Reed Smith has rolled out a programme that encourages its lawyers to come up with new ideas by recognising up to 50 “innovation hours” that count towards billable-hour targets.

The scheme follows a successful pilot that saw attorneys across the firm devoting hundreds of innovation hours to six projects in 2017. From 30 ideas submitted by lawyers at the firm, six were selected based on a combination of criteria, such as creativity, client focus and cultural change.

“Innovation isn’t just a buzzword at Reed Smith — it is a part of our core values and culture,” said Sandy Thomas, global managing partner. “Our internal teams are provided with unfettered time breach-respondersto think and generate new ideas, and they have the firm’s commitment, facilities, technology and manpower at their disposal to develop these ideas into projects.”

As a result of last year’s pilot, the firm successfully launched its Breach RespondeRS app, which simplifies the application of the patchwork of US state laws to let companies focus on protecting data and preventing further harm. The app was developed entirely in-house.

Other projects included the automating of contracts and documents, providing insight on trends in the managed care industry and working on a blockchain initiative.

“The innovation hours pilot was tremendously helpful and allowed us to develop materials that have truly impressed clients,” said Kari Larsen, co-head of the fintech team, which was heavily involved in leading the blockchain project. “Because of the firm recognising innovation hours toward billable targets, we were able to recruit top-talent lawyers to contribute to these projects, while also increasing their exposure to new tech.”

This year, five projects will be selected for a fast-track, 12-week programme that will be supported by London-based Innovation Hub manager Alex Smith and advisory firm Janders Dean.

 

Related Articles by Firm
Myanmar Opened its Broadcasting and TV Market
The Broadcasting Law 2015 opens commercial licenses for TV or radio for bidding under an independent supervisory authority. This offers wide opportunities to investors from broadcasting infrastructures to broadcasting services.
Clasis Law (India) Newsletter August 2015
Analysis of the revocation of a company's drug patent and other key court rulings and updates on corporate and commercial matters
The new CIETAC Arbitration Rules 2015
The New Rules adopt both best practices and the latest developments in international commercial arbitration and accommodate the increasing needs of the parties arbitrating at CIETAC.
Tanzania: Prospecting for and mining of radioactive minerals
New uranium mining projects have recently been announced in Tanzania. This briefing looks at the legislative framework surrounding radioactive minerals in Tanzania.
Related Articles
KWM targets Greater Bay Area with international centre
King & Wood Mallesons is getting on board with China’s plan to integrate Hong Kong, Macau and nine cities in Guangdong.
In-House Community names its Counsels of the Year 2018
In-House Community named NetApp’s Valerie Velasco as its In-House Counsel of the Year at its annual awards dinner last night.
In-House Community thought-leader Evangelos Apostolou joins global legal recruiter
He will focus on recruiting in-house general counsel and providing expert advisory services to corporations.
Related Articles by Jurisdiction
Latest Articles
Taylor Root & Asian-mena Counsel Market Update and Salary Guide 2018
Asian-mena Counsel is delighted to partner with Taylor Root once again for their 12th annual report for the in-house legal and compliance sector ...
Global Developments on Best Execution
Currently a hot topic for global regulators, firms are recommended to review their global best execution compliance practices ...
Initial Coin Offerings: Another brainteaser in the virtual currency bandwagon
The position of virtual currencies and ICOs in India remains murky.