Will larger firms follow suit? A recent article published in The Edge indicated that the Bar council will come up with an accreditation system for legal tech provided solutions.
So the question is, will this cover foreign legal tech’s solutions used by local law firms as well?
The future in technology committee founded by the Bar Council of Malaysia will be producing a regulatory framework for legal startup in Malaysia by the end of this year. Legal tech is a growing phenomenon on a global level with over USD 2.492 B funding worldwide, with Malaysia only have USD 200k and Singapore leading with USD 681k.
The Bar Council indicated that this isn’t a race holds water but it implies it is taking a reactive approach rather than a pro-active one. Senior Minister of State for Law Indranee Rajah stressed the importance of future-proofing legal professionals by deepening their skillsets and industry expertise, so as to ensure that the legal industry here is competitive internationally.
Like banks, the Bar Council may consider opening a sandbox for legal tech startups to test their products in a monitored environment similar to that of Bank Negara’s Fintech sandbox. For without the active step forward, our legal industry may lag behind again amidst this new wave of innovation and competition.