Technology, technology, technology – it is the word on everyone’s lips.

Finally law firms are starting to realise the potential of legal tech investment, with Mishcon de Reya being the latest firm to create an incubator programme, MDR LAB, offering free legal advice to connect with up-and-coming companies early in their development. This follows similar efforts from various law firms, including Slaughter and May and Addleshaw Goddard, who have invested time and money on tech start-ups.

With tougher competition and rising costs, this seems to be a prudent way for law firms to invest and prepare for the future. The start-ups of today will innovate and perfect solutions that law firms will be looking to utilise in the coming years in order to manage costs and increase the effectiveness of their operations.