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Innovation in Law Firms: It's Not All About Technology

Innovation in Law Firms: It's Not All About Technology

 


Customer buying behavior has changed significantly over the last few years, with purchasing decisions becoming more competitive and at the same time more nuanced. Changing client needs and demands, new entrants in the legal services sector, and developments in legal technology are pushing law firms to become more innovative. These changing market forces are forcing typically conservative law firms to rethink how and where they offer their services.

There is a tendency to assume that innovation means technology, but while this is an important aspect, it is not the only consideration. Innovation must be understood in its broadest sense. In some ways, technology is the easy answer.

Law firms must embrace an innovation mindset that is ingrained in their culture and makes it a continuous pursuit rather than a one-off activity. Only by adopting this mindset can innovation be applied to all aspects of the business operating model, including people, process and technology. The degree to which each of these components is optimally utilized will vary depending on the specific practice and client objectives. This approach will deliver long-term benefits to clients and result in an efficient, optimized legal partner.

As we all know, brand owners are busier than ever. With increasing pressure to free up in-house resources to take on more work while optimizing external legal spend, clients are looking for a legal partner to help them achieve these objectives. Whether it's a one-stop shop or a specific one-off need, clients are looking for reliable, high-quality results delivered in a cost-effective manner.

Some practical examples include:

It enables efficient collaboration on a common platform.

Outsource regional or global management to one company, enabling bigger-picture thinking across borders to better align with strategic business objectives.

Streamline or outsource a large amount of administrative or operational tasks.

The right resources, the right approach to the task

Bird & Bird believes in the right resource, right task approach, and has been doing so for over a decade. A dedicated support operation underpins the firm's global brand management practice, bringing together a range of intellectual property (IP) specialists, including paralegals, administrators, project managers, technicians and other operational professionals. This approach has proven highly beneficial for its clients.

It is important to position law firms as commercial and strategic partners, not just legal partners. Lawyers need to provide cost-effective services and focus on the specific needs of clients, rather than taking a one-size-fits-all approach. Readily available information makes it easy to compare different pricing models, increasing willingness to change firms in search of a better fit and creating demand for a glocal, global outlook with local expertise.

And the focus isn't so much on where the work gets done, but whether the method chosen utilizes the best means available – the right resources, for the right tasks. Simply put, the answer is sometimes people, sometimes technology, or a combination of both. Transparency, accountability and creativity are at the heart of Bird & Birds' approach, enabling the company to achieve greater efficiency and cost control while maintaining the highest standards of workmanship.

Knowing your customer is key: understanding how they want to work, what their goals are, their risk tolerance, and how you can bring them meaningful value is key.

It's important to really listen to your customers. Be open-minded and be honest about their challenges and offer solutions. This is essential to drive innovation in a mutually beneficial way. For example, if a new technological solution would be game-changing for your customer, but their data is an obstacle to success, articulate the problem and clearly articulate the solution.

Only by understanding their clients in detail can they craft the ideal delivery model, both from an operational and cost-efficiency perspective. Transforming how Bird & Bird delivers IP services ensures that its clients continue to receive world-class legal advice, while efficiently managing the costs associated with some of the more burdensome activities associated with their IP portfolios.

Sources

1/ https://Google.com/

2/ https://www.managingip.com/article/2dcqt0mhywkvstx8u0z5s/sponsored-content/law-firm-innovation-its-not-all-about-technology

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