech startups. But Singapore stands because of the help the government has provided. Nowhere else in Asia has there been a comparable amount of sovereign investment in legal technology and innovation.
The Singapore government has invested heavily in legal technology with the objective of fostering an environment that encourages both domestic and foreign startups to build on their ideas in the city. Last year, the Singapore Ministry of Law, the Law Society of Singapore and other government agencies launched a US$2.7 million program to help small and medium-sized local firms adopt legal technology. read more