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
ChallengeThe future – closer, faster and more uncertainLaw firms – structurally challenged in responding
#LawFest2019
Future readyPortfolio of responses –including being willing to challenge own business
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
Capital is coming
CB Insights deal data for ‘LegalTech’
Legal businesses will look different
#LawFest2019The Boston Consulting Group – How Legal Technology will change the Business of Law
Structural challenges
#LawFest2019
Lots of… …but not much
Money CapitalThreats PressureTalent Capacity
Noise Signal
So what do you do?
#LawFest2019
The future ready state
#LawFest2019
• 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
Innovation by committee…
• Bullet point
#LawFest2019
The readiness journey
#LawFest2019
The ‘Committees’
phase
Awareness: strategic view of
futureGet started Deepen and
embed
One firm’s example
#LawFest2019
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
Getting startedSystematic – process reviews
#LawFest2019
Opportunistic –ideas from teams
Final thoughts
#LawFest2019
@samnickless@gtlaw