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 the innovation management literature, business model innovation is the new buzzword. What is it, how is it different from other types of innovation, and is it applicable to the health care and legal industries?
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.
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?
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.
Reading about the current status of the legal industry does not make one happy. Yet, never before equity partners of large law firms earned as much as they do today. A profession in crises, but what is the problem?
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 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?