Abstract
Digitalization currently transforms industries and societies across the globe, bringing firms new opportunities to create and capture value. This paper explores the impact of digitalization on knowledge intensive firms, with a particular focus on the rising opportunities in the legal industry. Digital technologies have enabled new practices among law firms and motivated firms to innovate in regard to their business model. Through a multiple case study of 12 law firms, this paper explores business model innovation in law firms and depicts how digitalization has enabled value to be created and captured in new ways. Based on empirical data, on inventive ways to use digital tools and technology to create and capture value, this paper has identified four digital strategies; Specialize, Standardize, Scale and Save. These can be combined in a model describing four new competitive positions that innovative law firms occupy in the digitalized context. This paper contributes with a new understanding of digital innovation in a traditional field and provides practitioners with valuable advice as how to create and capture value from the rising digital opportunities.
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