Inventing new ways for Law firms to create new value for clients
I recently drew this chart at a meeting with a major global law firm. I wanted to share this with my readers. This chart shows some potential areas in which law firms and their lawyers can innovate to deliver new value to corporate clients.
My key messages for this law firm were:
Lawyers must better understand how to create new value for their corporate clients, particularly when working with the client's commercial and legal functions.
By offering value solely from 'Expertise' management (as is true for most major law firms today), the firm misses out on capturing a large portion of value of their overall offering (using my rough anlaysis).
Major law firms must transition their business models now or they will perish. In an era when a law firm's primary competition will increasingly come from 'two guys and their laptops' (both of whom are probably alumni of this same firm), they should act quickly.