Session Description: As more law firms experiment with innovation by delivering their services in new and interesting ways, many encounter logistical challenges. How do you price the products/services in a market bereft of competitors? How should you go about positioning and selling these innovations? How will you maintain and scale operations to keep the product/service updated? What’s the best way to deliver support for the new product or service? We will answer these questions and more as we present real-world examples of innovative products and services that have been attempted and actualized.
Speakers:
- Michael Dov Nogroski, Director of Practice Innovation, Chapman and Cutler LLP
- Gwyneth McAlpine, Director of Knowledge Management Services, Perkins Coie
- Sarah Korth, Senior Manager, Marketing, Littler Mendelson P.C.
[These are my notes from the International Legal Technology Association’s 2017 Conference. I’m publishing them as soon as possible after the end of a session, so they may contain the occasional typographical or grammatical error. Please excuse those. To the extent I’ve made any editorial comments, I’ve shown those in brackets.]
NOTES:
- Background. The firms of these speakers are at different stages of innovative product development.
- First Things First.
- Making the Business Case
- Define the value to the firm
- how does this move the needle for the firm?
- Will it be a value-add, a revenue-generator?
- Does the value warrant the level of effort the project is likely to require?
- How do you balance benefit to the firm and benefit to a smaller group within the firm (e.g., a partner’s vanity project)
- Include the client point of view — this may be uncomfortable because it likely will require changes in the way your firm has always delivered legal services.
- Define the value to the firm
- Making the Business Case
- Governance.
- Define governance and the decision-making process
- Identify key stakeholders who should be involved — be prepared to include a wider group of stakeholders than you would normally involve.
- it is better to have them in the tent early than have them torpedo the project later
- Determine Go/No Go
- a strong business case is critical for buy-in
- be prepared for naysayers — sometimes they signal their lack of support early in the project so be alert and address their concerns early
- collaborate early and often
- be willing to experiment, which means being willing to fail
- sometimes this means “going rogue,” operating under the radar until you have useful project data to share with the fim
- this requires having some buy-in from firm leadership to provide the latitude for action and resources
- Adoption/Change Management
- any time you create a product or service that will disrupt current products and services, you should expect significant pushback
- develop a change plan prior to launch
- identify and secure commitments from internal champions
- consider engaging a third party change management consultant — especially if the disruption you are planning will have a major impact internally
- Create strong internal marketing and communications
- be transparent from the beginning
- be sure to explain “what’s in for me” — from the perspective of everyone who is likely to be affected by the change
- this is especially important if the product/service is likely to reduce billable hours
- in this case, focus on the longer term benefits to the firm
- bring evidence to the audience — market research and peer evidence (from other partners or even other firms)
- this is especially important if the product/service is likely to reduce billable hours
- attorneys are on the front line — they need to have enough information to market it to each other and to their clients
- keys to success
- know your audience
- have a strong messaging/communication plan
- focus on education
- use multiple resources — videos, case studies, talking points, pricing, contact info for the dedicated sales team, etc.
- create an internal, central place where attorneys can find all the resources they need in single place
- Don’t rely solely on email — in many firms people are already inundated with email. Therefore, travel to your offices and schedule in-person meetings.
- External Marketing and Communications.
- use experience data to drive strategy — this means that you REALLY have to get to know your buyer and their sales cycle, and then align your marketing/sales plan to that cycle
- create a realistic action plan
- test the waters before a major launch — even asking clients for their thoughts on the planned product/service
- don’t forget to use indirect marketing as well — put clients in touch with other clients who have experienced success with this product/services
- Keep it simple
- be direct but impactful — attorneys, especially, may need coaching to stick to the key powerful facts
- appeal to your audience
- Adjust and try again
- Pricing.
- Don’t start by telling your client what they need and what you are going to charge them!
- Rather, start by ASKING what your client what the need and what their comfort level is with respect to pricing. It isn’t just about cheap, it might be about increased predictability/reliability in pricing.
- Understand the worth of your product/service
- what is the true value add — TO THE CLIENT
- is it a revenue generator
- is it a brand builder
- Understand your client
- consider customized pricing
- understand how they are using internal legal or consulting alternative resources
- What will the market bear?
- what is your firm’s experience data on this?
- what are other firms charging?
- this information doesn’t usually come via online research
- you can ask clients — they are usually willing to tell you
- you can ask colleagues in other firms
- Ownership: How to keep it going.
- These projects can require substantial investment by the firm — consider having a partner lead the effort (on the
- You can be a victim of your own success — you now have a product/service you have to maintain for your clients
- keep the produce up-to-date regarding design, technology, process
- technology products often require external support
- keep content fresh
- monitor the market on an ongoing basis
- Evolving the Product.
- Keep track of client satisfaction
- you can use surveys, face-to-face feedback, third-party consultants
- gather input that drives change
- plan for resources to maintain and improve the product/service in planned phases
- usage data
- you may need to refine your collection/analysis as your product matures
- Keep track of client satisfaction
