Whereas that index was created to catalog and
measure law firm innovation in the delivery of legal services, this new index sets its sights on law schools.
My student research team and I are looking forward to input and discussion, receiving submissions
of law firm innovations, and working to improve this resource.
On the shortlist there are categories for «Investment in Women in the Law», an award
for law firm innovation, and an award for legal journalism.
The newly created Law Firm Innovation Index measures
law firm innovation based on Google advanced searches for indications of innovation on the websites of the world's largest law firms.
This collection of articles
highlights law firm innovation (no, it is not an oxymoron) in such areas as billing and fees, human resources, management, client services, IT and marketing.
Dentons attained the
international law firm innovation title for its efforts to build the world's largest free - to - use lawyer referral programme, Nextlaw Global Referral Network.
Linna admits that this approach has weaknesses, but he says that, given the paucity of information about
law firm innovation generally available, determining what law firms claim to be doing about innovation on their own websites is a helpful starting point.
That said, the Law Firm Index provides insight into whether and how law firms are innovating, especially when looking at the big picture, and the Catalog of
Law Firm Innovations identifies concrete innovations that law firms have implemented.
All aspects of
law firm innovation funnel back to this tripod of priorities that is elevating top law firms above their competitors and your clients will love you for it.
For another view of the COO & CFO Forum, focused on
law firm innovation from a spend management perspective, I invite you to read this post from Patrick Gleason, my fellow LAC Group colleague and VP at sister company CCM: Law firm practice innovation.
Submissions are now being accepted for the June awards, which recognise excellence in handling transatlantic matters across the key areas of corporate, finance and disputes, as well as
highlighting law firm innovation, commitment to pro bono, outstanding transatlantic strategy and in - house leaders.
There are some well publicized examples
of law firm innovation awards and rankings, such as ILTA and the Financial Times.
Dattu points out that general counsel are being offered so many different technology tools and
law firm innovations, that it's hard for them to decide which are actually valuable.
Inevitably, though, I end up relating those thoughts back to work and
law firm innovation for this column.
(Coincidentally, I recently presented a keynote on «The Innovation Gap» at the Legal Service's Corporation's Innovation in Technology Conference (video of which I posted here) and I will be speaking on
the law firm innovation gap at the Lexpo innovation conference in Amsterdam April 16.)
I also asked Dan Linna, who was speaking at LegalWeek and who created
the law firm innovation index about this.
The law firm innovation index comes at this from a different angle.
In what he is calling phase 1, version 1.0, the index consists of two parts, a catalog of
law firm innovations and a law firm innovation index.
Anjarwalla & Khanna was awarded
the law firm innovation prize for its initiative to cut the time spent on individual real estate development, sales and leasing transactions.
Still, it is, as Linna suggests, an interesting start to indexing
law firm innovation.
She's a graduate of the law lab at Michigan State University College of Law (now Legal RnD) and a former Legal Solutions Architect at Seyfarth Lean, recognized as a leader in
law firm innovation.
The first phase of this study includes a Catalog of
Law Firm Innovations and a Law Firm Innovation Index.
Phase 1, Version 1.0 consists of a Catalog of
Law Firm Innovations and a Law Firm Innovation Index, which is based on searches of law firm websites for indicia of innovation.
Phase 1, version 1.0 consists of a Catalog of
Law Firm Innovations, a Law Firm Innovation Index based on searches of law firm websites for indicia of innovation, and a prototype Law School Innovation Index.
That is, rather than needing to establish new markets, much of
law firm innovation can focus on making current practice (much) more efficient.
In response to Jim's call to action, I launched the Legal Services Innovation Index, creating 1) a catalog of
law firm innovations and 2) an index of law firm innovation based on searches of law firms» websites.
The true barrier to
law firm innovation is the firm's ironclad insistence on measuring value — both external to the client and internal within the firm — on the basis of lawyers» time and effort.