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The post discusses the frequent focus on digital transformation in law firms and the economic outlook post-COVID-19. Read more about these subjects in the article!
The situation post-pandemic
Economist Ricardo Amorim, the keynote speaker on the opening day of the event on September 23, focused on discussing the uncertain future of the economy post-COVID-19, a topic of concern for lawyers and law firms globally.
Amorim stated that March and April saw the largest economic decline in history, catching everyone off guard. Brazil, along with other nations, was impacted, but the trend started to change in May, largely due to the financial support from the Emergency Aid program.
It is uncertain whether the indexes will remain stable after the assistance ends. The decline in the indexes may not be as severe as in March, but it will still be noteworthy.
Unfortunately, insecurity remains a major issue, especially the fear of spending, producing, and hiring, which is holding back economic recovery. According to economist Ricardo Amorim, advancing administrative reforms and privatizations is key for the government to improve the economy. If Brazil can make progress in these areas, there is potential for a strong economic comeback.
Low interest rates and increased access to credit are mentioned as factors that can stimulate the economy, but progress may be hindered until a vaccine is developed and the death toll from the disease is reduced.
The impact of the pandemic on the perspectives of well-known office attorneys
Another significant presentation took place on the 24th, focusing on “Leading Through Change: Strategies and Best Practices for Renamed Offices.” Dr. José Mauro, from the Pinheiro Neto office, discussed the current exceptional circumstances marked by various developments, both positive and negative, notably the impact of the LGPD (General Data Protection Act).
The pandemic sped up technological progress by a decade, according to Dr. Gustavo Biagioli from Demarest. Issues that were on the CIOs’ radar for a few years were addressed sooner out of necessity, such as the adoption of LGPD by the corporate sector.
Law firms specializing in advocacy were also affected by the new law, facing challenges related to data adequacy, protection, and adoption of new technologies, according to Biagioli.
Dr. Victor Fonseca of TozziniFreire mentioned that his bankruptcy provided the opportunity to explore various perspectives, analyze the market, and consider unconventional options. He highlighted the contrasting impacts on the air sector and delivery services during the pandemic, prompting a reevaluation of office readiness for diverse scenarios. Furthermore, he emphasized that without the pandemic, accessing new customer segments and gaining insights into different industries would not have been feasible.
Pepe Domingues, Thomson Reuters’ vice president for Latin America, inquired Dr. Tito Andrade from Machado Meyer about the transformations he observed in clients and the office.
The response indicated that the current crisis necessitates offices to view innovation not just as a desire but as a practical necessity that must be implemented consistently.
Innovation involves more than just acquiring certain technology; it also encompasses fostering a culture in the workplace where everyone is comfortable and motivated to constantly innovate.
Dr. Gustavo Biagioli emphasized that a significant shift involves viewing advocacy as a type of business or management. Clients now value transparency as a unique feature that law firms can offer to enhance their businesses, going beyond just the delivery of technical and legal services.
Legal software plays a crucial role in the process of digital transformation.
The experts stated that significant changes occurred following the start of the pandemic, which will continue into the future. The ability of an advocacy office to adapt to these changes will largely rely on the digital transformation it embraces.
Automating legal processes and operations allows the team to focus on understanding the customer’s business, taking proactive measures, and making strategic decisions while reducing risks.
Only intelligent software such as Thomson Reuters Legal One possesses the capability to provide these features. It enables users to meet the needs of different sectors, including law firms and legal departments.
Legal One utilizes established market solutions to provide intelligent technology, rapid development, and high-quality legal content in a single program, catering to organizations of all sizes.
Legal One is legal software that will transform how your law firm is managed.
The digital transformation in strategic management and intelligence for legal firms and departments.
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We provide Law professionals with accurate guidance for their key decisions by leveraging intelligence, technology, and top experts. Our innovative digital solutions aim to streamline management processes and create valuable content across various sectors within the Legal industry.
