Firms must embrace technology to remain competitive – MMMM Abogados

To remain competitive in Madrid’s buoyant legal market, law firms must embrace technology to develop new ways of delivering services and new ways of communicating with clients, says Christian Krause Moral, partner at MMMM Abogados.

“The biggest challenge that law firms will confront this year is undoubtedly digital transformation,” says Krause Moral. “Legal tech, until not long ago an unknown concept, is gradually making its way into the market, where it will stay and develop.”
New technologies, including blockchain, data analytics and the automation of processes, are benefiting clients as well as creating new opportunities for lawyers. Automation is allowing procedures that were once time consuming and labour intensive to be done quickly and efficiently, Krause Moral notes. “Madrid law firms must acknowledge this new way of understanding legal services, be more attuned to this digital wave and adapt their methods to new demands from clients.”
Law firms must strive to regain competitiveness that could be lost in the era of digitalisation. Krause Moral says firms can do this by updating their methods of organising, managing, rendering and communicating their services and by “developing a new distribution channel or communicating through digital tech”. Embracing new technologies is crucial to satisfying the demands of companies that are already well-versed in such technology. However, new technology can also improve the services provided to more traditional companies. “Law firms with the best technical tools, delivering the most effective services, will also be able to satisfy the expectations of ‘conservative’ clients by refreshing legal practice,” he says.