Posted By: Bala
To innovate is “to make changes in something established, especially by introducing new methods, ideas, or products.” In legal services, innovation involves re-examining the established way of doing things and finding better ways that new methods, ideas, and tools make possible.
Innovation is a search for a better way. A search that is motivated by a realization that the traditional way is no longer satisfactory. It works, but not well enough. It fails to draw adequately on the new reality of what is possible. It is falling short of what the market is now demanding.
More than ever before, now is the time to double down on ‘Innovation at Law Firms’. Also, as they proceed to innovate, Law firms are finding that their business model needs to adapt to make a better way possible. In an effort to make this discovery and transformation easy, the Innovation Minds team has assembled an assessment to find Law Firms’ innovation opportunities. Are you game?
What and how we assess Law Firms Innovation?
How the scores are calculated by our assessment?
The above exercise is pretty quick. It can be completed by any stakeholder in about 15-30 minutes and results in a visual way to represent where one’s Innovation Program technology sits in comparison to industry benchmarks. Additionally, it can be completed by multiple individuals within an organization to calibrate a mutual understanding between their collective Innovation Program departments and/or other internal stakeholders. Maturity (scale of 1 to 10) is explained below.
- Just realized – Process not in place, however, there is a realization of the need.
- Initial (chaotic, ad hoc, individual heroics) – the starting point for use of a new or undocumented repeat process.
- Repeatable – the process is at least documented sufficiently such that repeating the same steps may be attempted.
- Defined – the process is defined/confirmed as a standard business process.
- Capable – the process is quantitatively managed in accordance with agreed-upon metrics.
- Efficient – process management includes deliberate process optimization/improvement.
- Innovator – Started challenging status-quo and incremental innovation started at the edges.
- Disruptor – The tangible impact of the innovation has been proven, started institutionalizing the sustainable.
- Market leader – You are nailing it.
- World-class – The true north of all.
And the final Report is:
** Blue bar represents Innovation Minds benchmark baselined from 25+ companies we worked with, and the black line represents where you may stand.