In the realm of legal services, a (not so) silent revolution is underway. An industry traditionally perceived as conservative and technology-averse is now at the forefront of a technological renaissance. I’ve been a lawyer for more than 20 years and currently, I’m the Managing Partner of Indacochea & Asociados in Bolivia so let me say that the things said before are true.
We, lawyers, are just sceptical when it comes to catching up with technology.
But this transformation we are experiencing nowadays is significantly driven by the integration of legal technologies, or “legaltech”, into the core operational structures of law firms and legal departments Perhaps mainly because of three factors that accelerated the process a) COVID-19 took the industry by surprise and forced an update globally b) clients are using tech so they demand they vendors to do so and c) more and more Millennials are becoming part of the workforce (75% by 2025 in the legal sector by the way).
In this context, Software as a Service (SaaS) models are playing a pivotal role in closing the technology gap with other industries.
