In a recent article on innovations in legal finance, we get an inside look at one of the updated, technology-based financial solutions companies shaping the current state of the industry and its future. But as Ian Davies points out, there’s more to it than that. Taking a page from the perennially valuable writer’s notebook, Davies uses clear language to illustrate what goes into the creative process behind these new innovations.
There’s something about the concept of ‘creative strategy’ which helps to demystify all of the movement in the world of legal finance right now. The application of creativity in business strategy is often buried under industry-specific jargon and financial analytics-heavy language, all of which serve to distance the client from the value of any kind of new idea. In contrast, anyone familiar with the world of marketing, has probably interacted with a ‘creative strategy’ presentation before; it’s an intimate experience that allows for the creation of better ideas through unveiling opportunities.
Davies’s takes us behind the curtain to reveal the creative process behind Gravity Legal‘s latest financial management solutions. New legal finance offerings like Gravity’s, deal with an ongoing disconnect between investments in IT solutions and the value those legal finance companies provide. In this case, Davies’s use of the term ‘creative strategy’ to describe this process comes as a welcome relief from industry jargon; language which usually isn’t used to describe the field of legal finance, and which can be off-putting and intimidating to existing and prospective clients and customers. Cumulatively, Davies’s work at Gravity Legal, and his reflections on the creative role that play into the company’s growth, amount to a manifesto for improving business strategy for law firms and finance companies.
The revolutionary possibilities of expanding the application of a term like ‘creative strategy’ into the realms of finance and law are just too vast to encompass in one article. But we can touch upon several key factors-from an approach to strategy that enables clear thinking and communication, to the creation of specific plans for growth and brand promotion-as topics that any professional could find value in, and any lawyer or law firm would benefit from.
Since bespoking projects for other businesses in the legal industry has become Ideacreative’s bread-and-butter, revisiting those principles here is of utmost relevance. Both aspects of the creative strategy process outlined by Davies-using logical, sequential thinking to develop solutions, and insight-suggest that if you’re a business working in the legal sector, there are many other businesses out there with the expertise and insight to make your concept a reality. The success of Gravity’s projects, and those of many like it that share a similar position as a successful, quality-driven company, suggest that there is a growing market for velocity and delayed-delivery perfection to co-exist.
Some of this is obvious to anyone who’s ever worked with a lawyer on a complicated project; and if you’re someone who has worked on a legal project, then you’re likely an attorney, certainly from your perspective. A legal practice can’t exist without advice and counsel, and it’s hard to imagine how a legal deal got done in today’s world without a process being put in place somewhere along the line to ensure effective collaboration with all parties involved. But take a step back into the mind of the client for a moment-back to the concept of creative strategy, which involves using the client’s existing knowledge and concerns to develop solutions that will help move the needle towards a resolution of the problem.
At Ideacreative, we have always been focused on creating bespoke projects that help our clients take control of their business strategies and plans for the future. As Davies’s article illustrates, these projects typically involve several key ideas: To this list, we would even consider adding the concept of small wins, which are important to the business strategies of legal companies and law firms just as they are for any innovative business with an eye on the future. It’s easy to understand why Ian Davies’s efforts to apply a creative strategy to improving legal finance have proven impactful when considered in relation to these simple principles; but will this be enough of an advantage to propel Gravity Legal past the competition?
The industry is getting better at providing client solutions for the legal space every day, and because of this, creative roles are continuing to emerge throughout law firms. Whether you need a project manager, agency, or consultant that specializes in developing your legal projects, this is the future of legal business. If you find yourself in need of a service like this, we would recommend doing a web search for any creative professionals that specialize in legal projects; you will not be disappointed with the results. And if you are one of these professionals operating by searching for legal clients, looking to close the gap between our industry and those like Gravity Legal that keep upping the ante, we would suggest stealing a few pages from Davies’s notebook and giving your talent a try in this emerging field.
For more information on the evolving landscape of legal finance, you can visit this resource from the American Bar Association.
