This document summarizes a presentation about whether Quality Solicitors' business model could disrupt the market for legal services in the United States. The presentation covers:
1. Quality Solicitors' concept of creating a national brand for legal services to connect people needing lawyers to a familiar, trusted entity.
2. How branding can build trust which leads to customers recommending the brand, using its services frequently, and paying more.
3. How the legal market in the UK is fragmented with many small firms, and new regulations allow non-lawyers to have ownership in law firms.
4. An analysis of Quality Solicitors' business model, which aims to standardize simple legal tasks efficiently to
This presentation by the Charley Moore, Founder and CEO, Rocket Lawyer, was made during a roundtable discussion on Disruptive innovations in legal services held at the 61st meeting of the Working Party No. 2 on Competition and Regulation on 13 June 2014. More papers, presentations and contributions from delegations on the topic can be found out at www.oecd.org/daf/competition/disruptive-innovations-in-legal-services.htm
The Future of Legal Services, NCSB Committee to Study Regulatory Reform, July...Legal Evolution PBC
Overview of economic forces currently impacting the market for legal services. Includes transition from one-to-one to one-to-many legal products and solutions. Challenge for profession is to lagging legal productivity. Requires investment in multidisciplinary human capital combined with the creation of new business models.
"Ethics" - an obstacle to innovation in legal servicesKathleen Clark
This presentation compares the relative lack of innovation in law with the record of robust innovation in other fields, and describe how ethics standards restricting the unauthorized practice of law, non-lawyer ownership of law firms (Model Rule 5.4(b), (d)), and sharing of legal fees with non-lawyers (Model Rule 5.4(a) are holding back innovation. In other fields, industrial scale production creates commoditized products and services at radically lowered per-unit costs, greatly increasing the number of people who can afford those products and services. (Compare the high price of bespoke clothing with the low price of off-the-rack manufactured clothes.) By contrast, a significant portion of legal services are bespoke rather than commoditized, and thus are available at relatively high prices that few individuals can afford. A recent study showed that 76 percent of cases in state courts involve at least one party who is not represented by counsel. The law has seen little of the kind of innovation that would make legal services available at prices individuals can afford. To the degree that our “ethics” standards stand in the way of such innovation, they need to be reexamined.
The Future Legal Marketplace: Innovation, Extrapreneurship, and a Law Withou...Michele DeStefano
This presentation starts by identifying current trends and significant shifts in the law market within and outside the U.S. that are accelerating the adoption of technology and the need for innovation in legal practice and education. It then highlights some examples of innovations in how legal services are being provided and how legal education is being taught. Ultimately,it suggests some potential paths our occupation should consider taking in the future.
Written for procurement professionals and individuals who are not intimately acquainted with the legal profession or to whom legal procurement is an entirely new concept.
This presentation by the Charley Moore, Founder and CEO, Rocket Lawyer, was made during a roundtable discussion on Disruptive innovations in legal services held at the 61st meeting of the Working Party No. 2 on Competition and Regulation on 13 June 2014. More papers, presentations and contributions from delegations on the topic can be found out at www.oecd.org/daf/competition/disruptive-innovations-in-legal-services.htm
The Future of Legal Services, NCSB Committee to Study Regulatory Reform, July...Legal Evolution PBC
Overview of economic forces currently impacting the market for legal services. Includes transition from one-to-one to one-to-many legal products and solutions. Challenge for profession is to lagging legal productivity. Requires investment in multidisciplinary human capital combined with the creation of new business models.
"Ethics" - an obstacle to innovation in legal servicesKathleen Clark
This presentation compares the relative lack of innovation in law with the record of robust innovation in other fields, and describe how ethics standards restricting the unauthorized practice of law, non-lawyer ownership of law firms (Model Rule 5.4(b), (d)), and sharing of legal fees with non-lawyers (Model Rule 5.4(a) are holding back innovation. In other fields, industrial scale production creates commoditized products and services at radically lowered per-unit costs, greatly increasing the number of people who can afford those products and services. (Compare the high price of bespoke clothing with the low price of off-the-rack manufactured clothes.) By contrast, a significant portion of legal services are bespoke rather than commoditized, and thus are available at relatively high prices that few individuals can afford. A recent study showed that 76 percent of cases in state courts involve at least one party who is not represented by counsel. The law has seen little of the kind of innovation that would make legal services available at prices individuals can afford. To the degree that our “ethics” standards stand in the way of such innovation, they need to be reexamined.
