LexEcon Legal Innovation Hub (LexEcon Inno Hub) builds on the multidisciplinary talent pool of LexEcon Consulting Group in order to innovate legal solutions in response to client requirements.
We work in collaboration with a global network of strategic foresight practitioners comprising technologists, economists, industry experts and legal consultants who represent many legal systems of the world.
What we offer
LexEcon Inno Hub has developed an innovation-driven ecosystem to ideate, incubate, test and pilot more efficient and effective legal solutions for corporate clients as well as government institutions. We deliver services from concept to execution throughout the innovation lifecycle. We work with our clients by mobilizing a team of lawyers and consultants in other disciplines, if necessary, aimed at catalyzing innovation in areas that maximize business benefits.
Driving sustainability-oriented innovation
Organizations can innovate to help accelerate sustainable development including the United Nations Sustainable Development Goals (UN SDGs). We collaborate with companies in developing new or improved legal solutions capable of making a positive impact on the three dimensions of sustainable development – economic, social and environmental.
In the development realm, the focus on legal innovation is an ongoing quest for new strategies and ways of empowering people including the poor and disadvantaged groups by promoting equality and inclusive growth. Through LEEG-net, our pro bono partnership for the UN SDGs, we work with Government institutions to design transformative solutions in their legal systems to better achieve sustainable development. For more information about LEEG-net (Legal & Economic Empowerment Global Network) please visit https://www.leeg-net.org/
What is Legal Innovation?
Innovation means “The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.” (businessdictionary.com)
The meaning and content of legal innovation is constantly evolving. In the legal industry, innovation is becoming a functional area that more firms are prioritizing in response to changing client requirements and as a means to increase competitive advantages. Either way, legal innovation will proactively help improve practice and business operations by harnessing digital technologies like AI (Artificial Intelligence), data analytics, automation and more.
Phases of innovation
Turning an idea into reality requires establishing an innovation process. The innovation process should consist of several different phases to ensure right methods and resources are used to fully realize the innovation. There are three key phases in the innovation process that every organization typically cycles through, according to Prof. Tucker Marion of Northeastern University’s D’Amore-McKim School of Business:
Desouza's (Desouza et al., 2007) model of intrapreneurship outlines five stages of the innovation process: (1) idea generation and mobilization, (2) idea screening and advocacy, (3) experimentation with ideas, (4) commercialization of ideas, and (5) diffusion and implementation of ideas.
Send us your project or idea
Do you have an idea or a project with a legal challenge? Please use the form below to send us a brief description. We will carefully study it and let you know if we can add real business value through an innovation process. Our engagement model is simple and our pricing is transparent.
We welcome Social/Legal Innovation Labs, innovators and explorers interested in collaborating with us. Please use the form below or send a message to email@example.com