Managing Partner Andrew Finkelstein Speaks on Panel at the conference, Disruptive Innovation in the Market for Legal Services at Harvard Law School

Andrew Finkelstein discussed the issue of non-lawyer ownership of law firms in the U.S. One of the core elements that is broken is the ownership opportunities within law firms and their ability to partner with non-lawyers. Mr. Finkelstein discussed his attempt to break down these barriers by challenging the law in order to promote innovation.

The conference discusses company tendencies “to innovate faster than their customers’ needs evolve. As a result, most organizations eventually end up producing products or services that are too sophisticated, too expensive, and too complicated for many customers in the market.

Companies pursue these “sustaining innovations” at the higher tiers of the markets because this is what has historically helped them succeed: by charging the highest prices to their most demanding and sophisticated customers at the top of the market, companies will achieve the greatest profitability.

However, by doing so, companies unwittingly open the door to disruptive innovations at the bottom of the market. An innovation that is disruptive allows a whole new population of consumers at the bottom of a market access to a product or service that was historically only accessible to consumers with a lot of money or a lot of skill.

Characteristics of disruptive businesses, at least in their initial stages, can include: lower gross margins, smaller target markets, and simpler products and services that may not appear as attractive as existing solutions when compared against traditional performance metrics. Because these lower tiers of the market offer lower gross margins, they are unattractive to other firms moving upward in the market, creating space at the bottom of the market for new disruptive competitors to emerge.” – Clay Christensen, Keynote Speaker.

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Our firm is dedicated to act with compassion, concern and commitment to our clients, community and colleagues. As such, we have been taking precautions to ensure that we are still fulfilling our ethical and moral obligation to our clients, while also ensuring the health and safety of our employees.

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This pandemic is unlike anything any of us have faced in our lifetimes, and while we can continue to emotionally support one another through it all, staying home and keeping your distance is vital to the health and wellness of our communities. It does not feel good to break routines, cancel events and retreat from our normal, day-to-day socializing, but let us remember that, in times of strife, prior generations were asked to go to war and we are simply being asked to stay home. Your isolation equals more lives saved, and more time for medical providers to prepare for the treatment of patients battling COVID-19.

When the dust settles, we will join together with a greater appreciation for the country we live in, local businesses, loved ones and health. Until then, we will continue to offer guidance and representation from a safe distance.

Very truly yours,

Marvin Anderman and the firm family of Fine, Olin & Anderman, LLP