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Most law firms engaged in innovation activities before the pandemic. What has changed is the frequency and volume at which innovation efforts are taking place.
The increase in innovation activity raises the stakes. For every $1000 invested in innovation, most law firms need to generate at least $3500 in new revenues to cover the associated costs. While substantial investments can yield larger returns, there is no guarantee that each investment will have a comparable or even adequate return.
Innovation management is the process to ensure that the firm’s portfolio of innovation investments and activities delivers the best possible outcomes on multiple levels.
In this report, we provide an overview of innovation management in law firms and highlight best-practices. For this research, we interviewed 35 respondents, receiving in-depth insights on innovation management in 22 law firms.