The Future Legal Marketplace: Innovation, Extrapreneurship, and a Law Withou...Michele DeStefano
This presentation starts by identifying current trends and significant shifts in the law market within and outside the U.S. that are accelerating the adoption of technology and the need for innovation in legal practice and education. It then highlights some examples of innovations in how legal services are being provided and how legal education is being taught. Ultimately,it suggests some potential paths our occupation should consider taking in the future.
Written for procurement professionals and individuals who are not intimately acquainted with the legal profession or to whom legal procurement is an entirely new concept.
Transforming Legal Profession To Legal Services (Legal Industry Analysis)Timothy LaBadie
Report on the "New Normal" and the changing nature and disruptive forces affecting the legal profession. Actionble advice for providers (attorneys and in-house counsel) and users (clients)of legal services.
Future Law Office 2020: Redefining the Practice of Law examines key trends affecting the legal field today. Part of Robert Half Legal’s annual research project, the report offers insight into developments that are reshaping law practice management strategies and are expected to drive change within the legal profession by the year 2020. Learn best practices and future predictions from leading experts in the legal field as well as our legal staffing and consulting professionals.
At LegalShield, we’ve been offering legal plans to our members for 45 years, creating a world where everyone can access legal protection—and everyone can afford it. Unexpected legal questions arise every day and with LegalShield on your side, you’ll have access to a quality law firm 24/7, for covered personal situations. From real estate to speeding tickets to Will preparation, and beyond, we’re here to help you with any personal legal matters—no matter how traumatic or how trivial it may seem. Because our dedicated law firms are prepaid, their sole focus is on serving you, rather than billing you.
LexPredict - Empowering the Future of Legal Decision MakingDaniel Katz
LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management.
We focus on the goals of prediction, optimization, and risk management to enable holistic organizational changes that empower legal decision-making.
These changes span people and processes, software and data, and execution and education.
Future Trends for Legal Services is a research study commissioned by Deloitte Legal. In a growing market, purchasing patterns for legal services are changing. In-house teams are looking for pragmatic, industry specialists who are tech savvy and can offer more than traditional legal advice.
Transforming Legal Profession To Legal Services (Legal Industry Analysis)Timothy LaBadie
Report on the "New Normal" and the changing nature and disruptive forces affecting the legal profession. Actionble advice for providers (attorneys and in-house counsel) and users (clients)of legal services.
Future Law Office 2020: Redefining the Practice of Law examines key trends affecting the legal field today. Part of Robert Half Legal’s annual research project, the report offers insight into developments that are reshaping law practice management strategies and are expected to drive change within the legal profession by the year 2020. Learn best practices and future predictions from leading experts in the legal field as well as our legal staffing and consulting professionals.
At LegalShield, we’ve been offering legal plans to our members for 45 years, creating a world where everyone can access legal protection—and everyone can afford it. Unexpected legal questions arise every day and with LegalShield on your side, you’ll have access to a quality law firm 24/7, for covered personal situations. From real estate to speeding tickets to Will preparation, and beyond, we’re here to help you with any personal legal matters—no matter how traumatic or how trivial it may seem. Because our dedicated law firms are prepaid, their sole focus is on serving you, rather than billing you.
LexPredict - Empowering the Future of Legal Decision MakingDaniel Katz
LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management.
We focus on the goals of prediction, optimization, and risk management to enable holistic organizational changes that empower legal decision-making.
These changes span people and processes, software and data, and execution and education.
Future Trends for Legal Services is a research study commissioned by Deloitte Legal. In a growing market, purchasing patterns for legal services are changing. In-house teams are looking for pragmatic, industry specialists who are tech savvy and can offer more than traditional legal advice.
We understand that each client has different requirements based of their Industry type, years in market and to some extent their Turnover.
Our Team has a panel of qualified Lawyers, CS, CAs who understands the business requirement of our Clients and provides services on myriad areas ranging from Company Registration to Tax advisory and Contract Management to Drafting & Replying on Legal Notice and RTI filing.
A relatively young organization, we have over 12 Clients covering different industries such as Real Estate, Logistics, and Healthcare amongst others. Our Clients span 3 continents and our website YourLegalConsult.com has catered to over 1000 in past Two and Half months.
RRS Consults is a Based on different requirements of different Clients (which may be due to their Industry type, years in market or to some extent their Turnover) they offer services on myriad areas ranging from Company Registration to Tax advisory and Contract Management to Drafting & Replying on Legal Notice and RTI filing
What does social networking really mean for your company and your brand? If themessages your customers hear about you come mostly from you, then advertisingrules. But now that customers communicate with each other, more and more, it'sthe customer experience that counts. As transparency has become inevitable andcomplete, and all our customers can know essentially everything about all productofferings and pricing, how do we compete?
