Now, they must be prepared to face the challenges of the digital fourth transformation, such as artificial intelligence, big data, blockchain, or cyber security.
If you’re thinking about starting your own law firm, the first thing you should do is choose between opening a traditional law firm or creating a Legal Tech startup.
The legal practice of advocacy has undergone major changes since 2008, due to the following factors: globalization, reduced company spending, digital transformation, multi-generational teams at law firms, new players in the provision of legal services, and the Covid-19 pandemic.
Lawyers 4.0 are professionals prepared to face the challenges of the digital fourth transformation, such as artificial intelligence, big data, blockchain, or cyber security.
For its part, Legal Tech makes use of technology to provide legal services.
If you chose to be a Lawyer 4.0 and launched a Legal Tech startup, you must strengthen the following skills and expertise:
A solid knowledge of the legal framework, since these legal foundations will help you identify the law that applies to the problem raised, interpret and apply the law to a specific case, as well as resolve conflict in the judicial or extra-judicial sphere.
Multidisciplinary knowledge will allow you to provide legal solutions that take different areas of knowledge into account. Nowadays, companies are looking for a comprehensive legal solution, which includes different elements such as geopolitics, economics, or business tools, as the case may be.
“Soft” skills such as argumentation, critical thinking, verbal and written communication, teamwork, empathy, self-knowledge, or emotional self-control. These skills will help you to collaborate more effectively with all the members of your team, and to have better communication with your clients, among other things.
Digital literacy will help you to work with colleagues in digital environments, to understand online software in order to offer your legal services, or to use Customer Relationship Management (CRM) or Enterprise Resource Planning (ERP) programs.
Last but not least, you need to determine the technological tools that you’re going to use in your Legal Tech startup.
Marc Andreessen says that software is consuming the world. Before, we would go out on the street to look for a taxi. These days, we use Uber for this. Long ago, we had to go to a law firm in order to receive legal advice. Now, we can use an app to do so.
Web platforms like tuabogado.com allow us to “uberize” legal services. What’s more, online technologies such as legalzoom allow users to access contract formats. In other words, this technology changes the way we offer our legal services from a one-on-one model to a one-for-many model.
Artificial intelligence enables chatbots to give legal advice. For its part, Machine Learning is capable of identifying defective clauses within a contract, in less time and more effectively than an expert lawyer. Legal Analytics tools predict the probability of success of our cases.
The success of your Legal Tech startup will depend on the innovative application of these new technologies to the provision of legal services. (Pedro Alfonso Elizalde Monteagudo, Regional Director of the Western Region Law Department)