JordanFurlong + disruption   14

Three Signals Your Industry Is About to Be Disrupted – MIT Sloan Management Review
Legacy companies are falling like dominoes to disruptors. Together, emerging technology and new business models have created new ways of serving customers. The same way Airbnb, Uber, and LinkedIn fundamentally changed the lodging, taxi, and recruiting industries, titans such as Amazon, Google, and Facebook are now poised to disrupt every industry as wide-ranging as health insurers to grocers. It’s safe to say that no industry will be left untouched — but is yours next?

A number of industries seem to be “safe” from disruption, but often the markets most at risk do not see it coming. Who would have predicted, for example, that Amazon would follow its acquisition of Whole Foods Market with a jump into health care? We have looked at common patterns among more recent business model innovations and determined three major signals that your industry could be on the precipice of major change.
october 2018 by JordanFurlong
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 
april 2018 by JordanFurlong
Three Startups Aiming to Disrupt Immigration Law | Legaltech News
At present, all applicants have to fill out and submit paper forms to their local immigration office. Though U.S. Citizenship and Immigration Services (USCIS) has promised an online submission system for immigration applications, it's not expected to be completed and functional until 2019 at the earliest.
While some immigrants need significant legal assistance to deal with litigation, removal orders, and even detention, many applicants are relegated to paying steep attorney fees simply to fill out their application forms. These three startups, among others, are helping immigrants steer through the complex waters of immigration law across language barriers and on a budget:
immigration  disruption  innovation  competition 
october 2016 by JordanFurlong
Lewis Rice Takes Rare Step in Forming Second Firm | The American Lawyer
"Lewis Rice is addressing the estate planning needs of St. Louis families by opening four offices in the St. Louis area, dedicated only to estate planning. Ten attorneys are providing this service under the TuckerAllen name, beginning in September," said a spokeswoman for Lewis Rice in an email. A member of Lewis Rice was not available for comment Friday.
innovation  disruption 
august 2016 by JordanFurlong
Prism Legal The Coming Changes in How Lawyers Practice - Prism Legal
In this century we have seen dramatic changes in the legal market. From a period of plenty, we moved to one of seeming scarcity. Many commentators suggest that the legal market has been, is being, or will be disrupted. I have a different point of view: if the 2007-10 economic crisis did not “disrupt” the legal market, I am not sure what would.
firms  innovation  disruption  process  pricing  profitability 
august 2016 by JordanFurlong
Disruption? More Like Incremental Change for Big Law (Perspective) | Big Law Business
Many commentators who forecast Big Law disruption seldom explain just how and why it will occur. So I felt the need to bring some sober thinking to what’s actually likely. I hope my conclusions are wrong — that would please me.
disruption  robolawyer 
june 2016 by JordanFurlong
Why Clayton Christensen Is Wrong About Uber And Disruptive Innovation | TechCrunch
Christensen vaulted to rock-star status in the tech world in 1995 when he introduced the theory of disruptive innovation in the Harvard Business Review (HBR). Two years later, he published his bestselling book, The Innovator’s Dilemma. His work was widely praised, including glowing endorsements from Malcolm Gladwell, Michael Bloomberg and Steve Jobs. And rightly so. The concept of disruptive innovation was a hugely important breakthrough in understanding how and why major innovations succeed.
innovation  disruption 
march 2016 by JordanFurlong
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schools  innovation  robolawyer  disruption  training 
january 2016 by JordanFurlong
12 Industries Disrupted by Tech Companies Expanding Into New Markets - Singularity HUB
RED BULL disrupts PUBLISHING: Red Bull, an energy drink company (they’ve sold 50 billion cans), launched Red Bull Media House to produce original sports, culture, and lifestyle content. It has since become one of the world’s leading premium content media companies.
FUJIFILM disrupts COSMETICS: Fujifilm, the camera company, is disrupting cosmetics. It turns out that of the 200,000 chemicals used in Fujifilm’s core business, 4,000 are antioxidants that could be used for cosmetic purposes. The brand, called Astalift, has been on the market for about five years.
APPLE disrupts MUSIC PLAYERS: Apple is notorious for disrupting adjacencies. In 2001, after Apple experimented with music application iTunes, they realized there was no good MP3 player on the market. So Apple created their own, the iPod — selling over 300 million of them, until they dematerialized their own technology by pivoting into another adjacent market, the iPhone!
GOOGLE, APPLE, UBER and TESLA disrupting CARS and DETROIT: I would not want to be a Detroit car executive. These four Silicon Valley tech companies are investing billions in autonomous cars to disrupt how we drive.
FACEBOOK, GOOGLE, SPACEX, VIRGIN/QUALCOMM disrupts COMMUNICATION: Today these companies are looking to provide 1 megabit per second connectivity to every person on the planet, potentially disrupting the global communications infrastructure. SpaceX alone is looking to launch 4,000+ satellites to accomplish this. Google is launching thousands of balloons, and Virgin and Qualcomm are launching 648 satellites through OneWeb.
How to Identify Great Adjacent Markets

Believe it or not, finding great adjacent markets is pretty straightforward.

Here are three basic questions to ask:

How could my company’s underlying assets be used differently, ideally to solve problems that a) impact a billion people and b) you are passionate about?
Who in your supply chain is doing an awful job, and could you do a better job by developing that business?
What else do your customers need, where are they underserved, and how could you solve their problems?
When you answer these questions, you will be able to identify lucrative adjacent markets and begin on the path toward disrupting others and disrupting yourself.
november 2015 by JordanFurlong
Confronting a new-market disruption: When disrupting the disruptor is the only way to succeed — Medium
We’re sympathetic to how difficult it is to spot these disruptors early and our best advice is to study the theory and recognize the patterns of New-Market Disruptions. They often start small, creating new markets and drawing non-consumers into the market with lower costs or simpler, more accessible products. The key attribute to recognize is that they increase the number of consumers or consumption occasions rather than stealing share from existing consumption.
innovation  disruption 
november 2015 by JordanFurlong
Prism Legal Big Law Changing or Being Disrupted? - Prism Legal
We are six years past the economic crisis and probably four years into the shift of power to clients.  We now understand what that means and it’s not the end.
Demand is flat but most US large firms continue perform fairly well.  While some firms do suffer, many thrive.
A favorite among the disruption school is alternative legal services providers.  Data are scarce but..  Excluding managed document review, a reasonably large business in the US, non-law-firm-alternatives to Big Law have probably taken less than 1% of the market. It might go up but it does not feel like disruption to me.
Consider two poster children of change or disruption – take your pick.  Clearspire is no more.  Axiom Law has long reported the number of lawyers it has on one of  its pages.  For many months, if not more, that number stands at 1000 lawyers. Maybe they are growing and just not updating their website; I don’t know.
More importantly, Big Law is changing….
biglaw  innovation  disruption  robolawyer 
august 2014 by JordanFurlong
Wake up! Speak Up! Shake Up! – Slaw
hat Chief Justice Bauman has identified the real source of disruption. And the change is not coming from within the practice of law (for instance, by introducing process efficiencies). This disruption comes from a change in society’s attitude to the legal profession and the rule of law. How can we tell that public confidence in the legal profession has diminished? A few examples:
The number of self represented litigants in our courts is staggeringly high. According to a recent position paper from the BC Branch of the CBA, in BC’s Provincial Court, 90 to 95% of family law matters have at least one unrepresented party. Even in the BC Court of Appeal, self-represented litigants appeared on 27% of civil cases and 21% of criminal cases.
disruption  access  bc 
may 2013 by JordanFurlong

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