Can US alternative business structures drive more tech innovation?
Great article on the discussion of alternative business structures in the USA, we find this fascinating right now and have seen passionate arguments on both sides.
One really good argument in favour is expressed really well in this article: that businesses following this structure will encourage greater technological innovation.
The availability of alternate structures certainly lends itself to this potential more than traditional law firms, simply by opening up new doors to tech companies. When you have a business culture that is looking to – and allowed to – try new things, investment in tech is the first step they make.
Tech companies know this and will be running towards these opportunities with new solutions.
Of course traditional legal practices can – and should – be looking at the opportunities new legal tech can offer, which is why this will only push it further. Competition drives innovation and with new businesses able to enter the marketplace, existing firms will have to increase their technological developments to keep up.
Whatever your thoughts on alternative business structures – their introduction will certainly mean big opportunities for new technologies.