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16 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 0 and investment behind innovation efforts, it's possible to produce results that advance the business and broader profession. For example, UK firm Travers Smith recently open-sourced the code for its contract labeling software, Etatonna. In emerging markets like India, the economies of scale can make a tremendous difference in technological investment. Because the legal industry's spending power is only equal to the value perceived by the market, firms—and vendors—have to find ways to establish the market through massive adoption of technology before necessarily seeing a full return on their investment. To counter that challenge, Indian firm CAM has recently launched the second round of its tech incubator, Prarambh. Gupta explains, "As we were exploring available technologies, we realized that people didn't have confidence in the market. There was a lack of both supply and demand, so there was a lack of investment. While there were great legal tech products available, none of them were being made in India." Subscribing to foreign technologies introduced shortcomings with translation and training. "We think domestic talent can do best justice here, but they need encouragement, support, and investment. That's what CAM is offering through our incubator." Individual Firm Characteristics Influencing Innovation Regional factors aside, there are also undoubtedly firm-specific characteristics that influence innovative approaches' likelihood and success. Firm structure and culture are high on that list, along with interest, energy, and investment. The more that a firm is willing to come to the table and talk about innovation—and, better yet, to invest in it—the better position that firm will be in to innovate. Gilbert + Tobin is repeatedly recognized as the most innovative firm in the Asia-Pacific region. The innovation mindset must permeate the DNA of business to find such success. "To meet the challenges of tomorrow, the legal operations area of the firm must shift from being considered support (overhead) to an essential and 'expected' part of high-value legal services. To this end, we have created and nurtured a dedicated Legal Services Innovation (LSI) team to support and cultivate the development of a transformational mindset within G+T," Sadler explains. "This team is made up of data scientists, management consultants, capability experts, lawyers, and lean and design thinking specialists. By bringing these skillsets together on client matters, we leverage our diverse expertise to better support legal service delivery." Innovation is, in a real sense, subject to the physical laws of inertia and momentum. And while 2020 has thrown everyone for a loop, it has provided an enormous shot of momentum for innovation, as capabilities like remote work and transaction management have taken on new importance. Conclusion Recognize that innovation and transformation initiatives sit along a spectrum from incremental to disruptive. Understanding the intent behind the project will allow the business to consider the best way to innovate. As we've highlighted throughout, innovation approaches vary worldwide, driven by local pressures and constraints, and they can range just as much within an individual firm. However, what is undeniable is that the firm's culture is critical in directing the shape and pace of innovation. "The unknown of our experience is not the same as the unknown of knowledge. Moving into the unknown and making it known in a new way is just what we living things do." (Sharpe, B. (2013), Three Horizons, Op cit. p. 97). How will you foster innovation in your practice? ILTA Ab Saraswat is the Vice President of Global Sales at Litera Microsystems - supporting some of the world's largest and most prestigious law firms with their technology needs. His work focuses on helping lawyers to create & deliver higher quality legal services, faster. Ab also host the Fringe Legal podcast, a weekly show where he speaks with a diverse range of voices about ideas impacting the evolution of the legal profession. F E A T U R E S

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