It’s all about the ‘eco-system’The Notting Hill branch was opened with the support of the Law Society, PwC, startup community, Legal Geek, as well as the University of Liverpool and University College London, giving no doubt about what topics would be on the agenda. Providing some 100 techlawcrats?with low-level flexible rents, and an array of brain-boosting facilities, the Lawtech Eagle Lab looks a place where startups with promise can hope to soar. Let’s meet some of them.
- Founders (from right) Jack Bidgood and Olly Thornton-Berry were inspired to start Thirdfort after a close friend was defrauded whilst trying to buy a property, and never saw the money again. consulting other buyers and property lawyers, they discovered that far too many people were experiencing fraudulent?property transactions in the UK.
“People forget how paper-based the property purchase process is in the UK. This leaves room for errors and opportunities for people to forge documentation.”?? Olly Thornton BerryComing from backgrounds in software, banking, and property, this entrepreneurial trio felt they could put their heads together and come up with a solution. This became a digital system that protected both buyers and lawyers from fraud,?whilst cutting down on the dull administrative aspects of traditional property transactions that lawyers have to deal with. By offering a more secure ‘third party’ management service that holds the buyer’s funds whilst the transaction process is underway, lawyers pay a lower indemnity insurance as a result.
“By digitising?the purchasing experience, property lawyers can deal with the extra ‘know-your-client’ regulations more effectively, whilst making the transaction process clearer for everyone”.Thirdfort?also offers a clear digital pathway for all three parties, including lawyers, buyers, and the vendor, enabling all can to see the payment process more clearly. This means greater clarity about where the money is going, and who it’s going to, which also cuts down on administration and pencil pushing from lawyers.
“For example, if HR professionals need to analyse?data information, they can do that easily and see how their specific department needs to comply with regulation laws.” ?Beth Kendall-Hirons, Data SolverBreaking down the complex language of GDPR compliance through software based on legal expertise, easy access technology, and non-technical language, Data Solver is helping companies reach their compliance objectives more easily, and effectively.
Barclays Eagelabs: Soaring up to the futureLaw-tech is no longer a fantasy fusion concept. The easy fit between these two industries, and their potential to work together to make businesses more effective and legally compliant is evident in the startup leaders that spoke at the Eagle Lab event. Technology that allows employees to make the most of their skills by cutting down time on administrative tasks, whilst making their companies legally compliant, can only increase working productivity, brand reputation, corporate transparency, and stakeholder confidence in businesses across the industries. Because, who doesn’t want time-saving and morally upright tech?
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