Innovation in law firms

December 20th, 2012 by Altman Weil

What constitutes an “innovative” law firm?  Is innovation really important to clients?  In its 3rd annual US Innovative Lawyers report, the Financial Times recognizes 25 firms that have undertaken new initiatives to positively differentiate themselves among clients.

For example…

  • “Cleary Gottlieb Steen & Hamilton designed its own $2m in-house “mini MBA”, which will be mandatory for its first-year associates.”
  • “Davis Polk & Wardwell, has been pushing for its youngest lawyers to be more useful to clients – and more profitable for the firm – by choosing a specialist practice area much sooner than is traditionally the case.”
  • Paul Hastings is “overhauling its secondment programme to include more senior lawyers, including counsel and partners.”
  • A Holland & Knight practice group developed a fixed fee strategy “that simply measures output rather than time” thereby pleasing clients and saving the firm half a million dollars in administrative costs.

Read it at Financial Times

This entry was posted on Thursday, December 20th, 2012 at 9:43 am and is filed under Innovation, Inside-Outside relationship, Competition. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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