A briefing on what are "unbundled legal services", sometimes called "Limited Legal Services" and how this approach can serve consumer needs and the DIY consumer.
Personal Finance On-line: New Models & OpportunitiesJoe Lamantia
Strategic review of emerging on-line personal finance offerings, based on changing consumer perceptions of the value and credibility of traditional finance service providers.
Considers social lending, micro-credit, and peer-to-peer lending, in combination with prediction markets, as a new personal finance ecosystem.
Explores service concepts and describes experience scenarios with the goal of finding opportunities for existing finance providers to engage with new models.
The REALTOR Code of EthicsNew Member Orientation ProgramEvangeline Yia
All REALTORS® regardless of their specialty in the real estate business (appraisal, property management, etc.) are bound by the duties in the REALTORS®’ Code of Ethics.
Similar to Non-Lawyer Ownership & The QS Business Model (20)
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
1. Will Quality Solicitors’s Business Model Disrupt the
Market for Legal Services in the United States?
Business, Law, and Innovation April 18, 2012
Presenters:
Robbie Carman
Brian Peterson
Professor:
Adam Dell
2. Overview
1. The Concept: A National Brand for Legal Services
2. A Newfound Market Opportunity
3. Breaking Down Quality Solicitors’s Business Model
4. Will Quality Solicitors’s Business Model Disrupt the Market for
Legal Services in the United States?
5. Conclusion
3. The Concept: A National Brand for Legal Services
The Traditional Model
• People that need
“Lottery” • Lawyers
lawyers
• Ask friends/family
• Yellow book
• Google
But who? $$$
4. The Concept: A National Brand for Legal Services
A New Model
Connect to
• People that Brand • Lawyers
need lawyers • Familiar and
trusted entity
But who? $$$
5. The Concept: A National Brand for Legal Services
What Can Branding Do for You?
“You can have all the facts and figures, all the
supporting evidence, all the endorsements that
you want, but if at the end of the day you
don’t command trust, you won’t get
anywhere”
Niall Fitzgerald (2001)
Former Chairman Unilever;
Thompson Reuters
6. The Concept: A National Brand for Legal Services
In January
2009, Concerto
Marketing and Research
Now completed a study
into the benefits and
drivers of brand trust.
The study surveyed 1000
North Americans from
Consider this… Research Now’s panel of
online respondents
7. The Concept: A National Brand for Legal Services
The study found that when people
trust a brand…
8. The Concept: A National Brand for Legal Services
83%
…will recommend
it to other people1
1. http://www.business2012.com/2012/02/build-trust-in-your-brand/
9. The Concept: A National Brand for Legal Services
82%
…will use its
products
& services
frequently1
1. http://www.business2012.com/2012/02/build-trust-in-your-brand/
10. The Concept: A National Brand for Legal Services
78%
…will look to it first for the
things they want1
1. http://www.business2012.com/2012/02/build-trust-in-your-brand/
11. The Concept: A National Brand for Legal Services
50%
…will pay more for
its products and services1
1. http://www.business2012.com/2012/02/build-trust-in-your-brand/
12. A Newfound Market Opportunity
The Legal Services Industry in the U.K.
BIG FRAGMENTED
U.K. Legal Services
Market1 Approx. 10,000 firms2
Vast majority < 25 solicitors2
£11,890,000,000
£13,110,000,000 Survey: 72% U.K. partners
believe “substantial”
consolidation necessary3
Top 50 Law Firms
The Rest
1. http://www.law.com/jsp/law/article.jsp?id=1202504293111&UK_Top__Law_Firms_Post_Best_Growth_Figures_Since_
2. http://www.palamon.com/press/index.php?read=73
3. http://www.legalweek.com/legal-week/analysis/2159583/partners-believe-fragmented-legal-industry-set-intense-merger-
run
13. A Newfound Market Opportunity
New Legal Ethics Rules
Lawyers prohibited from
forming partnerships with
non-lawyers
Old Non-lawyers cannot have
Rules ownership interest in law
firm Managers and
See ABA Model Rule 5.4
entrepreneurs with
business expertise
Non-lawyers can own up can now “run” law
to 25% of law firms1
Legal Expressly authorize
firms
Services creation of “Alternative
Act of Business Structures1
2007
1. http://www.sra.org.uk/abs/
14. A Newfound Market Opportunity
What does this mean for the consumer?
