G: How do you expect the legal sector to develop in the years to come?
M.E. : The legal sector is one of the most traditional service sectors which follows, the rules and regulations in a disciplined and strict manner.
On the other hand, the modern, digitalized business world has no limits, restrictions or protections against the ruthless competition, so speed is essential.
In my opinion, unavoidably, the legal sector should be expected to fully comply with all the requirements of the new era and completely harmonize its operations in order to cope with the changes, since rapid technological developments are in a way, “forcing”, the legal sector to enter the era of digitalization.
A brief example is the technological advancement that took place some years ago, with the AML Directives. In their efforts to comply with the Directives, legal firms obtained software to assist them in performing the thorough due diligence processes requested for each legal entity or individual. Therefore, they had to invest, comply and be part of the overall digitalization of the era in order to continue their operations.
This is just one example. Many others will follow in the near future. Technology is an opportunity that the profession needs to embrace, simplify and comply with, to speed up the relevant procedures and improve communication between all parties involved.