Google Invests in London AI Law Firm's Growth with ￡9.5m Funding Round
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The tech giant Google is making waves in the legal industry. Google Ventures (GV) has led a ￡9.5 million seed funding round for Lawhive, a London-based legal tech company pioneering the use of AI alongside human lawyers to improve affordability in legal services. This investment follows Lawhive's previous ￡1.5 million funding in April 2022.
Lawhive was founded back in 2021 but the AI tool made headlines last year in November when its AI-powered paralegal successfully completed SQE1, scoring 74% on the multiple choice sample questions available on the Solicitors Regulation Authority’s website.
The AI bot, dubbed ‘Lawrence’, was able to answer 67 questions out of 90 multiple choice sample questions successfully.?
Jump forward a few months and Google Ventures, the venture capital arm of Google’s parent company Alphabet, has pumped ￡9.5 million into the firm.
Commenting on the need for AI in law, chief executive of Lawhive, Pierre Proner, said:
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“The consumer legal market is totally broken and hasn’t really had an update in hundreds of years. It came out of personal experiences of really battling an airline while trying to get money back during Covid, and feeling totally cut out of the legal system. We went to some high street firms to see if they could help, and it was far more expensive than was justified to pay.”
He claims that Lawrence helps clients identify cheaper solutions while keeping lawyers away from "repetitive legal work" and guarantees that they are "not getting an AI chatbot, they are getting a real human lawyer working with them."
"Lawhive not only dramatically improves legal workflows but also makes high quality legal advice more accessible and affordable to a broader audience," said Google Ventures partner Vidu Shanmugarajah in regards to the latest investment.
Lord Justice Birss, a judge in the UK, stated earlier this month that "AI used properly has the potential to enhance the work of lawyers and judges enormously." "It can and should be a force for good," he continued, adding that "it will democratise legal help for unrepresented people."
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