Innovation in the law firm business is a growing trend as profits are trimmed with increased competition and the market for law services has slumped in many areas.
And so firms look increasingly to ways they can increase their innovation to drive profitability and service levels.
For small Canadian law firm Conduit Law their efforts were recognized with the Financial Times North America’s Innovative Firms awards and founder and president Peter Caravyiannis was pretty darned pleased.
This was the first year that FT included Canadian law firms in the awards and Conduit Law was short-listed in the Business of Law category, which recognizes firms that have been innovative in how they approach the delivery of legal services.
In the end, American legal giant, Seyfarth Shaw took top honours in that category with 27 points for its online client tools, while Conduit scored 4th place with 23 points.
Not bad for a firm with only 13 lawyers. Large national Canadian firm, McCarthy Tetrault, took 2nd place with 25 points. No other Canadian firms were ranked in this category which mentioned a total of 22 law firm initiatives. “Being recognized as a standout by the FT is a tremendous honour,” Carayiannis said. “But we’ve only started on this journey — my team is pumped to bring even more innovation to the Canadian legal sector in 2015!”
“One of our clients, Cisco Systems, introduced us to this project,” Carayiannis says, “and we had to be part of it.” Cisco started this project in 2013 to provide immersive and interactive education and healthcare services to remote and northern Aboriginal and Inuit communities through high-definition two-way video communication and collaboration technology.