How Opportunistic & Data-Driven Innovation Tactics Can Save Law Firms Millions
Does your law firm possess the metrics and processes to track its legal tech investments and returns? When your firm is flourishing, you may get away with not tracking this information. However, in challenging times, you must be able to rely on your innovation capabilities. This becomes impossible
when the automatic response in times of difficulty is to cut funding for these activities due to the perceived cost and unknown return on investment.
Our latest white paper aims to redefine the perception of innovation and legal tech from a cost to an investment. We will guide you in establishing an innovation process and function that contributes significantly to your firm's bottom line. A process that will enable you to keep up with the ever-faster technology changes that impact the legal industry. And that can serve as your firm's beacon in flourishing and challenging times.
Engaging Attorneys, Building Momentum, and Delivering Results
The White Paper focuses on tactics that improve, facilitate, or expand the work of your firm's attorneys in ways that contribute to the bottom line. It digs into each element a structured innovation process should entail, offering you a pathway from your current status to a contributing innovation process.
The paper does not aim to create independent revenue-generating operations like an alternative legal service provider. Given that all innovation activities aim to enhance your attorneys' current roles, their engagement in the innovation process is critical. As innovation experts, such as Patrick McKenna, have underscored, without their engagement, the likelihood of successful outcomes diminishes considerably. The questions arise—where to find the time, and how to justify the associated costs? After all, an attorney's time is expensive. Why and how to engage attorneys in the innovation process is explained in chapter three.
The billable hour model often gets blamed for the lack of innovation in law firms. Since many firms have managed to innovate regardless, we will take it as a given. We expect that even with all the ongoing industry changes, the billable hour model is unlikely to disappear soon.
This white paper on derisking innovation in law firms provides tips on ensuring that the scarce time of attorneys and staff is spent on the most valuable and promising projects, enhancing your firm's overall efficiency and effectiveness. Implementing the proposed innovation tactics can save your firm millions of dollars by streamlining actions and fostering efficiencies.