Innovation in the legal industry isn’t limited to just technology. It takes many forms. A recent post by Roy Strom in the American Lawyer titled “Are Lawyers Ready to be Managed by Metrics?” and our April 3rd Nimble Legal Innovation Forum in Cleveland got me thinking about all the different ways innovation is taking hold in the legal industry. There will always be detractors because as Roy Strom wrote the “Legal Industry is painfully slow to adopt major changes, and lawyers often say work can’t be easily categorized or simplified.” The reality is major change is happening right in front of us and if you’re not paying attention you’ll get passed by. Here are 5 forms of Legal Innovation:
Law firms are increasingly turning to alternative legal service providers (or law companies) for strategic business reasons according to a new report by Thomson Reuters “Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity”.
With 2018 winding down we are reflecting on what a great year 2018 was! We’ll have a bigger announcement soon but our Blog recently won The Expert Institute’s Best Legal Blog for the Legal Tech category! We’ve heard the “12 Days of Christmas” repeatedly this month so as 2018 comes to a close here are Nimble’s Top 12 Blog Posts from 2018:
We write about trends in the legal industry and one trend in 2018 are the various claims of gender bias in the legal industry in 2018. The most recent piece of evidence is the partner announcement at Paul Weiss that optically is about as tone deaf as you can get…
Here’s what’s trending in the legal industry: (1) 5 Simple Business Development Strategies, (2) Law firm revenue is up in 2018, (3) Artificial Intelligence outperforms lawyers, (4) Top Legal Blog Nomination, (5) Associate Bonus Season, (6) Law Departments are sending less money to Big Law, and more!
Why law firms have left consulting to accounting firms over the last few decades is a mystery. Accounting firms quickly moved up the value chain and are viewed by clients as strategic partners leaving law firms behind. But Law Firms really should get into the consulting business as evidenced by the fact this morning’s news from thelawyer.com that Eversheds Sunderland’s consulting business brought in over GBP 26 million ($33 million) in 2017.
A SWOT analysis is a simple yet highly effective strategic tool to evaluate your organization. For your legal organization, you will evaluate the Strengths, the Weaknesses, the Opportunities, and the Threats. Completing this analysis helps you set your strategic plan (and budget priorities) for the coming year.
On September 26th at TalentLaunch in suburban Clevelad, we gathered 9 legal industry thought leaders (in-house counsel, law firm partners, law firm CFOs, and Plante Moran’s law firm practice partner) to discuss the pressures law departments and law firms face and how they can work together better. In attendance were various General Counsels, in-house counsels, Managing Partners of law firms, law firm pricing analysts, and members of various alternative legal service providers and legal technology companies.
Here are the highlights:
A thriving organization where your team is brilliant, high-performing, responsive, and client-focused isn’t one where competition is so fierce that people are pitted against each other in some sort of race to survival. A brilliant, high-performing, responsive, and client-focused organization is one where people genuinely want to help each other and their clients.