The life-cycle of innovation in law firms
Posted on 17 June 2011
Design Planning, Innovation
Many of the newest and most exciting development in digital communications emerge through consumer markets and it can be difficult to know when and how to apply them in the corporate environment commercial law firms operate in.
By maintaining an systematic innovation pipeline, law firms can ensure they keep ahead of the market while avoiding expensive mistakes that arise from investing in cutting edge technology that may turn out to be a nothing more that a fad. In this post I’d like to share a model you can use to make sure your pipeline keeps your firm ahead of the curve.
1. Awareness building
Build an maintain a list of emerging technologies and concepts. We recommend a simple glossary style list that can be shared as a resource for every member of the firm. Ideas will typically be added to the list as soon as the emerge and usually before they have reached any market.
2. Repurposing
Monitor for signs of emerging technologies hitting the market place. Task your best thinkers with writing short proposals for how to repurpose these new ideas to meet the needs of law firms and their clients. At this stage, proposals should be written with an open-mind and do not necessarily need to be completely realistic.
3. Evaluate
As new technologies show signs of success, add a dose of realism to the ideas generated in stage 2 and work out the challenges that would need to be overcome in order to bring them to life.
4. Prototype
As new technology prove market appeal, develop prototypes that apply the technology to the law firm setting. If you have followed the pipeline this far you should be months if not years ahead of most other law firms who only to considering ideas at this stage. Circulate prototypes internally to gather feedback.
5. Realise
Successful prototypes can be shared with the firm and presented for approval. It is easier to build consensus when you have something for people to interact with, rather that asking them to sign-up to vague concepts. Those that gain approval can be launched as new products and services.
6. Monitor and Review
Establish goals and work out how to monitor success. Review new services weekly to begin with tapering to monthly or quarterly as they become more established.
7. Refine or Withdraw
Refine ideas when your review process shows they are no longer meeting the needs of clients or other stakeholders. Kill ideas quickly when their cost is greater than the earned benefits they achieve. Cost saving made by withdrawing under-performing services can be invested back into product development.
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