“What exactly do you do?” A question for law firm Chief Innovation Officers.
Being a Chief Strategy Officer (now former) over the last few years and an intrapreneur long before that, I have frequently been asked what exactly the “Chief of [Innovation — Strategy — Client Experience] roles entail. Now that we have over 30 (see here — word is, by year’s end 50+) senior level roles focused on innovation and strategy within BigLaw, I am sure these folks frequently get asked the more direct question — ”what exactly do you do?” Because these are new roles, bringing new capabilities with them, and typically embodied by individuals who see things a bit differently from status quo, there is intrigue, curiosity, and sometimes suspicion. Therefore it is a fair question.
The answer for me is a simple one. These roles are about legitimizing and professionalizing intrapreneurship (entrepreneurship if you prefer) inside BigLaw. So, what is intrapreneurship? There are many flavors of definitions, but my favorite is this — it is the pursuit of building something new (what can be) while operating in an environment that is seeking to maintain status quo (what is). By the way, status quo is not some great evil that must be eradicated. In fact, status quo provides the very resources that intrapreneurs need in order to build — other people, customers/clients, data and information, and a paycheck. These resources are not free, however. They come at a cost, and these new roles are the ones who will need to pay. Not with money, but with results.
And that is the conundrum we find ourselves in at this moment. Intrapreneurship takes time to find a foothold inside any organization. The nature of intrapreneurship is one of uncertainty — timelines, outcomes, success. Many firms are paying to get in the innovation game and there are many individuals willing to take the journey. But will they tire before the journey’s end? We will not know for a bit longer. Many people are predicting that these roles will multiply and be in high demand. If so, the talent market for them will become quite competitive. Will these individuals jump to the next offer based on better compensation, a better culture, or more collaboration? Will firms grow impatient and jettison the person, the role, the entire innovation effort? The answer is yes. It will all happen.
Great. So, what can be done to increase the likelihood of success? Many things, but here are just three to start thinking about based on my and others’ experience as intrapreneurs across all types of markets — retail, tech, manufacturing, and legal:
1. Hiring a leader for innovation or strategy is not a one and done. It is a common mistake to think that one person alone can do what it takes to make this all happen. That is a fallacy and, unfortunately, a pervasive one.
2. One of the primary challenges of these roles is that there is no way around the fact that these people will be viewed as trouble-makers. They will create tension and conflict regardless of their disposition or personality. It is a natural part of the process when status quo or sacred cows are being examined and questioned. It does not even need to be directly attacked, sometimes simply asking whether status quo is still valid will create hostility. Therefore, it is essential that any firm that is acquiring this capability, communicate broadly and deeply throughout the firm so that everyone knows who this person is, what their mandate is, and why it is vital to the firm.
3. Status quo infrastructure has been purpose-built to maintain the current environment. Everything from financial management, talent management, IT security and policies, decision rights and governance, and other key elements of the operational and cultural environment are not designed to support, let alone nurture, the “what can be.” New systems of support and measurement must be built and recognized by leadership and all other functions. Without these new systems (and they can be small) and the recognition that they are vital, it is guaranteed failure. Maybe not immediately, but eventually.
This all may sound daunting and risky. It is both. Many firms may not have the stomach for it or patience, and that is fine, there are many strategies to pursue. Those firms that are up for it might just find a new way to capture growth in a flat market. To those firms, remember this, you just hired a professional intrapreneur. Buckle in, it is going to be a bumpy, fascinating, and hopefully lucrative ride — but it will take a bit longer than you expect.
If you want to be successful in these roles, do not get seduced by the sexy, cool, and dynamic façade of the title itself. Humility, with rock-solid confidence, is what it takes. Status quo does not care about flashy ideas or new concepts. It cares about stability and results. Making an impact and finding growth is likely. But yes, this too will take a bit longer than you expect.
