Innovation… lawyers seldom operate on the cutting edge and certainly not the bleeding edge! That’s a given. It’s likely in your DNA. Risk averse. But how long will you stay in what once was a perfect business model that is now past its prime? That is the question.
Seth Godin points to the music industry…
"The music business was perfect. Radio, record chains, Rolling Stone magazine, the senior prom, limited access to recording studios, the replaceable nature of the LP, the baby boomers… it all added up to a business that seemed perfect, one that could run for ever and ever.
The digital revolution destroyed this perfect business while enabling the seemingly impossible: easy access to the market by new musicians, a cosmic jukebox of just about every song ever recorded, music as a social connector…"
And think about it… the music industry is full of innovative thinkers, so why did they fight so hard to hold on to a business model that was disappearing? Because it is a HUGE industry, they thought was perfect… and couldn’t change so fast.
Does this sound a bit like the legal profession? A perfect business model. Do good work, get good clients. The billable hour, clean and simple. Hang a shingle and they will come.
I think you will agree… This train has derailed.
All innovative thinking lawyers raise your hands and be counted! Think outside the box. Look to other industries for inspiration. Challenge the status quo. And show your open-mindedness EVERY SINGLE DAY. YOU my friends will lead the way to new business models… Yes, I do mean MODELS. It is my belief that there will be several… not one size fits all. Seth challenges all of us to“…dream of the impossible, it just might happen." But it won’t happen unless you learn to think outside the box!