This article reiterates the conversation we had a couple weeks ago. Even though the legal industry has been pretty stagnant when it comes to innovation, there are methods for that push for innovation.
Here, the author recognizes that law firms need to change the way they operate. The article highlights the introduction of Chief Innovation Officers (CINO) to spearhead the much needed improved business model.
Great article! I think Jen Warner’s assessment is spot on. Innovation in the legal services industry has lagged behind other sectors for a while now. Warner points to the metrics used to evaluate good legal work as something that must change in order for lawyers to be marketable and attractive in today’s business environment. Basing performance on billable hours is antiquated and clunky. This metric for measuring value does not encourage efficiency or responsiveness on the part of the attorney, much less foster innovation. Gone are the days of billing whatever you want and calling it “legal” work. Smaller startups and entrepreneurs demand greater responsiveness to their individual needs and want to be charged flat fees for legal work. These startups will be tomorrow’s giant corporations. Law firms need to see the writing on the wall and change their metrics for evaluating quality to a system that values efficiency, cost cutting, and innovation.