Episode 11 - Sustaining Legal Innovation: Incubators, Accelerators and R+D
It's not enough to be innovative or innovate! It's not a one off proposition. In the legal industry today, it's increasingly about continuous improvement, agility and embedding these core capabilities in law firms/legal departments so they underpin and drive the way business is done every day - this IS the new firm/organisational culture. But, so much change so quickly can also be exhausting.
We asked Maya Markovich, Chief Growth Officer at Dentons' Nextlaw Labs, how firms/organisations are introducing, advancing and sustaining legal innovation - and a whole lot more! Nextlaw Labs was a pioneer in the law firm R&D space and has continued to experiment, iterate, expand and lead despite increased activity and competition in the market.
The topics covered in our conversation included:
- The difference between an incubator, accelerator and legal R&D department
- The difference in the lawyer, legalpreneurs and entrepreneurial mindset
- The impact and importance of a multidisciplinary approach to innovation
- The role of intrapreneurs and entrepreneurs in law firms and legal departments
- The role, function and impact of Chief Innovation Officers and innovation committees and, what they need to thrive
- Whether or not law firms should be investing in legaltech development
- How collaboration is the glue for law firms/legal departments and multidisciplinary approaches to the development of legaltech and the implementation of innovative projects
- What’s driving the current significant increase in investment in legaltech/AI globally and if the legal industry is approaching a tipping point
- And, what’s the BIG thing on the legaltech/AI or the legal innovation horizon in the next three years.
Thank you, Maya, for an amazing conversation and for hosting us in sunny downtown Oakland, California!