Innovation in the legal industry with Prof. Bruno Mascello

Summary

In this insightful presentation, Professor Bruno Marcello from the University of San Gallen, Switzerland, delves into the concept of innovation, particularly within the legal market. He discusses the evolution of expectations, the necessity for lawyers to become strategic partners, and the importance of value addition. Marcello explores the lifecycle of ideas, the challenges of innovation adoption, and the impact of disruptive innovations. He also addresses the barriers to innovation in the legal sector, such as the billable hours system and risk aversion, while highlighting the potential of technology and other elements in fostering a culture of innovation.

Takeaways

• 😀 The speaker, Bruno Marcello, a professor of legal management, introduces the concept of innovation and its relevance to the legal market.
• 🏁 The historical perspective on innovation is provided, highlighting the transition from horse-drawn carriages to cars and the famous quote by the U.S. Commissioner of Patents, suggesting that innovation was thought to be complete at one point.
• 📈 The importance of general counsels becoming strategic partners and adding value to businesses is emphasized, indicating a shift in expectations from legal expertise to value and strategic thinking.
• 📊 Innovation is defined as an idea that provides value, satisfies a market need, and is executed successfully, leading to valuable sales.
• 💡 The process of innovation involves developing and presenting ideas, facing challenges, and potentially redesigning until the idea can be implemented.
• 📉 The success rate of ideas in the market is low, with less than one percent of 2000 ideas leading to profitable outcomes.
• 🔄 The concept of the S-curve is introduced to illustrate the adoption of new ideas in the market, showing how ideas grow and eventually reach a saturation point.
• 🔄 The 'double S-curve' concept is discussed, suggesting that successful businesses should start a new growth curve before their current one ends to ensure ongoing success.
• 🔧 Ninety percent of business model innovations are recombinations of basic models, indicating that innovation in business models is more about reconfiguration than pure creativity.
• 💥 Disruptive innovation is described as an innovation that changes the entire market, impacting all levels from the bottom to the top firms.
• 🚀 The emotional journey of change is outlined, from initial shock and denial to eventual acceptance, highlighting the human resistance to and adaptation of change.
• 🛑 Barriers to innovation in the legal market are identified, including a retrospective orientation, specialization, risk aversion, and the billable hours system which may discourage efficiency.
• 💼 Recent efforts by law firms to innovate are noted, such as the creation of innovation spaces, labs, and committees, suggesting a growing recognition of the need for innovation.
• 🌐 Technology is presented as one piece of the innovation puzzle in the legal market, but it is not the sole solution; innovation can occur in various areas including products, services, processes, and business models.

Q & A

Who is the speaker of the presentation?

The speaker is Bruno Marcello, a professor of legal management at the University of San Callan in Switzerland.

What does the speaker suggest about the hourly billing system in the context of innovation?

The speaker suggests that the hourly billing system could be considered an innovation, and he is going to explain the concept of innovation in the context of the legal market.

What historical example does the speaker use to illustrate the concept of innovation?

The speaker uses the historical example of the invention of the wheel and the transition from horsepower to cars in New York to illustrate the concept of innovation.

What famous quote from the U.S. Commissioner of Patents is mentioned in the script?

The famous quote mentioned is that 'everything that can be invented has been invented,' which the speaker uses to highlight the fallacy of such a belief in the face of ongoing innovation.

What role does the speaker say general counsels should play in business today?

The speaker says that general counsels today are supposed to add value and become strategic partners to business.

What is the significance of the 'S-curve' in the context of innovation presented by the speaker?

The 'S-curve' signifies the adoption lifecycle of an innovation in the market, showing the gradual increase in the number of adopters over time.

What does the speaker mean by 'double S-curve'?

The 'double S-curve' refers to the concept of having a successful business model (the first S-curve) and the need to start implementing a second S-curve in advance to ensure continued success and survival in the market.

What is the speaker's view on the role of technology in legal innovation?

The speaker's view is that while technology is an important piece of the puzzle, innovation in the legal market is not solely about technology. It can happen in various areas including products, services, processes, techniques, organization, and business models.

What barriers to innovation in the legal market does the speaker identify?

The speaker identifies several barriers to innovation in the legal market, including a retrospective orientation on case law, specialization leading to a mechanistic view, risk aversion, the billable hours system, lack of funding, and professional conduct rules.

What advice does the speaker give for those interested in innovation in the legal field?

The speaker advises that innovation can be pursued in various aspects of the legal field, not just technology, and encourages individuals to explore new ideas and approaches to improve the legal market.