What is Law New?

Law new is a concept that all legal practitioners should be open to exploring. It offers a way to create additional revenue and client satisfaction without disrupting other areas of practice that may be the firm’s primary focus. It’s also a way for firms to expand their business by offering a type of help that is in high demand.

Developing this concept requires creativity and innovation, which can be difficult for most lawyers. However, the rewards can be significant for those who are willing to explore this area of practice. This can be beneficial for both small and large firms alike.

The complexities and fluidity of modern business require collaboration across enterprises, industries, and even geographies. Whether it’s a pharmaceutical company working with competitors to develop the Covid-19 vaccine or tech giants such as Microsoft and Apple joining forces to create augmented reality software, collaboration is essential to the survival and growth of companies in this age of accelerated change. This trend is even more evident within the world of law, with legal teams at companies of all sizes and types collaborating with each other in a variety of ways.

In addition, many in-house legal departments are partnering with outside providers to bring more value to the business and support internal initiatives. This is a natural and welcome development in the evolution of the industry. However, it is important to understand that this collaboration is not the same as “new law.” New law is not a separate entity or set of practices but a strategic approach to meeting the needs of clients that is different from traditional approaches to providing legal services.

For example, this can include alternative fee arrangements, flat-fee billing, a practice design that is focused on efficiency and project management, or the use of technology to reduce the time it takes to complete projects. These practices are geared toward improving outcomes for clients and helping them resolve issues faster than ever before. They are often a supplement to traditional law practice and not an alternative to it.

While some “legal techies” promote the development of fit-for-purpose technology as an end in itself, true innovation will be driven by a customer/end-user need and not by a desire to preserve legacy delivery models, outdated legal education or self-regulation. It will be a team sport comprising legal practitioners, process/project managers, “techies,” and allied professionals who are collectively working toward delivering a better customer experience and results.

A thriving legal industry of the future will look more like its corporate customers and society at large, and be less rigidly defined by outdated and inflexible delivery models. It will be more holistically diverse – cognitively, demographically, culturally and experientially – and it will deliver accessible, affordable, on-demand, scalable, data-backed legal products and services at the speed of business and society. It will be led by a customer-centric, integrated platform-based delivery structure with agile, fluid, on-demand resources that are vetted for verifiable, material expertise and experience.