There are a couple of places to look when you start talking about legal innovations. You need to consider the basic categories of legal service, products, and consulting, before you get down into the brass tacks of strategy, legal technology, shifting goal lines, and the need for flexibility.
Whether you’re talking about AI and machine learning, data driven analytics, design thinking or new structures like value-based pricing (will there be a subscription-based model in your future, or alternative payment methods) there are important thoughts to keep in mind.
What’s your Strategy to Drive Innovation?
It takes time, effort, and recognition that things are shifting in the legal world. Some firms hold onto the old-guard desperate to stay with the familiar, while younger graduates are coming in with new thinking and a different outlook at what a law firm can offer. Start-ups will disrupt the field if big firms don’t embrace legal technology and the need for change.
How quickly are things changing?
Ulf Lindén of LegalWorks.se noted during Nordic Legal Day 2019, that there’s been a large movement in 2019 in regards to e-signing, which 57% now say has been implemented, as opposed to 31% in 2018.
That’s a massive jump for only one year of time.
Embrace the Future of Customer-centric Services.
It’s not just the legal industry being bombarded with the term customer experience (CX). It’s the new priority in business. With the internet, easy access to a number of services, it’s just as easy to choose a law firm that is regarded highly for how they treat their customers, then simply the local one down the block that’s convenient. And don’t fool yourself into believing that will pass. Customer experience has become a number one key factor consumer facing businesses need to put forefront.
Let’s Talk Legal Tech
In an article about legal innovation, Jamie Ng of Amhurst said:
We think that the term ‘legal tech’ will persist, but the content will change. There will be a greater emphasis on tools which can operate autonomously or semi-autonomously such as robotic process automation, advanced machine learning and process automation
Why should you listen to him? Amhurst was voted the Most Innovative Law Firm at the FT Innovative Lawyers Awards Asia Pacific 2018. You might want to pay attention if you’ve been late to embrace the new legal horizon.
Legal Innovations Worth Considering:
- Alternative billing or subscription-based models
- Customized experiences
- Easier availability and connectivity
- Improved delivery methods of information or e-learning databases
- Automation of services, along with back office work to speed up processes
- Solution focused answers, by focusing on the problem (CX)
- Creative change that allows you to fill skill gaps
- Flexibility in measuring data-driven analytics to measure your current and new effectiveness
Project Management Leads the Pack
In a survey by Professor Daniel Linna Jr, it was shown that when it comes to law firms and innovation, project management tools were being used the most. Not far behind was innovative entity, expert systems (think Turbo Tax), and each segment gets smaller and smaller. To give you an example, AI was only in use at one half of those that were using project management.
Companies that take the initiative, and understand the future is changing are those that will thrive in the industry. LawLux can help bring these and other innovation projects to your firm. By combining legal marketing with innovation, you’ll be a step ahead of your competitors. Or will you be one of the old guards—refusing to let go? How’s that going to look five years from now?