Nov 12, 2021
In a recent article for The American Lawyer online titled; “Want Your Law Firm to Build Monetizable Products? Go Ahead, Take a Shot”, Gillian Scott, Osler partner, Innovative Products, was quoted by Law.com reporter Dan Packel, about how law firms are building products under the umbrella of a law firm structure. The article was based on comments from a panel Gillian appeared on called “Packaging Intellectual Knowledge into Products” at the Ark Group’s 4th Annual Law Firm Innovation Summit.
The panelists also included Kimball Parker, president of Wilson Sonsini Goodrich & Rosati subsidiary SixFifty, and Suffolk University professor Gabe Teninbaum.
The article states that, “On the one hand, building successful products depends on harnessing the knowledge base of lawyers in the firm. That means that they need to be incentivized to get on board. But for high earning partners, immediate financial rewards often fall short. One powerful alternative is to make the case for how the product contributes to the firm’s wider client offering.”
“If we’re going to be an excellent firm that provides service excellence in all of the areas that our clients require, this is one piece that we can add to that,” Gillian said.
She also remarked that she believes that products can stand alone as profit centers.
If you subscribe to American Lawyer online you can read the full article, “Want Your Law Firm to Build Monetizable Products? Go Ahead, Take a Shot on Law.com.