Products In Law: Bringing Products to Legal Services – Product Liability and Safety
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This is the first in a short series of Insights that will explain how our Legal Products team is developing solutions that help clients overcome some of their most prevalent and pressing legal challenges through scalable technology solutions.
Our Legal Products team is part of NRF Transform, our global change and innovation program, which combines diverse disciplines dedicated to improving the delivery of legal services, as well as delivering new innovative solutions and services to our clients.
What is “productization” in the legal sector?
Although not particularly new, “productization” is a growing trend in the legal services industry. It can be described as what happens when a service offering is transformed into a standardized, packaged and marketed product. These solutions typically infuse technology with expert knowledge, processes, and data to create products that meet specific customer needs. Norton Rose Fulbright is at the forefront of this trend with an experienced team dedicated to developing new products and managing a suite of existing customer solutions.
Solve large-scale problems
A product, as opposed to a service, is scalable. For example, when a significant regulatory change affects an industry, many customers will face similar challenges in understanding and adapting to the new regime. Using a product-based approach, we can identify and bring these challenges together to create a solution grounded in legal understanding, systems, and technology that (with relatively minor customizations) can support multiple customers. A recent example of how we have applied these principles is our NRF Shareholder Collaboration Tool, which helps investors quickly identify legal risks when collaborating with other shareholders.
Improve experiences with design thinking and the right technologies
High-quality legal products combine design thinking with appropriate technologies to not only deliver increased efficiency and interactivity for clients, but also consistently high levels of user experience and satisfaction. For example, our regulatory change tracking solution, NRF Horizon Scanner, uses this approach to provide internal teams with seamless access to relevant legal and regulatory changes and personalized, actionable insights through an intuitive digital platform, which otherwise would take a very long time. and difficult to manage effectively.
The demand for these types of solutions is accelerating as the pressure on internal legal teams continues to grow at a disproportionate rate to the resources available to the legal function. Cost-effective, user-centric digital legal solutions will play an important role in addressing this “more for less” challenge.
Our product development process
Einstein is quoted as having said, “If I had an hour to solve a problem, I would spend 55 minutes thinking about the problem and five minutes thinking about the solutions.” This principle applies to product development. We invest time and resources to work closely with our clients to fully understand and explore pervasive legal issues from different angles.
Once we have validated our understanding of a problem, NRF’s product development team works closely with the company’s legal, design, and technology experts to create the optimal solution. Importantly, throughout the process, we liaise with customers to iteratively test and improve the design with their feedback until launch. Although rigorous, the process can be undertaken quickly and ensures that the solution is fully tailored to the client’s needs.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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