One of the largest law firms in the UK is to start offering complementary legal advice worth up to £500,000 to fintech startups in an attempt to help them grow.
Working through the AG Elevate scheme, Addleshaw Goddard hopes that the initiative, which has seen success in US as well as other UK based firms, will help young firms to prosper and avoid legal pitfalls.
The firm is clearly looking to the future as it does so, recognising that if these young FinTechs ultimately grow to become large companies, there is every chance that they will continue to utilise the services of Addleshaw Goddard. Offering them free service now may prove to be a smart piece of business development for the future.
“We want to be at the heart of helping firms we work with to be a success. FinTechs often come to market quickly and need nimble advisers that they can work collaboratively with, who are responsive, as well as people they can talk to, who can offer guidance and support, rather than just providers of hard-edged legal advice” said Addleshaws FinTech head Fiona Ghosh.
FinTech is a growing and competitive market in the UK. As technology continues to advance, FinTech will only become more important to the financial services sector. Earlier this year EY reported the sector was worth £6.6 billion to the UK and employs over 60,000 people.
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U.K. law firm, Addleshaw Goddard, has announced that it will be offering free mentoring and legal advice to FinTech startups through a new scheme worth up to £500,000, according to. Over the next 12 months, companies selected for the AG Elevate scheme, which will be launched next week, will have the chance to attend the law firm's training and network events.
If even one of the companies that Addleshaw Goddard are advising becomes a unicorn such as Skyscanner or Funding Circle and decide to retain the law firm’s services, then their free consultancy will begin to look like small change.
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