Better
Lawyers
Managers
Outside
Technology
Capital
Greater
Access
15. Analysis of Quality Solicitors’s Business Model
Unit Economics
High Low
Specialized
Services
Client’s Perception of Client’s Price
Client-Tailored Sensitivity
Matter’s Importance Services
Standardized
Low High
IMPORTANT: Perceived Value ≠ Profitability
•Simple task, efficiently delivered many times = $$$$$$
•Complex task, inefficiently delivered one time = (-$$$$)
16. Analysis of Quality Solicitors’s Business Model
Unit Economics
Law firms can be cash cows because once a certain threshold is
passed additional revenue can be generated very cheaply
Break-Even Point
Gross Revenue
Profits
Other Overhead
Compensation
& Benefits
Hours Billed
17. Analysis of Quality Solicitors’s Business Model
Unit Economics
Unit Economics Estimates Assumptions
QS’s ROI = 25% Revenue
– Generates £ 250m per year – £1,250,000 per firm, annually (av.)
– Spends £200m per year to generate • # of Locations in 2011 = 2001
that revenue • Enterprise-wide gross revenue = £ 250m1
This Number Will Go Up Costs
– Marketing costs will decrease as – Compensation = 50% of costs2
brand gains notoriety • Total salary spend = £ 500,000
– Efficiency will increase over time - Associate = £ 50,0003
- Partner = £ 100,0003
– Large pent up demand the “little
- Average office has 6 associates and 2
guys” under utilize legal services partners
1. http://www.legalweek.com/legal-week/news/2131113/law-firm-innovation-award-qualitysolicitors
2. Stephen Mayerson, Making Sense of Law Firms, pg 418 (2006).
3. http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1202489360193
18. Analysis of Quality Solicitors’s Business Model
Recruiting Law Firms
Client
What Network Feedback
does QS
look for?
Reputation
Firm must commit to highest level
What of customer service
must law On average, commit 5% of all
firms revenue to QS1
commit?
1. http://www.lawgazette.co.uk/news/private-equity-takes-stake-qs
19. Analysis of Quality Solicitors’s Business Model
The Competition
Corporate Legal Services
like…
Franchise-type Brands Online Legal Networks
like… like…
Small Big Law Firms
Practitioners like…
like…
20. Analysis of Quality Solicitors’s Business Model
Competitive Advantages
Consumer peace of mind
Brand Power “One less choice we have to make” 1
Internal training department with emphasis on “soft”
Economies of skills
Scale Huge marketing advantage giving unparalleled access
to untapped markets
Gain control of consumer trust and confidence
First Mover Switching costs – late entrants must invest extra
Advantage resources to attract away from trusted brand
1. http://blog.qualitysolicitors.com/2012/02/06/and-theyre-off-the-race-to-capture-the-consumer-is-finally-underway/
21. Analysis of Quality Solicitors’s Business Model
Competitive Advantages
Service Brand
Visibility
Innovations Strength
Market
Prominence
(Dominance?)
22. Analysis of Quality Solicitors’s Business Model
Network Effects
Number of Users
Indirect
Network
Direct
Effect
Network
Effects
Consumer QS Market Complementary
Trust/Ratings Share Services
Positive
Feedback
Loop
Number of advertisers &
partners
23. Analysis of Quality Solicitors’s Business Model
Technology - Yelponomics1
As we might
expect, higher ratings
leads to higher
reservations
Additionally, more
reviews, not taking into
account ratings, leads
to more reservations.
Why?
1 http://blog.launchcopilot.com/2011/04/25/yelponomics-what-really-drives-yelp-reservations/
24. Analysis of Quality Solicitors’s Business Model
Technology – Web Enabled Document Assembly
Powered By: Answer Questions Client Pays A
Online Fixed Price
Attorney Reviews
Pre-existing
Document
26. Analysis of Quality Solicitors’s Business Model
Turning Heads
Last fall, Quality Solicitors secured
investment from European private
equity firm, Palamon Capital Partners.
While the exact amount was kept
confidential, Palamon’s investments
usually range from €10m to €80m.1
Palamon €1.1bn funds under management1
Capital Experience operating in fragmented professional services
Partners markets (specifically, dentistry and financial services)1
Overview
1. http://www.legalweek.com/legal-week/blog-post/2118742/qualitysolicitors-secures-private-equity-backing-deal-silence-
critics
27. Will the QS Business Model Disrupt the Market for
Legal Services in the United States?
