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06 October 2020 | Story Nonsindiso Qwabe | Photo Supplied
Leah Molatseli is the founder of Lenoma Legal, a legal technology company which specialise in commercial and labour matters for small and medium businesses.

Legal technology and innovation specialist and member of the University of the Free State Council, Leah Molatseli, tackled the intersection of law and technology in her new book, titled #LegalTech Startups and Innovation

As technology continues to revolutionise how traditional industries function, legal tech is no longer a foreign concept in the country’s current legal market. The technological boom that has occurred over the past few decades has reshaped many industries. Molatseli said her book is a bridge in the knowledge gap; it is a comprehensive guide for using new technologies in order to provide legal services that are not restricted by physical barriers. 

Molatseli said in her career as a lawyer, she has witnessed first-hand the need for ordinary citizens to gain greater access to justice.  This has led her to adopt new technology that works for the client by cutting costs, improving efficiency, and reaching people more effectively. In 2017, she co-founded Lenoma Legal, a legal tech start-up that provides legal services virtually. 

“While a digital divide still exists, mobile penetration has increased drastically in the past few years, making it much easier to provide legal help from anywhere. My hope is that this book will open up different avenues for law firms, entrepreneurial people who want to innovate within the legal space, and Law students to start thinking differently about how they can shape their careers.”

Technology pivotal to legal industry

Molatseli said she decided at the beginning of 2020 to put the knowledge she gained into a book. When the COVID-19 pandemic hit South Africa, it quickly became apparent that the legal profession had to seek alternative ways to carry out its functions, and the pivotal role that technology has played made the book a timely release. 

“The pandemic has cemented the need for access from anywhere in the world. For me, it’s about access. I believe that access to legal services is a basic human right, and legal tech and innovation plays a huge role in making that happen,” she said. 

Molatseli said #Legaltech Startups and Innovation is a guide that will equip other forward-thinking practitioners to do exactly the same. She said as technology continued to advance, it is becoming easier for anyone within the legal world to create and build solutions.

Book shines light on new avenues in law

“For many years we’ve been made to think that legal careers are linear; get your degree and go work in a law firm, but it’s no longer like that. There are so many avenues open to people within the law industry, and the moment you become aware of this, you can take charge of your career. If we can integrate this type of thinking, the opportunities are endless. This book can drastically change how we do things and how we approach law.”

The book is available for ordering from: https://juta.co.za/catalogue/legaltech-startups-and-innovation_28319/. If you would like to get more information on the book, follow Leah Molatseli on Twitter at @leahmolatseli. 

News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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