Could you share an example of a time when you came up with an innovation that improved the way your legal team works and did not come at a large expense?

As part of a legal team, we have innovated in the legal field to improve team efficiency without incurring significant costs. This consisted in adopting a cloud platform designed specifically for the legal team, which allowed project management, documents and internal communications to be centralised. The platform facilitated real-time collaboration, giving team members instant access to relevant information, the ability to comment, make collaborative edits, and track work progress.

Some key features of this platform could include: 1) legal project management, an interface that allows you to create specific projects, assign tasks to team members, set deadlines, and track progress; 2) collaborative document system, tools that allow simultaneous editing of legal documents, with a version history to track changes and ensure the integrity of the documents; 3) integrated communication, internal messaging functionalities and contextualised comments within the platform, reducing dependence on emails and facilitating efficient communication; and 4) security and compliance, robust security protocols and compliance measures to ensure the confidentiality of information and comply with legal standards.

This innovation improved the efficiency of the legal team by streamlining collaboration, reducing time wasted searching for scattered information, and improving transparency in project management. Additionally, by adopting an existing platform rather than developing one from scratch, costs could be kept relatively low compared to the benefits gained.

What are some of the key developments (legal, geopolitical or otherwise) that have affected your business over the last year?

Some of the key developments that have affected business in Panama especially in my area (banking) include: 1) changes in legislation and regulations, both nationally and internationally, that have brought a significant impact on various sectors. For example, regulations on data privacy, cybersecurity, sustainability, compliance and international trade have affected banking business operations; 2) geopolitics and trade tensions, where global events (crisis in Israel, Ukraine, tensions between China and Taiwan, migration crises, have all created trade tensions between countries, changes in international alliances or sanctions, can have direct consequences on supply chains and viability of certain markets and direct impact on commercial transactions between companies that work directly with Panama; 3) the pandemic and health crisis have brought profound impacts on the way companies operate, especially in terms of remote work, supply chains and demand. consumer, the recovery has been slow, more so in countries with weak economies; 4) technological advances, such as artificial intelligence, automation and disruptive technologies, have been important topics and have forced companies to quickly change business dynamics and create both new opportunities and challenges and adapt departments to protect companies; and 5) change in consumer preferences, due to the changes that countries have undergone have led to automation, diversification of products and the creation of technological means that have influenced the demand for products and services.