INNOBLOG

A recent article in the New York Times put the spotlight on an excellent example of disruptive innovation in estate planning. Although it doesnt use the language of disruption, it does a great job of highlighting both the barriers that lead to non consumption in estate planning and the innovation levers software and online providers have pulled to overcome these barriers and find disruptive success.

The article mentions several disruptive solutions that are emerging in estate planning, including online solutions such as LegalZoom and software packages like Quicken WillMaker Plus or Suze Orman's Will and Trust Kit. Each innovates along the dimensions that really matter to consumers; making estate planning cheaper, quicker, and easier than the process would be if done through an attorney who specializes in estate planning. Of course, these software and web solutions arent able to fit every estate planning need, but they are "good enough where they need to be (producing valid, legally correct documents) and better than an attorney where it counts (price, time, convenience).

Expect their success to continue, and for more legal services to be disrupted as these online and software providers move up market, figuring out how to address increasingly complex legal needs in ways that are more attractive to consumers.