Our managing partner, Héctor Torres, participated as a speaker at the LegalTech Summit El Salvador 2023, held on Tuesday, August 29th at the Crowne Plaza Hotel. The conference focused on a highly relevant topic today: “How LegalTech Impacts Us and How to Prepare.” Torres shared insights into the growing influence of legal technology on the profession and provided an essential guide for adapting to this change.

Our representative began by distinguishing between restrictive and expansive definitions of LegalTech. While the basic definition encompasses technology that digitizes and enhances legal services, Torres highlighted the broader view that includes the regulation of emerging technologies and their application in both the legal and technological domains.

Torres also introduced related concepts, such as “New Law,” which describes the business model of legal firms using human resource optimization as a competitive advantage. “Legal Design” was also explored, emphasizing the improvement of interaction between legal service providers and users through detailed planning and organization. In addition, “RegTech” was addressed, with clarification on its more specific focus on regulatory technology and its relationship with the financial sector.

Another highlight of the event was the transformation of the traditional role of lawyers due to the advancement of LegalTech. Our attorney suggested that bar associations might eventually relax ethical regulations to allow non-legal professionals to enter the sector.

“This perspective will lead to competition between lawyers and new entrants, driving lawyers to develop unique competitive advantages to retain their clients in a changing environment,” Torres told the attendees.

On the other hand, our managing partner presented research data from “StartUs Insights,” which examined 1675 emerging global startups. These findings provided an enriching insight into emerging technological trends in the legal industry, allowing attendees to better understand the direction in which LegalTech is heading and how they can leverage these trends in their business strategies.

The conference concluded with an invitation to attendees to explore new skills to apply in an ever-evolving market. The importance of adapting, learning about new technologies, and staying updated on changes in the legal industry was emphasized to remain competitive in a transforming landscape.