#WinningMindspark

Legal innovation

If you are a lawyer in the private legal practice, google this term: “trademarkia”. You will learn it is a website that offers free web content, connects users to paid legal services and as of 2019, it helped the new law firm that started it to top the filing of trademarks — dethroning the traditional law firms…

Indeed, new entrants in tech law are taking small pies from the big boys. Now is the time for new law firm strategy – where will growth come from?

What is your law firms long term game? Where do you plan to grow revenue in 5-10 years’ time? Now is the time to create winning ambition and think ahead.

Technology innovation is the best equalizer. Smart lawyers make more money in board rooms far away from the Courts of Law. No client wants to go to court. No one wants their company name to be a subject of a court issue. And that is where law firms are innovating.

How to make more money from process automation, trade facilitation and legal advisory across the spectrum of legal services.

In the next post, I explore legal innovation areas you should be investing in. The mere creation of subject matter experts, which many law firms seem to focus on is short term game unless aligned with capabilities to optimize the skill sets. What are these capabilities? How does your firm plan to win in 10 years’ time?

Copyright Mustapha B Mugisa, 2020 All rights reserved.

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