Saturday, 26 October 2013

The NewLaw business model

George Beaton, director of Beaton Capital and Beaton Research + Consulting wrote:
"The NewLaw business model for professional services is now the subject of intense interest. The Schumpeter column of The Economist on September 21, 2013 addressed ‘The future of the Firm’ with the upper case ‘F’ reserved for McKinsey. Schumpeter cited an October 2013 Harvard Business review article, Consulting on the cusp of disruption, by Clayton Christensen and others. For Australian start-ups challenging parts of McKinsey’s business, have a look at Vumero  and Expert 360, both following in the e-steps of the Gerson Lehrman Group, a premium virtual platform for connecting clients to experts and their insights." 
As I wrote in ‘Factories’ and ‘Brain Surgeons’ last year, firms like McKinsey are “self-generators of IP and have alliances with leading academic institutions; they don’t need scale”. But crowd-based providers meet many of the same needs at lower price points. And there’s excess capacity. These are the antecedents of disruption. 
Like butterflies in the Amazon, virtual and crowd-based professional services firms are starting to disrupt. They are leading the rise and rise of the NewFirm business model."

Further reading:

If you found this post of interest, you can find more on related topics from Bigger. Better. Both? here:
And also on the highly recommended Adam Smith Esq blog. In full here.

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