Legal Business Model Digitalization: The Post COVID-19 Legal Industry

Qian Hongdao, Sughra Bibi, Dahai Mu, Asif Khan and Asad Raza

SAGE Open, 2022, vol. 12, issue 2, 21582440221093983

Abstract: The rapid expansion in globalization, changing economic and political conditions, health crisis, advancement in technologies, and customer demand shift have highlighted the business model concept’s growing importance in every business life walk. Despite the agreement on the business model’s role in innovation and firm success, this concept is unnoticed in the legal industry. The growing digitalization has disrupted the legal industry business model by enabling various cooperation, collaboration, value proposition, and value capture mechanism. Digitalization has innovated the legal business model and engaged them in the mundane adaptation in response to external environment changes. However, literature trends reveal that innovation in the legal business model is overlooked by academia. This study applied a case study method to highlight business model innovation in legal firms in the proposed framework of the business model navigator/magic triangle and business model canvas. We also took the market and industry trends and COVID-19 into consideration in the legal business landscape. This study proposed a digital business model and innovation operating model for the legal firms based on the identified fundamental pillars of digital business model components. This study expands the literature on digitalization and business model innovation by focusing on an ignored industry with substantial disruptive potential.

Keywords: business model; value proposition and value capture; digitalization; legal industry; COVID-19; business model innovations (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:12:y:2022:i:2:p:21582440221093983

DOI: 10.1177/21582440221093983

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