Something I read the other day immediately had me hopping onto my old hobby horse and I instantly thought it beneficial to take you all along for the ride. So climb up…
Yes, it’s the subject of just how vital, how non-negotiable it is for boards to act and operate at a strategic level, today, tomorrow and forever more. How essential it is for people in whatever their sector to be conscious of what is happening around them and, most importantly, how these developments could impact on the business and perhaps even threaten its very existence.
So there I was, doing a little research last week when I fell upon a new player in the legal market, a company by the name of LawPath. I name them not to dish out free advertising but because I sincerely believe they provide a captivating and relevant example, especially as the board performance evaluation work I do with clients might require them to review their constitutions.
Of course, that’s something I can’t do. I recommend, they then take my recommendations to their lawyers in order to effect the changes and alter the constitution.
This new crowd – LawPath – offers what they term an “in cloud” legal service to SMEs.
They’ve cleverly capitalised on the prevailing technology to deliver some of the more basic legal services – things like incorporating companies, registering trademarks and preparing standard legal documents – at very low cost and with the alacrity seldom found in the corridors of legal practices.
They have a network of more than 500 lawyers to call on and all you as the client need to do is log onto their website, identify and select the service or services you require, pay the fee and download the documents, which you can then tailor to suit your company.
If what you seek is of a more complex legal nature, you simply pay a small additional fee and chat directly with a lawyer in the network who will deliver the service at about 10 per cent of what you’d pay going to a bricks and mortar legal firm.
Best of all, the entire suite of products on offer have been developed by some of Australia’s top law companies and legal minds.
The concept has been welcomed by the market and is earning high praise in the media, with the respected Sky Business News calling the company “…one to watch, changing the way you go about finding a lawyer…”
And that’s when I saddled up the hobby horse…
For this is a model that could surely blow the classic smaller law firms that operate in the suburbs and country towns of Australia right out of the water.
More than that, it’s a sharp reminder that as board members, we need to be forever vigilant, we need to know what’s out there and its potential impact.
And we need to devise and implement strategies that take these ‘out there’ happenings into account and ensure the success of the entity 20 years from now.
I hope you, your families and loved ones have a very Merry and safe Christmas. I will be back with my next blog in February.