Catching the Next Wave of Innovation
Clayton M. Christensen Vijay Govindarajan
• Harvard Business School • Dartmouth – Tuck School of
• Disruptive Innovation Theory Business
• Reverse Innovation Theory
28. Will the QS Business Model Disrupt the Market for
Legal Services in the United States?
Disruptive Innovation Theory1
1. Seeing What’s Next: Using Theories of Innovation To Predict Industry Change, Clayton M. Christensen
29. Will the QS Business Model Disrupt the Market for
Legal Services in the United States?
The Motivation/Ability Framework and Regulations1
Motivation Determined By:
•Market Size/Growth
High
•Competition Looking
The
•Economics of Opportunity For A
•Business Model Hotbed
•Industry Attractiveness
Target
Motivation
Government Levers:
•Taxes
•Competitive Policy Looking
•Rate Regulation The
For
Dilemma
Money
Low
Ability Determined By:
•Resource Availability
•Market Access Low High
Government Levers: Ability
•Standards = Legal Ethics Rules
1. Seeing What’s Next: Using Theories of Innovation To Predict Industry Change, Clayton M. Christensen
30. Will the QS Business Model Disrupt the Market for
Legal Services in the United States?
Application to the Legal Services Market
QSWill Unlock The Huge Potential Of An Underserved Market With Low
Expectations
– Must be cost-conscious
– Must be high quality but it’s easier to do simple things well
– QS brand gains high visibility gains big market share in “low tier market”
The US Will Change Its Ethics Rules
– If UK ABS firms are successful then US firms will want in more pressure to change
rules
– As experience builds and technology advances ABS firms will move up the chain of
customers
Eureka! = Disruption
– Eventually ABS firms will figure out how to do complex work far more cheaply than high
priced incumbents
31. Will the QS Business Model Disrupt the Market for
Legal Services in the United States?
Amplifying Weak Signals
The Small Things that Indicate Big Changes
– ABA Heavily Considering Allowing ABS1
– Jacoby & Meyers Sue State of New York
Challenge Constitutionality Of No Non-lawyer
Investment Rule2
– North Carolina Senator, Fletcher Hartsell Proposes
A Bill That Would Allow Minority Non-lawyer Ownership (49%)3
– Many Large Law Firm Partners Unaware of Changes or Unconvinced That They
Will Have Any Effect On Them
1. ABA, Issues Paper Concerning Alternative Business Structures, April 5, 2011
2. http://www.lawcrossing.com/article/7527/NY-Court-Upholds-Ban-on-Non-Lawyer-Investment-in-Law-Firms/
3. http://www.abajournal.com/news/article/nc_lawyer_and_lawmaker_introduces_bill_that_would/
32. Will the QS Business Model Disrupt the Market for Legal
Services in the United States?
Conclusion
- European countries now allow
Outward non-attorney ownership/investment
in law firms1
Pressure
-Globalization of legal services
industry1
- Increasingly Expansive and
Complex Regulation of Private
Conduct = Greater Demand for
Legal Services by Normal People1 Inward
- Lack of Access to Good Attorneys Pressure
Due to Cost1
- Lack of Knowledge About Which
Attorneys Are Good1
1. http://www.nytimes.com/2011/10/29/business/selling-pieces-of-law-firms-to-investors.htm
Editor's Notes
When talking about the concept, be sure to throw in the buzz word “value” or “value proposition”
Strong brands, especially in the professional services arenas, are valuable because provide customers with a level of trust. The concept of trust may seem warm and fuzzy, but it delivers cold, hard results for businesses and brands.
Need to photoshop umbrella
Compare to U.S. legal market: $235bil
Lawyers2you – another franchise type model Highstreetlawyer – network of law firmsThe co-operative – franchise type model QS – right now the biggest, biggest marketing budget, celebrity endorsed (see marketing). First mover advantage
“Loose” or “indirect” network effects: the service is not inherently more valuable (cf. fax machines), but customer confidence and bandwagon effects start doing work.
Why? Could be that large number of reviews indicates trust and popularity, but there’s something else going on. Yelp SEO -Searching “fried chicken” in Yelp will bring up only restaurants with reviews where “fried chicken” was mentioned in their Yelp reviews. Every Yelp review adds content to your page, adding keywords that improve your search performance. Does your restaurant offer great fried chicken but nobody Yelped about it? Bummer. Your restaurant won’t show up in the Yelp search results when someone searches “fried chicken.” This concept also applies to terms like “romantic restaurant,” “best restaurant,” etc.More reviews means more content. More content means more people find you. More people finding you means more reservations.
Asked big firm senior associate about this, they were not even aware it existed