Legal services are changing. You might not notice by looking at the way most lawyers behave, but there are some strong trends emerging.
Let’s take a look at one of our R&D customer success stories, Avvoka, who are changing the face of contract automation. They have developed “smart” contract automation software for busy legal and commercial teams. Innovation was at the heart of the software, with the technical fire power of machine learning and novel smart contract code at it’s helm, the team recognised that some of their cutting-edge work may qualify for R&D tax credits and hired The Accountancy Cloud to handle the claim. The rewarding process has since changed their whole attitude and approach towards their innovation.
“Knowing that R&D tax credits are there focuses the mind on innovation. In our roles, we always question where the innovation is. I’d suggest that companies who qualify look beyond the obvious cash benefit. The real power of this tax incentive comes when you use your imagination as to how you can spend the money to drive your growth”
There are lots of little sparks of innovation in the legal tech sector, some of which turn into flames like the Avvoka team. Co-founded by ex-city solicitors David Howorth and Eliot Benzecrit they saw the potential to bring a new technology-led approach to the contracting and diligence process.
The team started by focusing on allowing customers to automate, non-negotiated, business contracts on a mass scale. Since 2016, the system was built to accommodate contracts that require heavier negotiation between parties with more equal bargaining power. Elements within the Avvoka platform has driven it’s focus on artificial intelligence, intra-collaboration, and self-execution.
For a specialist legal tech company, discovering that there is government support for their innovative work has made a really positive impact. Improved cash flow is an obvious benefit. This mean projects can begin more quickly and with enhanced design resource ultimately improving customer outcomes. At a more abstract level, they report that it has made them far more aware of their innovation as a selling point when engaging with clients.