With rising stress on authorized charges and international monetary uncertainty, Elite regulation agency leaders say its extra essential than ever to embrace know-how and innovation to higher serve purchasers and make extra knowledgeable managerial choices.

Elite companies in Latin America intend to speed up their use of know-how to more and more automise laboursome authorized work and create new progressive options for his or her purchasers, in response to Latin Lawyer’s newest analysis into the developments among the many area’s main regulation companies.

Latin American regulation companies are presently managing a tumultuous enterprise panorama characterised by financial ups and downs and political uncertainties. As a outcome, outfits expertise larger stress on pricing and demand for efficient and progressive authorized options. A recipe for that’s elevated use of know-how.

Latin Lawyer’s newest Elite Panel Report shows that over 50% of the area’s Elite companies both elevated or considerably elevated their know-how investments within the second half of 2022. The pattern forward is to speed up that even additional. Almost three quarters (70%) stated they intend to extend using know-how within the upcoming months.

Chart 8: Over the previous six months, has your agency elevated using new applied sciences? Looking forward to the following six months, do you count on your agency’s use of latest applied sciences to increase?

To keep on the high of the market, it’s evident for the area’s main companies that they want the suitable know-how and instruments in place. Responding to new market calls for and making day by day duties extra environment friendly are among the major causes behind the rising funding in new applied sciences. “We have started to train our IT staff to get a better understanding of new available programmes, applications and resources, to support our legal services and for management purposes alike,” feedback one managing accomplice.

Firms within the area report that they’re growing their spending on AI know-how as means to chop their chores by automating repetitive and time-consuming work to allow them to recalibrate their efforts in the direction of extra complicated points. “We are developing automation and AI tools within the firm to be used to deal with lower-value work,” explains one managing accomplice.

It isn’t solely authorized work that advantages from elevated use of know-how. Leading companies are additionally betting on know-how to assist help their managerial decision-making processes by investing in knowledge analytics and different data-related applied sciences. Tito Andrade, CEO at Machado Meyer, explains that decision-making is anticipated to change into more and more data-driven, which has pushed the agency to put money into instruments to help it in that discipline.  

As seen in earlier Latin Lawyer research, the most recent Elite Panel Report signifies that recruitment and coaching stay a problem for most of the area’s companies. As the hybrid-working mannequin stays, outfits are taking a look at new applied sciences to facilitate the recruitment and coaching of latest expertise whereas working remotely.  

Machado Meyer’s Andrade says that the agency is continually in search of new methods to “recruit, engage and retain talent at the firm, while also finding more comprehensive ways to listen and understand the needs of clients.”

Mattos Filho’s managing accomplice Roberto Quiroga explains that the agency has accelerated its digital transformation in recent times, together with the incorporation of coaching {and professional} improvement programmes.

To learn the total report – together with an evaluation of the principle issues Elite companies have concerning the future – click on here.