Biz Latin Hub is embracing legal tech innovation in Latin America. We’re proud to announce the development of 2 initiatives that aim to improve our service delivery and customer experience: the Proposal Generator System and Client Onboarding Platform.
Legal tech is a relatively new phenomena impacting firms and legal providers worldwide. It’s one of many movements where technology engages with some of the most traditional sectors of an economy to improve the way people do business.
We’re proud to participate in legal tech innovation initiatives of our own, to continue offering market-leading corporate law and accounting services to businesses expanding into Latin America and the South Pacific.
What is legal tech innovation?
Legal tech, short for legal technology, is a catch-all term to describe the way new technologies are being applied to certain aspects of the legal sector in a market. Legal services are a staple element of an economy’s services, and businesses and people call upon legal service providers for advice on any number of legal situations. In particular, businesses may seek advice on corporate, intellectual property, tax, property, employment, and immigration law, among others.
Legal tech innovation optimizes a firm’s ability to deliver their core legal services to clients. Improvements can include greater digitization and automation of internal processes, using new platforms to reduce costs, and utilizing advanced tools to review work.
At the same time, innovators may offer new options to the industry’s customers, such as the ability to seek advice online and at lower costs. Overall, these legal tech innovations improve a firm’s efficiency, productivity, and cost value.
Examples of legal tech
Emerging branches of legal tech innovation among modernizing law firms include:
- templates for drafting legal documents
- client portals for managing service provision and communication
- invoicing and accounting
- practice management
- advanced tools to support research and reviewing
- electronic storage of documents and files.
Legal tech innovation appears to be making strides in revolutionizing a traditional service industry in the same way that financial technology or ‘fintech’ is transforming long-standing banking institutions.
These technological innovations, once introduced, set a new tone for the way people can solicit or deliver legal services. By applying legal tech innovation to our own business models, Biz Latin Hub is developing more advanced service delivery models, and improving overall customer experience.
Legal tech innovation in Biz Latin Hub services
“As a leading corporate law and accounting firm in Latin America and the South Pacific, we’re embracing legal tech innovation in our business,” says Ernesto Terán, Group Professionalization Manager at Biz Latin Hub. “We’re devoted to continuous improvement to provide the best possible services to foreign multinationals expanding into these regions.”
Our first moves to introduce legal tech innovation to Biz Latin Hub’s service model include the development of a Proposal Generator System and Client Onboarding Platform.
Proposal Generator System
In our business model, conditions and requirements for the services we provide in each country tend to be very similar. This allowed us to develop templates that outline the scope of our functions while allowing us to customize the services we provide to each client. The Proposal Generator System (PGS) is designed to take advantage of this feature and deliver more efficient services to clients.
The use of the PGS begins with the automatic notification of new leads to our commercial managers who engage with the relevant Country Managers in our offices across Latin America and the South Pacific. This process is now automated down to a few clicks, meaning our clients aren’t waiting as long to hear back from us.
The PGS includes a dashboard for our Country Managers, generating better oversight of who we’re working with, and in which countries. Here, we can design a proposal for our clients that includes all the requested services, plus standardized pricing structures. This dashboard also enables us to design specific proposals for clients interested in working in restricted or more-regulated sectors of an economy.
Once finalized, the PGS automatically generates a complete, detailed proposal that is up-to-date with all local corporate regulations. When we send our proposals back to clients, our PGS will also allow clients to more easily edit their information by automatically generating summaries of the client data given to us.
The PGS helps us create comprehensive, standardized proposals with minimum human error and greater engagement with our leads and clients. The PGS allows the Biz Latin Hub team to operate from our desktops, tablets and smartphones, improving our responsiveness to your queries.
Client Onboarding Platform
Our Client Onboarding Platform allows us to streamline the process of company formation and professional employer organization (PEO) services. In this platform, our clients can upload and edit their own information that we use to deliver these services.
This platform stores client information securely, and enables more direct communication between Biz Latin Hub and our valued customers. We now have better version control of documentation and information that team members and clients previously sent back forth through email.
The Client Onboarding Platform generates automated emails to the specific Country Managers responsible for delivering the requested services. They can then carry out all necessary procedures in accordance with local law to deliver the appropriate services to these clients. This platform significantly reduces the time taken to carry out internal functions and deliver our high quality services to clients.
What does this legal tech innovation mean for our clients?
With our Proposal Generator System and Client Onboarding Platform, we’re delivering our best possible services to clients as quickly and efficiently as possible.
We’ve improved clients’ access to information about our services, and the current status of the specific services requested from us. Stored information about our clients is more securely stored.
Our proposals and contracts are standardized, meaning that multinational companies that engage with us over more than one country can enjoy a greater consistency from engagements with our country offices, and a shorter processing time for international communications and service delivery. Overall, we’re delivering a smoother experience thanks to the adoption of legal tech innovation at Biz Latin Hub.
Technology adoption in business in Latin America
Greater uptake of technology is a trend we’re seeing across Latin America more generally, as the region develops at rate more rapid than most others in the world.
Early adopters of technological innovation in Latin America are enjoying a warm reception from consumer markets regionwide. As some of the fastest-growing economies begin to experience a shift in overall wealth and a growing middle class, demand for convenience and greater technological sophistication is on the rise. A quick look at fintech trends and activity paints a promising picture for legal tech’s future in the region.
“Though Latin America has somewhat behind other regions in terms of technological sophistication, it’s certainly catching up,” says Terán. “It’s therefore worth the investment to improve your business services model to lead effective technological advancement.”
Enjoy the benefits of legal tech innovation at Biz Latin Hub
At Biz Latin Hub, we’re focussed on providing the best possible service for our clients, which includes taking action to improve our internal systems.
As a leading market entry and back-office services provider in Latin America, we aim to put expanding multinational companies at ease by reducing the stresses involved with operating across borders. One way we’re doing that is through implementing legal tech innovation initiatives.
Our team of local and expatriate professionals operate across 15 countries in Latin America and the South Pacific, offering a full suite of market entry and back-office solutions to support your expansion into a new market. This includes company formation, accounting and taxation, intellectual property, employment, visa, and other services.
Reach out to us today here at Biz Latin Hub for more information about how we can support your international business venture.
Learn more about our team and expert authors, and check out our short presentation about doing business in Latin America for more information.