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The Right Incentives for Legal Tech | Blog | PartnerVine
The Solution

Law firm partnerships need to get the incentives right to be successful at Legal Tech. The proposal here is to treat investments in disruptive tech differently so that the benefits for partners match the burdens. Here are the key elements:

Ownership. You can’t ask partners to make a long-term investment in disruptive technology if their share of the rewards is based on their billing pyramid at some uncertain date in the future. Partners that make the investment should have a clear stake in the rewards, unrelated to their billing pyramid. As with other business ventures, there should be equity and sweat equity, as further described below. I’ll call this vehicle the “Legaltech Project”.
Control. You also can’t ask partners to make a long-term investment if they don’t have control. We suggest that the equity owners of the Legaltech Project have control of the project unrelated to their billing pyramid. As with other businesses, the equity owners would determine the terms for the issuance of new equity, preferably on an annual basis.
Services Agreement. Now that there’s a sub-group of partners investing in the Legaltech Project, there should be a Services Agreement to incentivize all partners in the firm to work for the Legaltech Project. The Services Agreement would cover the terms of compensation for employees and partners working on the Legaltech Project. For partners, the terms of any sweat equity and discount to external billables would be set annually by the equity owners of the Legaltech Project.
Voluntary Investment. Since ownership and control have been separated from the main partnership, law firms can consider making the investment in the Legaltech Project voluntary, particularly if pursuing Legal Tech is held back by a sub-set of partners.
There's plenty to unpack there, but that's the way I'd convince my partners. The worst outcome for a law firm is no action, and an important part of treating the Legaltech Project separately from the main partnership is to enable decision-making. It is also a better way to match the risks and rewards for law firms pursuing Legal T
firms  it  disruption  partners 
4 days ago by JordanFurlong
BlackRock co-founder warns on complacency over Chinese tech
Owen Walker in Davos 2 HOURS AGO

“Apple was not in the music industry, Google was not in the mobile phone industry and Amazon was not in the groceries business — until they were,” he said. “Tech companies are going to enter the financial services market in a very, very aggressive way.” 

Ant Financial’s sprawling portfolio of businesses includes one of the world’s biggest credit scoring systems, a bank, an insurer and a lending platform for small businesses. It was reported last week by the FT and other news organisations that Ant Financial is seeking to raise at least $9bn in its latest private fundraising ahead of an initial public offering....“You have to expect there will be a threat from [Chinese] technology companies to financial services,” ....“But I would say Amazon is equally a threat to doing that.” 
BlackRock  Ant_Financial  complacency  threats  disruption  Alibaba  asset_management  financial_services 
7 days ago by jerryking
Technology has upended the world’s advertising giants - Mad men adrift
March 31st, 2018 | The Economist |

The world’s advertising giants are struggling to adapt to a landscape suddenly dominated by the duopoly of Google and Facebook. Some of their biggest clients, such as Procter & Gamble (P&G) and Unilever, are also being disrupted, in their case by smaller online brands and by Amazon. They are cutting spending on advertising services, and also building more capabilities in-house. Consultancies with digital expertise such as Deloitte and Accenture are competing with agencies, arguing that they know how to connect with consumers better, and more cheaply, using data, machine learning and app design.......This month Marc Pritchard, chief brand officer of P&G, criticised their (i.e. the ad giants) model as a “Mad Men” operation that is “archaic” and overly complex in an era when campaigns and ads need to be designed and refined quickly across lots of platforms.

Technological forces are buffeting this model.

(1) The first big challenge is disintermediation. Despite the growing backlash against the tech giants, Google and Facebook make it easy for firms big and small to advertise on their platforms and across the internet via their powerful ad networks.
(2) The second headache is the rise of ad-free content for consumers, especially on Netflix, and the corresponding disruption of ad-supported television, which has declining viewership globally.
(3) Third, Amazon’s e-commerce might, and the growing clout of internet-era direct-to-consumer upstarts, have weakened the distribution muscle and pricing power of the advertising giants’ biggest clients.....cost discipline among clients is driven partly by the influence of thrifty private-equity investors like 3G, the Brazilian owner of AB InBev, the world’s largest brewer......Sir Martin argues that the budgetary pressures that have forced his clients to cut back on advertising are a cyclical problem, not like the structural challenges posed by technological disruption.

