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“Do not go where the path may lead, go instead where there is no path and leave a trail.” Ralph Waldo Emerson
Innovation can take many forms. Delving into a dictionary would support a proposition that innovation is simply introducing something new – nothing more, nothing less. Business innovation is also highly contextual; in many instances that which is considered innovative is not new to the world but rather to that industry.
“The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.” Peter Drucker
The legal sector faces a number of unprecedented challenges in the year ahead. The one with potential to disrupt most widely and deeply is a wholesale move to fixed-fee pricing. Surveys of in-house counsel show that they are resolute in demanding fundamental change over the next twelve months.
“If I had asked people what they wanted, they would have said faster horses.” Henry Ford
Consensus among professionals can be difficult to achieve but on two issues there is widespread unanimity – the business world in which we operate has fundamentally changed and the pace of change will continue to accelerate as a world emerging slowly from recession intersects with increasingly deregulated professions, new entrants and fierce inter-firm competition.
As fears grow of a continued slowdown in activity, there is a perceptible shift in emphasis from firms across the spectrum. Two trends are emerging among the leading players – a renewed focus on key
client management together with longer-term strategic clarity and rigour to ensure that a compelling position can be crafted in the face of increased competition.