The legal profession will continue to be artisanal but with the help of technology

The technology It has grown naturally, organically and has accelerated the evidence of change in the legal market, as was the opinion of Sergio Legorreta, a partner at Dentons, during his speech at the panel “Future of law in practice”, organized by Lemontech.

He mentioned that currently there are two aspects that must be taken care of: Talent and reviewing the mechanisms of recruitment, retention and getting people to stay to work and increasing the cost effectiveness between 30 and 50% with technology.

During the Foro Legaltech Revolution 2021Giancarlo Bardales, Grupo Salinas legal director for Latin America, said that it is essential to adapt to the new times. “It is not the future, it is the present. There are fewer and fewer applicants, we have had to accelerate a series of processes, the communication platforms (zoom) have allowed us not to travel, the efficiency with the areas that we coordinate has not diminished, we have to understand it, adapt ourselves ”.

Carlos Pérez-Aristi, partner at Baker Mckenzie mentioned that it is necessary to train and learn to use the new tools offered by the market in order to be more productive. “You must put yourself at the forefront. We are in that moment of being renewed or dying ”.

Bardales insisted that the challenge facing the lawyers is to make the automation of processes really successful. “Technology is not going to guarantee success, but it brings you closer.”

The specialists mentioned that there are already chatboxes and tools that help interaction with lawyers and that support their strategies with Artificial Intelligence, the Internet of Things and algorithms.

Transformation

During the conference “The legal industry in the new digital era” offered by Eugenia Navarro, associate professor in the Law department of ESADE Business & Law School, mentioned that the main trends are:

Highly competitive environment with very low growth: “start quota”.

  • “Commoditization” of legal services 30% and going up.
  • Pressure on fees and demand for efficiency.
  • Sophistication in selection processes: contests and Request for Proposals (RFP), which are calls for submitting project proposals.
  • Certainty in billing: Search for alternative billing models.
  • Need for predictability in the cost and in the visualization of the service.

Eugenia Navarro commented that in law firms the emergence of new techniques or professions that include engineering, data science with a focus on: predictability, collaboration, technology and flexibility.

“That is why there are emerging: new providers in the sector with different models, the empowerment of the buyer of legal services, the search for the measurement of the value contribution of legal advice to business, the important specialization, sector or area of ​​practice: understanding of the business, the emergence of the digital environment, Legaltech, social networks, personal brand – corporate brand, the relevance of online services, which is leading to a change in the lawyer’s profile ”.

“With the pandemic, technology in the legal sector accelerated, which has led to a transformation and even in virtual trials,” he concluded.

[email protected]



Reference-www.eleconomista.com.mx

Leave a Comment