21 September, 2020
The legal sector, like every other industry across several verticals, has been going through massive changes.
It all began with the pandemic taking the world by a storm without any warning. And ever since that, our lives are no longer the same.
Industries are looking for new ways to overcome the doldrums in their business, and are trying to stay afloat. The legal sector is no different.
The challenges that it is facing are insurmountable. Law firms are, after all, run by people who have ideas that could help this sector thrive amidst the pandemic.
It is imperative that the industry adapts to the changing times to stay ahead of the curve. It is time that this sector changes its core values and shifts gears to help their clients better and contribute to the overall growth of the sector.
Speaking of which, here are a few stories about some renowned law practitioners that we have shared in this direction. If you need more insight into the shape of the legal sector, feel free to look up for some resources here.
Stories of Vision, Growth and Success:
As we have already mentioned in the earlier section, changing according to the needs of the times is crucial.
That is the only way any industry or sector can manage to thrive and grow. And now that the collective trauma of some sectors is more than ever, a change is much-needed.
But what are these changes and new values that we are talking about? And how can the legal sector mould itself to help their clients and their businesses better?
Let us now look into some of these stories about legal practitioners and understand the underlying meaning.
Nick Abrahams from Norton Rose Fulbright
Nick Abrahams is the global head of technology and innovation, and has founded the legal software company LawPath.
It must also be known that in 2018, he started a coaching centre about legal innovation programmes.
And he did all that with the help of the in-house teams at ANZ and Pfizer. The result has been extraordinary so far and has helped develop the legal sector in his region.
It has furthered the cause of both these companies and helped the clients as well.
Nick Abrahams’ team has been researching on cybersecurity in the legal sector for a long time now. And this research has helped the situation in the pandemic.
The advice by his team on cyber threats has helped the sector handle the high demand from the clients. Plus, they have also been able to secure the infrastructure from potential data breaches and hackers.
The bottom-line of this story is that adopting new software and automated technology has now become a necessity.
These innovations can handle the pressure of several clients without using human power, and can also bring in more efficiency.
Safir Anand from Anand and Anand
Safir Anand has always been a beacon of innovation in the Indian subcontinent when it comes to legal enhancements. His company has always stayed ahead in the competition when it came to offering legal advice to Indian companies.
One such noteworthy instance is that of his association with BandMusiq, which creates brand logos. Safir Anand experimented and came up with a very innovative concept of protecting perfumes with sensory, intellectual property.
He is also a member of the International Trademark Association and contributes continually to global brand valuation.
It must be mentioned that his team has been able to successfully handle their clients in the pandemic with many such innovations.
They have a chat feature that enables clients to join them in the discussion of IP and crisis management issues.
Yuki Oi from Nishimura and Asahi
Yuki Oi has been a legal advisor to Honda Motors for a long time now. His advice and innovative ways of thinking have been successfully dealing with the challenges in the automobile sector.
Besides that, he has also been a champion in enabling successful tie-ups of different automobile giants. For instance, his work and legal counsel has resulted in various tie-ups with General Motors and Hitachi.
Yuki Oi, in these precarious and harrowing times, expects multinational companies to change their core dynamics.
He expects them to focus more on acquiring business in the post-pandemic world, related to core activities.
He also holds the view that businesses must shed some areas of their work if they are redundant.
Somika Phagapasvivat from Baker McKenzie
She has been advising banks in Thailand on the advantages and use of the blockchain technology for some time now.
She has educated these banks on how the blockchain could be of massive help in issuing electronic letters of guarantee and refunds on VAT.
Plus, she has also been closely associated with Krung Thai Bank and helped them adopt the blockchain technology.
Her advise to these banks on the use of blockchain has helped them bring in efficiency in filing court cases and booking hearings.
Somika Phagapasvivat is of the opinion that the pandemic has put increased pressure for banks to go digital. She is of the view that banks must resort to cutting-edge technology.
She also expects clients to use technology and learn legal practices related to banking. Some of these practices include contract negotiation and signing.
Resorting to traditional methods of banking might no longer help the banks to stay afloat. She is of the view that banks must shift their gears and move over to blockchain to make the most in this situation.
Conclusion:
The year has been tumultuous. And though it bodes well to stay hopeful, it is perhaps wrong to assume that this is the last year of the pandemic.
And therefore, it is extremely important that the legal sector now adopts these practices to help manage their clients.
For all we know, the Coronavirus situation might never go away. It might just become endemic, and we need to learn to live alongside it.
Therefore, it is crucial that the legal sector changes its core values to be able to thrive and handle clients better.