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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 
yesterday by JordanFurlong
(2) Circuits & Logic (video) | Computer science | Khan Academy
Part of a "how computers work" series that could be a fun intro that's a nice alternative to Dig Lit
yesterday by nara.nayar

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