Small and medium-sized law firms in Singapore are now able to access a pool of 2.8 million (Singapore currency) which is available for the express purpose of helping them to adopt the latest technology. This new funding initiative was launched via an announcement from the Ministry of Law, as well as SPRING Singapore and the Law Society of Singapore.
SMEs which employ thirty lawyers or less are eligible. At present, ninety-seven percent of law practices within Singapore fit this category, so the pool of funding is available to almost every law firm in the island city-state. A study which was commissioned via the Law Society last year showed that nine percent of SMEs utilize technological tools in order to enhance productivity.
This isn’t a great statistic. It’s such a low number of law firms which are currently embracing technology in order to do business more effectively. Clearly, Singapore law firms need to move into the future in order to compete, be efficient and be profitable.
The main drawback to adopting technology at these law firms is the cost of doing so. Information about SMEs and technology was gathered via conversations with thirty-five lawyers, from fifty-eight different firms. During the discussion, the price of getting the right technology was the key reason why this type of technology wasn’t being purchased.
Discover Tech Start for Law
The new program is called Tech Start for Law and it’s funded by SPRING. The program will run for twelve months. During this time frame, law firms which purchase products which are related to technology will be able to have seventy percent of their costs covered through Tech Start for Law, for one year only.
A group of 5 products have been classified as the most basic and appropriate forms of technology for law firms. Included among these five products are practice management systems which assist firms with streamlining cases and record-keeping for clients, online research tools for legal matters and online marketing tools.
Most products in the group of 5 have price tags of three thousand dollars to thirty thousand dollars (Singapore currency). Every firm which qualifies for the Tech Start for Law program will be able to access support for three products or less.
Since the legal profession must evolve in order to function profitably and grow, this new initiative is very positive. Legal businesses have challenges, like other businesses, and accessing technology is one of them. This program will help to make it easier for Singapore law firms to modernize their approach to doing business.
Singapore Supports Its Businesses
Singapore is quite impressive in terms of the sheer volume of programs it runs in order to help its businesses thrive. The Tech Start for Law program is just one example. You’ll also find government and other Singapore organizations, such as the central bank, coming together to help entrepreneurs make progress in their careers. The progressive Singapore government is always moving towards more positive change. Luckily, all of the initiatives which help Singapore businesses, from law firms to startups, also help regular Singaporeans, via job creation and pumping money into the economy.