
Applying the Economics of Mutuality to the Legal Profession
Published May 2020
Leigh Vickery, Chief Strategy and Innovation Officer at Level 2 Legal Solutions recently wrote a fascinating article about the impact the Economics of Mutuality might have on the legal profession.
She was inspired by a panel discussion on the Economics of Mutuality held in Houston, Texas with Chatham Financial CEO, Michael Bontrager, Regent College Professor and author of Visions of Vocation, Steve Garber, and the Economics of Mutuality’s Chief Advocacy Officer, Jay Jakub.
An extract from Leigh’s guest post entitled ‘We Need a Legal Revolution, Not Reformation’ on the Law Sites blog has been included below.
…Working in partnership with the University of Oxford Saïd Business School, and more recently the China Europe International Business School, the Economics of Mutuality is now a proven methodology, with a more complete model of value creation.
With new performance metrics, new management practices, and new modes of profit construction, the Economics of Mutuality has not only helped businesses grow faster, more profitable, and responsibly, it has also demonstrated that organizations following this model rebuild society’s trust in them. And all of it is quantifiable.
It goes without saying that the Economics of Mutuality will only be successful in a law firm if the stakeholders and shareholders all buy in to the business model.
The first step is to recognize and agree that a law firm’s long-term success requires recognition of the value of multiple forms of capital: financial, human, social, and environmental.
The second step is to agree that this new way of thinking requires long-term strategy, commitment, and investment – and will require more capital outlay in the short term.
The third step is to start implementing the Economics of Mutuality methodology, a quantitative business model that uses proven measurable KPIs to help law firms create mutual value across their entire legal supply chain – while not sacrificing profit in the long term…
Other Articles
Lisbon Conscious Business Education Conference 2024: Evolving Education for Ethical Business Practices
Nordic Economics of Mutuality Forum October 15-16
The first Economics of Mutuality forum to be held in Scandinavia, this event taking place October 15-16, 2024 will be hosted by Brandinnova, the Center for Brand Research at the Norwegian School of Economics (NHH), Jæren Sparebank, and the Economics of Mutuality Foundation.
Oxford Virtual Executive Education Program, September 12 – October 31, 2024
Driving Impact Through Mutual Value Creation, an 8-week online course brought to you by Oxford University’s Saïd Business School and the Economics of Mutuality team, will equip you to walk the talk of Stakeholder Capitalism.
Asia Economics of Mutuality Forum 24-25 April 2024
Korean and global leaders in business, academia, government, and civil society will gather at Hanyang University in Seoul, South Korea, to launch the inaugural Economics of Mutuality Foundation and Hanyang University’s Global Forum on the role of business and investing in society. The event will take place from April 24 to 25, 2024. The two-day event will include addresses by Professor Colin Mayer, former Dean of Oxford University’s Said Business School; Chairman Moon Kook Hyun, President of the New Paradigm Institute and former CEO of Yuhan-Kimberly, and Dr. Jay Jakub, the Executive Director of the Economics of Mutuality Foundation, and co-author of the book, “Completing Capitalism.” The event will highlight the roles of academia, corporations, investors, family offices and entrepreneurs in creating an ecosystem of mutual value co-creation by how companies deploy their capital in society.