Is social entrepreneurship part of your firm's strategic future?
Does your firm know about social entrepreneurship? Should you be thinking about it as a possible strategic initiative? The answer to both questions should be "yes."
Some law firm clients of Walker Clark are already considering ways to expand their traditional practice areas and specialties into a new area, social entrepreneurship, which will become increasingly important in the world's economic development between now and 2030. By being one of the early entrants into this new practice space, even relatively small law firms can establish a substantial market position that could produce a solid return on their investment over the next 15 years. Players in the emerging social entrepreneurship sector require a special blend of sophisticated legal services and support, delivered as cost-effectively as possible. Moreover, their efforts will be — not can be, but will be — a significant force for improving the political, economic, and social environments for businesses and individuals who previously had been largely excluded from access to legal services, either because they didn't need them or could not afford them. Social entrepreneurship will be one of the most important factors in improving economic opportunity and living standards worldwide, conditions in which the legal profession and our clients who are not social entrepreneurs also will thrive.
Note that social entrepreneurship is not charity and it is not pro bono legal work. Instead, our firm's investigation of this new sphere of economic activity, which cuts across many industry sectors, strongly suggests a high potential for sustainable profitability and a differentiating market position for small firms and large ones alike.
In short, by developing a social entrepreneurship practice, law firms can do well, while also doing good.
How can you find out more about the strategic potential of social entrepreneurship for law firms? As a first step, click here to read and download our paper on Social Entrepreneurship and Law Firm Strategy.