Combining Innovation & Technology for Real Change. Name:Lornen Panesso group number: 212032_50

Combining Innovation & Technology for Real Change. Name:Lornen Panesso group number: 212032_50

1. Setting the Foundation

   • Joseph Schumpeter. He promoted the term “creative destruction”
     • describe a theory of economic innovation in which technology and innovation replace older means of production/services—one where innovation can replace or completely displace existing companies or entire markets.

2. How Does an Existing Organization Avoid Becoming Obsolete?

   • *That organizations incorporate R&D (Research & Development)
   • +Have internal entrepreneurs with skills and competencies that define new business models that use technology and innovation to improve services, or create new offers
   • *Be alert to the development of new competitors and new strategies of existing ones, so as not to be left behind in a highly competitive world.

3. Example of the legal services market scenario

   • 1. Client Sophistication
     • *Drives legal changes in technology
   • 2. Change in Competition
     • *Legal Process Outsourcing (LPO) and Alternative Service Providers (ASPs) increasingly take market share away from law firms
   • 3. Law Firm Innovation
     • *Law firms continue to leverage technology and new services to differentiate themselves in the marketplace
   • 4. Emerging Technology
     • *The technology that creates information from unstructured data will transform both the business and the practice of law

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