Key interest rate in Chile could rise to 9% in June – AméricaEconomía

In this way, for the legaltech of Chilean origin, the playing field to penetrate more market is vast. To date, they serve more than 600 clients in 20 markets in Latin America and have three offices in Chile, Mexico and Peru. This year they will open offices in Colombia and Argentina. In addition to its paying customers, Lemontech has a model freemium which is accessed by approximately 7,000 users.

“We have been self-sustaining for a long time and we invest everything we earn in growth. We’ve doubled our sales and engineering capacity and we’re not thinking of raising capital to grow because we don’t need it yet. If so, I have spoken with the fund (Accel-KKR) and to the extent that we want to acquire a company, we will raise money there. If we really want to transform the ecosystem, inorganic growth is relevant, but our base is organic growth”, says Werner.

And it is that in 2019 the North American fund of private equity, Accel KKR, acquired 75% of Lemontechgiving a boost to the legaltech largest in Latin America. The amount of the transaction was not disclosed.

“There is a clear before and after with Accel KKR. There is now a lot of awareness in investment funds that the development of the legaltech it’s getting hotter. If we leave aside customer service -which for me is fundamental- the use of technology has economic benefits because it saves time for professionals who are expensive. That has whetted our appetite and we have very ambitious plans to grow. We would like to be a unicorn in four years and we are well on our way to being one,” says Werner.

Client-centric law firms

One of the great pains of law firms and legal management of companies is that lawyers, from the most senior to the most junior, spend part of their time on administrative, operational tasks or tasks that are not framed within the practice of law. “Lawyers have to spend at least an hour a week doing manual tasks and there are lawyers who charge up to US$3,000 an hour, when there is technology that can do it cheaper, more accurate and better,” says the CEO of Lemontech .

According to company statistics, 48% of non-billable hours are spent on administrative tasks, while 25% of professionals admit to being interrupted more than 10 times a day, and 30% between six and 10 times for these manual procedures. .

In this sense, Lemontech has support tools to optimize the management of lawmen and women and that they really dedicate themselves to serving customers. One of them is TimeBillingX, software that charges and invoices hourly and that facilitates the administration of the studies, since it allows identifying indicators such as which are the most profitable clients and focusing more on them. Other software is CaseTracking, which is responsible for monitoring trials and connects to the courts so that they can be followed from home.

Recently, the company launched two tools that complement the previous two: TimeMemory, which automatically detects certain activities carried out by the lawyer on the computer and saves them in an event log, and CaseClassify, which allows monitoring the status of each massive collection processes.

“There are several other tools that we are looking at and we also want to give it more depth to have versions with more intelligence and analytics to add much more value to the ones we have today. We have the option of making a version that is a little lighter and cheaper, of course, and another that is more expensive, but with much more added value,” says Werner, who is also a lawyer.

And while in other markets, such as the United States, there is already talk of digital courts and the imminent use of artificial intelligence to solve or at least improve the issue of access to justice and completely transform our traditional legal system, Mariano Werner assures that the technology can never replace a lawyer, especially in highly complex procedural matters.

“In this journey to enhance customer service management, to be more of a lawyer to dedicate more time to it, technology cannot replace that legal criterion. In our case, our solutions are a support for the day to day. There are other business models that replace lawyers, but in cases of very low complexity and that lighten the procedural burden. There is an enormous transformation that can take place and that will make the practice of law much more valuable”, he says.

Regarding the company, although it does not reveal sales figures, according to its CEO, the first quarter of 2022 closed contracts 29% above the budget and 72% above the previous year. “We measure everything by NPS (level of satisfaction) and in one of our products we have 57 points and in another 42. Anything above 30 points is good. The team has grown, three years ago we were 80 now and we are 140. The churn, which is the rate of customer churn is very healthy; last year we finished in single digits”, says Mariano Werner.

Despite the fact that the company experiences high growth rates and expands rapidly, the challenge is not only to evangelize more law firms, but also in Latin American judicial systems, which are not characterized by their agility in resolving citizen cases. .

“We are in the business of saving lawyers time. This coexists with a world where there are courts that are not yet digitized. The game we are playing now is to help digitalization, optimize some tasks, automate some processes and only with that we made our clients take a giant leap”, he concludes.

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