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As in the financial world, legal services are subject to the forces of supply and demand within a regulated regulatory framework and, in both markets, information asymmetries allow competitive advantages to be created. These circumstances lead to any change in the regulatory framework, or in the technologies that transmit the information, will involve substantial changes in the role of the bidders and claimants.

by
DIEGO MALDONADO ROSAS
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As in the financial world, legal services are subject to the forces of supply and demand within a regulated regulatory framework and, in both markets, information asymmetries allow competitive advantages to be created. These circumstances lead to any change in the regulatory framework, or in the technologies that transmit the information, will involve substantial changes in the role of the bidders and claimants.

The financial sphere has always been a pioneer in the adoption of new information technologies. This is demonstrated by the fact that today, in favor of economic efficiency, the transaction of assets and the meeting of bidders and claimants are almost entirely digital phenomena. On the other hand, with the exception perhaps of electronic mail, until now the legal profession has not experienced the same speed or intensity of changes as the world of finance.

    … except perhaps for email, until now the legal profession has not experienced the same speed or intensity of changes as the world of finance.

Around us, and over the conservative appearance of the legal industry, there are things that are changing. In recent years the concept of LegalTech has become popular. This term allows grouping a series of technologies and methodologies that are slowly penetrating the operations of the most important law firms in the world. These offices have been adopting some of these new tools to stay competitive in the face of customers with increasingly larger needs and increasingly stricter budgets.

In this column, I will try to describe the basic and essential aspects of the technologies and methodologies that, in my opinion, will have an increasingly dominant presence in the vision we have of legal services.

The objective is that those legal professionals who are not frequently exposed to these technological subjects can understand the meaning, general functioning and basic objectives of these tools, helping with its propagation.

I will talk about legal expert systems, automatic contract analysis software, Legal Design Thinking, Smart Contracts, automatic document generation programs, among others.

Comments and questions are always welcome to my email dmaldonado@apparcel.cl

Diego Maldonado Rosas

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