In the ever-changing technological landscape, the term Legaltech, which is short for legal technology, has emerged as a concept that redefines the way we interact with law and justice. This revolution has become a force that not only transforms the internal legal practice of law firms, but also democratizes access to legal advice. Against this backdrop, a Mexican startup called ConfiAbogado has emerged as a leading example of how technology is driving positive change in the legal sector.
The Evolution of Legaltech
Historically, legal technology focused on the internal management of law firms, addressing tasks such as accounting, billing, and document handling. However, around 2011, the term began to encompass solutions that allowed greater access to justice for the general public, sometimes even bypassing the need for a traditional lawyer. This was achieved through the creation of online marketplaces and matching services that directly connect clients with attorneys.
ConfiAbogado: Democratizing Access to Justice in Mexico
At the heart of this legaltech revolution in Mexico is ConfiAbogado, a startup founded in 2020 by the brothers Emiliano Ruiz and Julián Ruiz. Their mission is clear: to make legal services accessible to all Mexicans, reducing the prohibitive costs that are often associated with traditional legal advice. To achieve this, they have developed an online platform that intelligently leverages technology.
ConfiAbogado clients can enter their information on the platform, which uses technology to provide a network of verified lawyer contacts and more than 10,000 legal options. This allows clients to have effective legal strategies and, in addition, the platform automatically creates all the necessary legal documents.
The highlight of ConfiAbogado is its unique financing model. They offer clients the ability to finance litigation costs until the case is won, and then the proceeds are split. This addresses the common problem of not having enough money to hire lawyers, while also incentivizing the firm to pursue optimal results for its clients.
Expansion and Growth
ConfiAbogado has experienced rapid growth since its inception, with more than 250 clients per month and a 1,000% increase in revenue by 2022. With the recent $1.65 million investment led by Tuesday Capital, the firm plans to expand further. Its objective is to develop new artificial intelligence tools and expand to new verticals and cities in the Latin American region. In addition, they aspire to double the percentage of people looking for a lawyer in Latin America, which is currently 8%.
The ConfiAbogado platform also offers real-time monitoring of cases and experience in civil, commercial, labor and family litigation. This includes sensitive situations such as wrongful terminations, divorces and alimony. In addition, their payment options are tailored to clients' needs and budgets, offering flexibility in payment and, in some cases, the ability to take the case for free if they refer other clients.
Mexico: A Favorable Environment for Developing Companies
In a broader context, Mexico has stood out as an environment conducive to the growth of emerging companies. Ranking third in the region for startups, Mexico has proven to be a hotbed of innovation and opportunity. Companies like ConfiAbogado are a testament to the potential that exists in the country for the emergence and growth of startups with unique value propositions, both in the physical and digital spheres.
Legaltech is transforming the way we access and understand the law. In a country that fosters the growth of start-ups, ConfiAbogado is uniquely positioned to further fuel the Legaltech revolution in Latin America.