Technology and Innovation in the Legal Area: A new look at the challenges.

We now see and know new trends in the legal world, where we are adapting to the new needs of both the companies themselves and the customers themselves. The current consumer seeks immediate and quality support, independent of industry, will always feel comfortable where the treatment is fluid and deliver answers in a short time.

At this point we must deepen, as technology is one of the engines of change in this new age of digital transformation that we are witnessing. On the other hand, the lawyer and the firms involved in legal activity have had to be pushed into this reality, which while we knew it was something that would come with the passing of time, we never imagined it would be a forced and high-impact landing. We therefore understand that today the legal team needs to be at the forefront and become "technological," only in this way can we be able to meet the requirements of the market.

Did you ever imagine that technology would be mixed up with legal affairs? It is something that was either thought impossible or thought of, as the legal sector has not been characterized in history by progress in innovation, but today is more than possible and a concrete reality. In the United States and much of Europe, the practice of "Legaltech" was started more than 30 years ago, meaning "Legaltech" the application of technology to provide legal solutions.

Latin America is not exempt from this situation and has been adopting the practice of technology applied to the legal area in the last 15 years, taking as an example the different Anglo-Saxon companies that have been able to transform the legal processes, leading them to a technological system and allowing them to automate legal documents, being able to optimize the times of both response and work. In Latin America; Chile, Mexico and Brazil are the most active in this practice and take an important part of market participation today, we can also recognize countries such as Peru and Colombia becoming more and more rapid in this race, we are certainly facing an evolutionary and natural situation of digital transformation.

However, we must consider as the COVID19 pandemic that has been spread worldwide, has accelerated digital processes, forcing companies to adapt at all costs to a system that will allow them to maintain business continuity, and it is at that point that it is necessary to emphasize the particular need that legal teams are having today.

Wolters Kluwer, a US Dutch information service company, conducted a survey called "2020 future ready lawyer," where relevant data have been collected based on the examination of current trends in the legal sector and how well-prepared organizations are to enable them to boost greater performance.

Some key findings of the survey focus on how lawyers see technology as the main engine of performance, particularly linking it to productivity. In fact, the growing importance of LegalTech is the main trend for 76% of respondents, where there are groups of companies, law firms and alternative legal services firms.

However, a number of trends were also revealed and are expected to affect organizations over the next three years, where technology has been the first on the list:

• Importance of legal technology growth: 76%
• Meeting the changing customer / leadership expectations: 74%
• Emphasis on improved efficiency / productivity: 73%
• Capacity to acquire and retain talent: 73%
• Addressing the increase in the volume and complexity of information: 72%

Considering these data, we understand that the legal market is constantly changing and it is necessary to be proactive rather than reactive when identifying the needs that legal teams are having in relation to their demands.

In Alster, as part of the legal consultancy that we have implemented in some of our clients, relevant data have been collected that are in line with what Wolster Kluwer described, for example we have obtained findings, independent the company industry, where the internal legal teams are small considering the magnitude and amount of work they can have and that in reality, considering all the changes that we live in this market, is little to be able to cover and above all to get a quality job. Technology can help, thus incorporating a system that allows them to speed up the process of legal documentation and affairs management, thus improving the leadership capacity of legal teams when sharing this information with other areas transparently.

Along with that, Alster has developed a unit focused on the use of technology called Alster Technology, where thanks to the findings and diagnoses that we have been able to raise throughout history with our customers, have been the key to being able to solve the pain experienced by the teams today in this area. Through technological platforms we can support companies to automate their work and allow lawyers to do their best, to be lawyers and also to give them space to become a strategic partner of their organization and not to waste much of their time in administrative tasks.

We invite you to know in detail our technological solutions for legal equipment HERE.

For more information you can write to us contact @ 18.209.34.37 to know the platform and request a free demo.