The Productization of Legal Services
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The July/August issue of Law Practice magazine is now out, the theme is “Big Ideas,” and one of the big ideas included in the issue is covered in an article I wrote.
In “Link to article,” I dive into the ways that lawyers might explore efforts made in other professions and industries in turning services into products. In general, I mean “information products,” but you might think even more broadly than I did in the article.
The article gives some examples that gave me something to think about, explores how a “productized” approach might work and why it might be beneficial in today’s economic climate, and suggests a structure for launching productization efforts. I think of this structure as a starting point for further discussion.
To help illustrate what I meant by information products, I used the following examples:
- Ernst & Young creates and publishes a popular (as I write this, in the top 100 among taxation books on Amazon) and affordable ($24.95) annual tax guide for the public.
- Attorney Larry Katzenstein creates and sells a widely used software program called Tiger Tables that computes actuarial factors for tax calculations and planning.
- A prominent technology company sought out a law firm to create a document assembly application for standard agreements that the company would license on an annual subscription basis.
- A law firm produces training videos on legal topics for sale to the public.
- A law firm packages research information updated on an annual basis as a subscription offering.
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