As mentioned in my last post, a great deal of excellent work is being done in law firms by administrative assistants, para-legals, and IT professionals. For the most part, this work is either being done in support of partner and associate billable hourly work or as a part of a further law firm profit centre (much like the all too prevalent mark-ups on photocopying and faxing charges). In general, the law firm value offerings looks something like this:
On the other hand, many of the promising pockets of legal services innovation are focused on developing an offering in one of the following distinct areas:
While both the work being done in law firms by administrative assistants, para-legals, and IT professionals and the pockets of legal innovations are extremely important, the greatest value will be unleashed when the “new middle” law firm deploys service offerings aligned with the Prowse Value Pyramid:
We will explore the reasons why over the next couple of posts.