Frugal innovation is a cultural mind-set for our firm.
Why frugal innovation? Our clients are under pressure to do more with less. That means we are too.
Our hunch is this isn’t an issue that will go away soon. We think the answer revolves around ensuring:
- We’re as frugal as our most frugal client or competitor, and
- We’re always innovating, always looking to improve, in an ever-changing environment.
There is sometimes a tension between being frugal and investing in innovation. Our innovating must pass the frugality test – we’ll change if the costs in time, up-front and on-going costs are worth the cost savings later on. Otherwise, the change was likely not so innovative anyway.
At this time, frugal innovation in our law firm means:
- low overheads so we have a cost structure similar to our lowest cost alternative,
- ensuring our costs are better aligned with client needs so we’re not paying for more than clients want to buy,
- smart hardware so we can be responsive to client needs wherever we are and no time is lost on travelling or finding things – our whole office is always at our fingertips,
- focusing on becoming familiar with malleable and off-the-shelf software so we can be nimble and respond to needs as they change.
Most importantly, we all have a ‘self-help’ philosophy so that:
- We don’t need an organisation to keep us running,
- We’re forced to find better ways of doing things ourselves – to innovate.
We’re cultivating a culture of frugality, curiosity, experimentation and innovation in our businesses – it’s not finished yet!
We are a boutique law firm based in Singapore providing quality business law solutions for clients in the Asia Pacific region.