An Artificial Intelligence business backed by Google has purchased a high street law firm in a first for the UK.
While AI law firms have begun to emerge in the market, and many firms already use AI for support, the purchase announced this week marks the first time an AI business has acquired a traditional law firm in the UK.
Lawhive, an AI legal-tech platform set up in 2019, raised almost £40 million in funding last year, including an investment of over £9 million from Google Ventures. It has now used some of that cash to buy Woodstock Legal Services, a firm founded in 2014 and headquartered in Poole.
Part of the appeal for the AI business seems to be Woodstock’s expertise in property law (the firm also advises on areas including family law, employment and private client).
Casting its robot eye over the conveyancing market, Lawhive commented that “administrative burdens routinely delay one of life’s biggest decisions – buying a home. Property lawyers spend hours manually filling forms and chasing documents, while stressed clients face uncertain timelines and communication constraints.” And they may have a point.
Lawhive said that its “AI colleague” Lawrence “handles labour-intensive administrative tasks” in order “to give time back” to lawyers and enable them “to focus on building meaningful client relationships and delivering expert advice.”
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