The Rise of Legal Technology
By Juan Luna.
A TRANSFORMATIONAL OPPORTUNITY FOR THE MEXICAN LEGAL ECOSYSTEM
We are seeing a variety of new and different practice models, but collectively they all point to a fundamental shift in the foundations of the legal market. While the market has stabilized over the past decade to produce respectable, though unremarkable, performance for most law firms, there is also mounting evidence that clients, alternative legal service providers (ALSPs), and even many law firms are now operating under a different set of assumptions about how legal services can and should be delivered, consumed and paid for.
The current disruption, fuelled by the economic crisis derived from the pandemia, will change how we work and how business interact with lawyers, and how lawyers plan and execute their work. With the world going through dramatic change, there is no doubt that the concept and context of legal innovation and the development and adoption of technology is more important than ever before.
COVID-19 has created a deep economic crisis. This will leave many businesses in a precarious state and will put pressure on all decision makers as cost reduction will be an immediate and urgent reaction to survive. This will be the main accelerator which will increase focus on cost control, effectiveness, efficiency, value added and simplification, for all service providers.
The immediate economic impact of the lockdown has been felt across the legal market on a global basis. However, we need to understand that digitalization per se, does not solve the potential structural deficit faced by many legal organizations. That is why is so relevant to begin with the right steps. Change for the sake of change is never a good strategy. Reacting to chaos without a plan is not a strategy, especially now, when we consider that more than facing a new normal, this is a continuation of the legal disruption trends that started many years ago.
In a very summarized reference, it is important to mention those key moments and circumstances that put enormous pressure to the legal industry and revamped the realization that the legal industry had to adjust and change.
About the Author:
Juan Carlos Luna is managing director of Lawgistic, an international legal consulting firm. And co-founder of LAWIT, a legal innovation and technology consulting firm, focusing on the transformation of the Business of law, supporting both legal departments and lawfirms to enhance their value added through legal operations efficiencies.