Announcing the Launch of the First Legal Prototyping Subscription Service.
We are excited to announce a new offering to continue to bolster the progress of innovation in the legal industry. Law firms and in-house legal departments have launched a number of successful products in recent years. We’ve been fortunate to work on a few of them. And in the course of our engagements, we have been a part of conversations about promising ideas, that stall in an endlessly looping internal dialog. Law firms and corporate legal departments hesitate to invest time and money into developing new digital products for fear of failure. What the legal industry needs right now is a low risk mechanism to validate the best ideas and gain confidence to take action.
Enter: Legal Prototyping, the most effective way to ship and test product ideas to determine which innovation opportunities are worth pursuing. We have used prototyping as part of the design and development process for all client projects, and with our clients’ help, crafted this standalone subscription service. We hope to augment the current efforts of innovation teams within law firms, legal operations teams of in-house legal departments, and even teams without internal innovation resources of any kind. Through Legal Prototyping, our clients will move beyond the internal conversation, take tangible product concepts to stakeholders and learn whether those solutions are viable – all in a single week. And, on repeat.
We modeled Legal Prototyping as a monthly subscription service because we believe that to have a few successful innovations, you need to iteratively test a lot of ideas. The subscription model allows our team to more properly support in the management of the innovation pipeline, and systematically test ideas. Beyond our ability to design prototypes, we feel our experience and focus on corporate legal services will allow us to deliver broader insight during the design process and even influence the prioritization of ideas.
“Innovation and prototyping are forms of investment. Much as we do with our financial and retirement investments, we need to have a diversified and balanced portfolio of innovation efforts that mixes risks and returns in line with our risk tolerance. Fast prototyping helps diversify our innovation portfolios and, at the same time, quickly get customer feedback. That makes for a sound investment strategy and enhances our chances for great overall results.”
– Dennis Kennedy, Former Vice General Counsel for the Digital Payments & Labs group at Mastercard, and FoundationLab Advisor
Some organizations have too many ideas and are stifled by their inability to decipher the few worth pursuing. Legal Prototyping is a great way to validate product opportunities quickly. Other organizations struggle to curate enough ideas from both lawyers and clients/business owners. A lack of clarity around how new innovation opportunities are worked on by the organization can cause paralysis. Lawyers are hesitant to contribute to an innovation platform if there isn’t a clear path, or even first step forward. Legal prototyping solves for this by providing lawyers and clients/stakeholders a clear line of sight.
We are product makers at our core. And while we would love to work with dozens of firms and in-house legal departments to bring new products to market, we recognize that time and budget constraints don’t allow for the robust creation of new digital products the industry needs. Legal prototyping is the interim step between idea and development. It’s a low-investment (both time and money) and low-risk engagement for in-house teams and firms to leverage FoundationLab to deliver value to business owners and clients. We hope to have the opportunity to support more legal innovators through this new offering.
We’re also hopeful these engagements will grow confidence in law firms and in-house legal departments to build their own products. Investment in legal technology startups has exploded. But we are bullish that incumbent organizations are in a better position, competitively, to take products to market. Through these prototyping engagements, our clients will create the atoms of new products and can seamlessly move towards launch – whether with us or internally.
If you think your organization or team could benefit from Legal Prototyping, please reach out to us at [email protected] or you can learn more here. We love chatting legal tech ideas, and are happy to dive more deeply into how legal prototyping can benefit your organization.