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Innovation, Legal Technology, Client Solutions…
Regardless of what it’s called, all of the top global law firms have a practice area dedicated to identifying areas to improve operational efficiency through legal technology.
Needless to say, this has only strengthened with GenAI.
But though improving efficiencies is an obvious positive side-effect of forward-thinking approaches, there are also huge opportunities to generate revenue.
Max Paterson, Managing Director US at BRYTER, opened his latest webinar, “Monetizing Law Firm Innovation: Selling Products with Services,” with a snapshot of the legal industry’s evolving face.
“All top global law firms,” Paterson remarked, “are now focusing on how they can merge traditional practices with technological advancements, especially with the introduction of GenAI.”
Innovative Models for Legal Services
1. Digital Services as Marketing Tools
Paterson introduced the concept of using digital services as marketing tools.
This approach, he explained, “is less about direct monetization and more about enhancing a firm’s visibility in the digital domain.” By offering free or low-cost digital services, firms can attract new clients and reinforce their brand.
2. Tailored Digital Services
Transitioning to the next model, Paterson discussed bespoke digital products.
“Law firms are uniquely suited to offer digital products tailored to their clients’ specific needs,” he stated, highlighting this approach as a way to supplement traditional legal advice with innovative, value-added services.
3. Expanding to Broad Digital Products
The third model presented by Paterson was the creation of comprehensive digital products aimed at a broader market. “This requires a bold leap,” he said, “venturing beyond legal advice to embrace a broader range of skills and market understanding.”
Why Law Firms Can Lead in Digital Innovation
Paterson emphasized the natural fit of law firms in the digital innovation space.
“They already possess the key ingredients: a wealth of legal knowledge, a deep understanding of client needs, and an existing base for technological innovation,” he explained.
This unique position allows firms to explore digital solutions deeply rooted in their legal expertise.
Navigating Through Pricing Strategies
An essential part of Paterson’s presentation was exploring different pricing strategies. From free services designed to enhance market presence to comprehensive subscription-based models, he laid out a range of options.
“The right pricing model should align with the firm’s service objectives while providing real value to clients,” Paterson advised.
Overcoming Challenges and Taking the First Step
As the session neared its conclusion, Paterson offered advice on navigating potential challenges in monetizing legal innovations. He suggested starting small and building upon the firm’s existing strengths. “It’s about balancing innovation with the firm’s core values and expertise,” he added.
Embracing the Future of Legal Services
In closing, Paterson’s webinar offered not just insights into monetizing legal innovation but a broader perspective on the future of legal services.
His narrative, blending practical advice with a clear vision, provided a roadmap for law firms navigating the intersection of traditional practice and technological advancement.
Want to learn more? Catch up with the full webinar below.
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