The future-ready legal business · Sam Nickless, COO + Partner, Gilbert + Tobin. #LawFest2019....
Transcript of The future-ready legal business · Sam Nickless, COO + Partner, Gilbert + Tobin. #LawFest2019....
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The future-ready legal businessSam Nickless, COO + Partner, Gilbert + Tobin
#LawFest2019
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ChallengeThe future – closer, faster and more uncertainLaw firms – structurally challenged in responding
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Future readyPortfolio of responses –including being willing to challenge own business
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The defining shift for legal businesses
• Labour as the primary unit of production
• Owned by key labour(partnerships)
• Significant manual tasks and cognitive labour
• Priced according to scarcity of labour (time)
• Value from ‘moments of genius’ but revenue from hours on the tools #LawFest2019
Labour• Capital (technology)
increasingly relevant• New sources of investment
capital• Automation of tasks• Priced according to value
created• Reduced return from hourly
billing
Labour + Capitalto
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Capital is coming
CB Insights deal data for ‘LegalTech’
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Legal businesses will look different
#LawFest2019The Boston Consulting Group – How Legal Technology will change the Business of Law
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Structural challenges
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Lots of… …but not much
Money CapitalThreats PressureTalent Capacity
Noise Signal
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So what do you do?
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The future ready state
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• Need for change• Governance / decision-making• Willing to disrupt – i.e. reduce hours
Mindset
• Dedicated resources• What % of revenue on R&D?• Capital beyond this year’s distribution?
Investment
• Get off the flip chart• Portfolio of actions on core business and
disruptionAction
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Innovation by committee…
• Bullet point
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The readiness journey
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The ‘Committees’
phase
Awareness: strategic view of
futureGet started Deepen and
embed
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One firm’s example
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The ‘Committees’
phase
Awareness: strategic view of
futureGet started Deepen and
embed
Ditched the Committees
Major strategic intervention –scenario modelling
Productivity focusDelivery focused innovation group
Investment in disruptor
Resourced Legal Services Innovation teamPromoted leader to PartnerIncreasing client contact (egtenders, secondments)GT Innovate – client services
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Getting startedSystematic – process reviews
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Opportunistic –ideas from teams
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Final thoughts
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#LawFest2019
@samnickless@gtlaw