As a firm, we have asked ourselves these questions:
What is the digital economy?
On which sectors does the digital economy plan to grow?
What is the level of digitalization of companies?
What challenges does my market face in the digital economy?
Why is data important in the digital economy?
Do we know the projected user penetration in the digital economy?
These are examples of the many questions we should ask ourselves as a firm when deciding to innovate.
But, first of all, what is digital economy?
There is no exact definition, but we consider that it is one in which products and services, their marketing and consumption, are based on technologies to facilitate their exchange, where digital infrastructure, processes and marketing channels play an important role.
Can a law firm innovate and look to the future in its legal practice without having a clear picture of the advances of the digital economy? Well, there will be some who can say so, but, for us, it is difficult if not impossible.
Often, when clients come to our firm, they are looking for advice, either because they have been introduced to a new technology or because they want to develop their own, in response to the rapid progress of the digital economy. As legal advisors, we must be aware of the state of the art of the productive sectors as well as understand the possible opportunities facing digitalization in those sectors with the intention of being able to ask the precise questions to our client about their vision, roadmap, the actions to define and the specific sector to address, whether, e-commerce, digital advertising, human resources, internet of things, (IOT), Fintech, use of the cloud, incorporation of new technologies, blockchain, big data, artificial intelligence, virtual reality, digitization of processes, among others. It is our best opportunity to be able to translate their needs into agreements or contracts with third parties understanding that it is possible that the sector is not regulated and/or the matter has never been addressed.
It is imperative that we provide consistent solutions to adapt to the constantly evolving digital economy. This implies the need to abandon static and traditional practices in favor of innovation. Therefore, innovation is not only limited to the adoption of advanced technological tools in our firm, but also requires a shift in mindset towards the changing demands of our clients. This shift involves actively engaging with them, developing and promoting our legal services with passion and perseverance, and developing concrete strategies to stand out in today's marketplace.
If as lawyers we are aware of the digital economy, we will be able to develop with discipline, focus and information our practice areas in real time in the face of innovation, understanding that in the digital economy, hand in hand with generational change, the client, its partners, collaborators and even its suppliers are an essential part of the digital service chain that impact our legal services.
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