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Report Highlights Opportunity Of UK Lawtech And Calls For Collaboration To Realise Future Growth
LawtechUK, a government-backed initiative within Tech Nation, established to help transform the UK legal sector through technology – has published a report on the future of UK legal and court services. The report is independent of Government and does not represent Government policy.
The report, ‘Shaping the Future of Law‘, highlights the rapid growth achieved within the UK’s lawtech sector and the opportunity further growth and widespread digital transformation in law represents to the UK economy and wider society, through cross-sector collaboration and support.
The opportunity
Produced in collaboration with a range of cross-sector contributors, the report details the benefits of widespread use of technology and data in law and the vital role of lawtech in meeting user needs, including reducing regulatory burdens and improving decision-making for businesses, meeting increasing standards of ESG, and enabling time and cost savings through document automation, data analysis and use of transformative technologies such as AI and smart contracts.
International trade alone is worth £1.153tr to the UK economy and can be streamlined through digital legal documents and effective use of data. Benefits of lawtech for consumers include greater access to legal services, and better, faster, more affordable outcomes, through DIY applications, asynchronous online services, on-demand advice and dispute resolution tools.
In economic terms, the report places the market opportunity for lawtech to be up to £22bn annually, based on data commissioned from Frontier Economics, comprising:
- Unmet demand from SMEs and consumers in the UK, estimated to be worth up to £11.4bn annually.
- Cost savings for SMEs of using lawtech products and services of up to £8.6bn each year.
- Productivity gains through increased use of lawtech by legal service providers estimated to be worth up to £1.7bn annually, which can be extended through tech adoption and the buying power of in-house legal departments.
Lawtech as the rising star
Lawtech is poised to meet this demand, with the ~200 UK lawtech companies attracting a total of £674m of private investment up to the end of 2020 and employing 7,100 people. The report anticipates UK lawtechs can attract up to £2.2bn in investment per year by 2026, as well as contributing up to 12,500 jobs over the same period, generating a GVA of £1bn – £1.5bn by 2026 – around 5% of the GVA of UK legal services – a similar ratio to the current UK fintech and financial services industry GVA of ~6%.
The average annual rate of growth in UK lawtech investment between 2017 and 2020 (101%) has outpaced that of other applied tech sectors, including climate tech (5%), fintech (20%), and healthtech (47%), demonstrating lawtech as a sector on an accelerating trajectory as the market also matures and consolidates.
The fastest growth in lawtech is seen in the regulatory compliance category, growing by 214% between 2018 and 2020, addressing the increasing legal compliance burden for businesses, and the consumer and SME category, which grew by 74% over the same period, demonstrating the wider market opportunity of lawtech that can establish its place at the core of the future economy. Legal document creation, management and review grew by 24% since 2018.
Accelerating change – the future of law
The legal sector is at an inflection point for digital transformation which has been slow to date – the technical capability and growth in lawtech is now able to meet the growing market demand, combined with fast adoption of certain technologies in the legal sector during Covid-19, and increasing emphasis on the needs of users and society at large. Lawtech offers an opportunity to add to UK economic growth and jobs, whilst directly making improvements to the legal system to benefit society.
With government investment in innovation at an all time high, the commitment to build back better post-pandemic, and the focus on digital infrastructure and court reform, the UK has a unique opportunity to secure its position as a global leader in law for the future, through investment in lawtech.
LawtechUK is calling for collaborative action from the legal sector, regulators, policy-makers and businesses to accelerate investment in and adoption of lawtech to capitalise on the growth opportunity and ensure the future of UK law meets the changing needs of business and society. The report highlights seven priority areas:
- Increased investment in lawtech R&D
- Growth of new markets
- Improved collection and availability of data, towards ‘open legal’
- Greater connectivity across the sector
- Increasing technology awareness and capability
- Policy and regulation that supports tech adoption
- Sustainable growth anchored in the purpose of law
Lord (David) Wolfson of Tredegar QC, comments: “I would like to congratulate LawtechUK on this important and timely report on digital transformation in our legal services sector, which forms an important contribution to the debate.”
Jenifer Swallow, LawtechUK Director at Tech Nation: “The law is critical in all our lives and businesses and it should be easy to engage with and affordable and effective for everyone. Lawtech is how we make that happen.
“The sector is seeing incredible growth – with lawtech startups and scaleups growing at 101% over the last three years, and adoption levels increasing during Covid-19 across our courts, legal businesses and in-house legal teams. Building on this growth, working collaboratively across the sector, we can realise the full strategic opportunity of lawtech on an accelerated timeline, and deliver results no one organisation could achieve alone – for the benefit of regular people, businesses, the UK economy and the wider global ecosystem. The £22bn market opportunity of lawtech evidenced in this report only scratches the surface of the true impact we can have through digital transformation in law.”
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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