Companies can hardly do business without legal advice in the same way that tax law firms in Delhi can hardly turn their backs on the impact of technology on business.
Incorporating technology into the company is not just a technological matter; this is a complex issue that requires a polyhedral perspective, including the integration of technology from a legal, financial and risk perspective.
Seven keys to how law firms will accompany companies in incorporating technology at the heart of their business project.
1. A new technological area-Firms that do not want to be oblivious to business opportunities related to digital transformation will create a legal tech area. The demand for transaction advisory services on the legal integration of new technologies in companies has been growing in recent times. But it is just the beginning. It is now when companies begin to realize the importance of securing investments, guaranteeing the legal fit of different applications and uses intended for them, especially in an environment of increasing protection around the use of data. Technology is a means of doing things, which have to be supported by the legal framework. In many cases, due to the novelty of technology, you move in a doubtful territory and full of grays.
2. The important thing is business, not technology- The key is the impact of technology on the business. And in that impact, the legal fit and its adaptation to the regulatory environment are included. But if companies can make the mistake of thinking that technology is the only variable to take into account, law firms can also make the mistake of thinking that the legal variable is the only relevant one. And it is not that, the important thing is everything. The legal aspect is relevant, but also the assessment of financial viability and risks, as well as the commercial analysis and impact on business and corporate policies.
3. An integrative service approach- Because the support required by companies is global, the most prepared professional offices to accompany them in their technological challenge will be those capable of offering an integrative approach that combines the technology with the strategic, legal, financial and risk analysis. Companies will perceive the added value of those firms that are capable of covering all the areas involved in digital transformation processes and acting at the intersection of technology, law, finance and risk control.
4. Multidisciplinary teams- Economists, lawyers, technologists already work in many law firms but usually in different departments and projects. The technological support to companies will tear down those traditional walls and put technology, legal and economists at the same work table.
5. Commitment to adding value to the business- Ultimately, companies hire fixed asset management companies to earn money. Or at least not to lose it; their professional contribution should be aimed at making a valuable contribution to the business.
6. Not only digital transformation- Digital transformation is the global and most ambitious challenge, but many companies will also seek the accompaniment of tax law firms in Delhi to provide them with consulting services, design, development and implementation in specific business processes and needsin which technology is necessarily involved: cloud solutions, incorporation of fintech, mergers and acquisitions, development of compliance policies.
7. Communication and pedagogy- All this will also force the offices to make an effort of communication and pedagogy in and out, towards their teams and towards the companies, imposing much more transversal work dynamics, being attentive to the opportunities of business related to digital transformation and the incorporation of technology and telling companies how from offices they can be helped to make these processes successful and generating added value and competitiveness.