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PROFESSIONAL SERVICES BUSINESS DEVELOPMENT AND MARKETING INSIGHTS

| 1 minute read

Innovation in a Risk Adverse Environment

Innovation is coming rapidly to the legal market. I was lucky to see Lee Curtis (Head of Global Sales) and Sam Stamp (Head of New Business) at Simmons & Simmons sharing some fantastic insights at an event hosted by the PSMG.

Firms have traditionally taken a very sensible "if it ain't broke, don't fix it" position. When the livelihood of your clients, your staff and the economy as a whole is at stake, making sure something doesn't break is a pretty good idea. As firms transform and adopt new ways of working, we're seeing the innovative potential of law firms, consultancies and accountancies.

As firms transform and adopt new ways of working, we're seeing the innovative potential of law firms, consultancies and accountancies. The world is changing and there are now various bits of technology that law firms are incorporating into their 'stack'. This is also leading to something known as 'Innovators Dilemma'.

"The decision that businesses must make is between catering to their customers' current needs, or adopting new innovations and technologies which will answer their future needs."

So how do you combat this within a firm to ensure that the fee earners are taken on a journey with you, ultimately understanding the benefits that will derive from innovating:

1. Definite what innovation means to your firm and therefore what 'good' looks like.

2. Work within the existing systems. There is little to no point in coming in and trying to make wholesale change, it takes time, but eventually, people will see the benefits.

3. Innovation is not just a cultural term, the process can be applied to help map out a route to success.

4. Showcase 'best practice' from elsewhere within the market.

5. Talk to your trusted Clients - is there some more they want from you that your service isn't already offering.

Of course, nothing is foolproof and it will differ from firm to firm, however, these seem like great guidelines to put in place when considering innovation within your firm.

"Don't invest time and money in creating something yourself if you can buy it off the shelf elsewhere." Sam Stamp, Head of New Business at Simmons & Simmons

Tags

content marketing, b2b marketing, e2e, innovation, innovation strategy

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