Innovation management in law practices is still in its infancy, especially when compared to practices used in other industries. The need and benefit seem to be misunderstood. Interestingly, the arguments against innovation – we are already successful, we are different, we are growing – are exactly the same as those that support innovation and innovation management: revenue growth from novel clients and services, the ability to differentiate, and sustainable growth.
Last week, the Georgetown Law School hosted two very interested conferences related to innovation in law practice. One was about technology trends and the other about regulatory disruption in the legal market. Also want to get ahead of the pack?
The US Financial Times Innovative Lawyer Ranking for 2014 is out. The picture that emerges from this version of the innovative lawyer, is one of a profession in transition. The information revolution is changing the world, including the law profession. There are new applications of technology, new assaults on data security and privacy and new forms of partnerships. The law has yet to catch up with many of these development, but lawyers are playing a vital role in bringing clarity to these issues and their profession.
For senior management of law firms, 10 innovation management dilemmas. Do you know how to address each of these dilemmas? We are giving hints, but some answers lead to more questions. Addressing these dilemmas will help you building a great and innovative law firm.
The US edition has not yet been published, but the EU edition of the Financial Time Innovative Lawyer is out. This 9th edition is certainly another interesting read. However, it also makes you wonder. Is this truly the most innovative solutions legal firms have been able to come up with in the past year? Can more be done?
In spite of being the largest market for Legal services, the US is also considered one of the world’s largest underserved legal markets. It is estimated that 50% of the middle income households have at least one legal problem, with only 20% seeking legal assistance, and 26% doing nothing at all. The numbers for underserved small and midsize organizations are estimated to be similar. Underserved markets typically offer opportunities for disruptive innovation.