Thursday, February 19, 2015

The First Rule of Innovation: Identify Your Client's Problem. Then Solve It

Looking for innovation in the legal profession? Look no further than Mark Harris, founder of Axiom Law: 
“The incumbent model is largely artisanal,” said Harris. “It’s perfect for novel challenges that are irreducibly complex, but it’s not necessary for the bulk of commerce.” 
Harris just inked a multi-year, multi-million dollar deal with a "major financial institution" to process the bank's standardized contracts governing swaps and other complicated, lengthy, and arcane agreements that generate significant regulatory and financial risk. Read Legal-Services Firm's $73 Million Deal Strips The Mystery From Derivatives Trading for details on the deal and how it could change the way the financial industry responds to increasing regulation without, well, breaking the bank. 
Then think about how a non-traditional provider of legal services is shaking things up in ways that should make every other lawyer and firm worried. About why a former SEC Chair joined Axiom's board of directors after she learned about the deal. About what you can do to identify your client's problems, and then solve them. Before somebody else does.

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