In private, however, a senior executive at a rival ad-holding firm rejects much of this optimism. Technological disruption and disintermediation, he says, will only deepen. The efficiency of targeted digital ads means companies can spend less for the same outcome in branding. ....The advertising firms are responding by hiring away talent, acquiring businesses (in 2015 Publicis bought Sapient, a digital consultancy, for $3.7bn) and gradually changing how they make money. Their plans mostly boil down to two things: investing in digital services and consolidating their collections of businesses so that they can provide a range of services to one client more cheaply under one account.
advertising  economics  marketing  advertising_agencies  Martin_Sorrell  digital_strategies  WPP  Google  Facebook  Amazon  competitive_landscape  P&G  Unilever  disruption  Deloitte  Accenture  Publicis  Omnicom  via:sparkey  ad-tech  programmatic 
10 days ago by jerryking
The joy of boring business ideas
April 11, 2018 |FT| by JONATHAN MARGOLIS
Slippers, razors and even gas boilers offer ripe pickings for profit and disruption.

Simon Phelan and his online gas boiler installation company, Hometree, are “aiming to replicate the success of online estate agent Purplebricks in an equally large, albeit more boring market: boiler installations.”......Start-ups doing anything new, cute or plain off-the-wall often struggle. .....Boring may be the new interesting.......Mahabis, a carpet slippers start-up, has sold close to a million pairs of its £79 product....another boring domestic product, razors, have proved to be a lucrative market for what are essentially tech companies, such as Dollar Shave Club (bought by Unilever for $1bn) and Harry’s.....It is not just products: dull-sounding online services also seem to pay off. London start-up ClearScore, a millennial-focused fintech company which offers users free credit scoring and personal finance guides, sold to Experian last month for £275m, after just three years in business......Phelan is pursuing gas boilers, not because he was interested in them, but because he was looking for a way into the growing smart-home sector. He wants to build a slick way to modernise boiler installation, so that by the time newer, more eco-friendly home heating technologies become standard he will already have a loyal customer base. This is why Hometree has more in common with tech companies than with local plumbers.

“Where I think people go wrong in entrepreneurship is building a product, rather than a business for the future,” says Mr Phelan....Making a neglected category simple and elegant is attractive.”

“All you have to do,” he concluded, “is not to see it as a gas boiler business, but a much bigger play......Phelan’s idea that new businesses need to be strategic rather than excitable about this or that gimmicky new product is one that other entrepreneurs would do well to follow.
disruption  unglamorous  smart_homes  eco-friendly  reinvention  home_based  new_businesses  new_products 
12 days ago by jerryking
Facemash Creator Survives Ad Board | News | The Harvard Crimson
The creator of the short-lived but popular Harvard version of the Am I Hot or Not? website said he will not have to leave school after being called before the Administrative Board yesterday afternoon.
Mark E. Zuckerberg ’06 said he was accused of breaching security, violating copyrights and violating individual privacy by creating the website, www.facemash.com, about two weeks ago.
change  privacy  innovation  disruption  Facebook 
12 days ago by edsonm
KBS Albion’s transformation – Albionites
Help you understand who your customers are, how their needs are changing, and the new commercial opportunities that creates.
Explore ‘possible futures’ for your business, and use insight, data and coaching to help your leaders make their decision.
Help you design new products, services, brands or ventures that take your business in that new direction.
Work alongside your teams so they can absorb new ways of working, and to enable them to operate and develop the new offers we create together.
agency  albion  business  model  disruption 
13 days ago by sparkey

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