Establishing Legal Innovation: From Club to Hub to Center

Although new business development is as important for law firms as it is for any manufacturing firm, manufacturing firms have dedicated unit to develop new products and services, whereas law firms do not. How to organize for innovation in a legal firm?

Magic!

Does innovation happen like magic? No, innovation takes a lot of hard work. However, according to Stefan Thomke, professor at the Harvard Business School, innovation and magic have more in common than you think.

FISHstep

Can law firms create new services? Absolutely! A nice example of legal innovation is the FISHstep program. This program is a unique new legal service for technology start-ups in need of intellectual property support.

5 Myths About Disruption

What is disruptive innovation? Clayton Christensen defined it as a cheaper, inferior, niche product that in a short period of time upends the entire market. Larry Downes and Paul Nunes, have a different opinion. In their view, disruptive innovations do not have to start as inferior, nor are necessarily linked to technology, making disruptive innovations an even greater threat to even more industries than ever before.

Stop Predicting Innovation Success!

Products are not successful, it is the people behind the scenes that make these products successful. Hence the efforts of innovators is a better indicator of where the product is going than the product itself. Thirty years of research has not made us better in predicting innovation success. To be more innovative, we need more people engaged in innovation, and be more stringent in the efforts they put in to validate their ideas.

Why Innovations Should Fail More Often

It is bad that 1 out of 10 innovation fail, but for another reason than you may think; The number of innovations that fail is too low. You need many more innovations to ensure success in the market place. We are focusing on the wrong metric. The metric used here is the number of projects that enter the innovation pipeline versus those that make to the marketplace and succeed. Over the years, the “best” companies have become very effective in trimming down the number of project in the early stages. However, what remains very difficult to predict is which projects to keep and which to discard. The chances of throwing away the child with the bathwater are significant.

Listen! Are You Ignoring Great Innovative Ideas?

25% Of ideas your employees voice are never listen too. While on the contrary, you will likely be willing to listen to any expensive outside experts, who will kindly tell you what your employees already knew. By the way, the more you pay, the more likely you will listen. The Washington Blog post: “The troubling flaws in how we select experts”, gives interesting insights in why we don’t listen to our own people, but are willing to follow the advice of (less qualified) experts. Unfortunately, this article does not provide a solution to the problem. In this blog we explain where to start to address this issue.

What Makes Innovation Management Different for Professional Service Organizations

The margins of many professional service firms are under pressure, because of technology, internet, globalization, or changing customer expectations. Cost cutting is one way out, but only gets you sofar. This webinar shows how innovation can bring prosperity to professional service organizations, similar to what it has done for many facturing firms. However, to be successful, requires an alternative approach to innovation.

Legal (Breakthrough) Innovation

Legal innovation may not be main stream, but it certainly happens, as the yearly issue of the Financial Times Innovative Lawyer attests. The number of law schools that offer entrepreneurship and innovation courses is growing too. So are the number of legal innovation labs, such as the NuLawLab at North Eastern University and ReInvent Law at Michigan State. How about legal breakthrough innovations?