Law new refers to legal delivery approaches and tools that embrace technology, focus on process and improve outcomes for the business client. This is a different approach to practice from merely being “tech-enabled.” Law new also requires rethinking how the legal industry does business, including changing the economic model from retaining to providing.
This article will explore a variety of new laws that have taken effect in 2022, from California’s law to allow companies to publish pay data to a city’s law to make it easier for workers to find and apply for student loan forgiveness programs. The goal is to identify the kinds of laws that have had real impact on the day-to-day lives of consumers and that will change the direction of law in the future.
The “New Law” movement is a reaction to the rapid and disruptive evolution of the global economy, the speed of innovation, significant new market opportunities, the inability of one individual, function, enterprise or stakeholder group to master complex matters on their own and, most importantly, the growing realization that we need to address serious global challenges. The legal industry, particularly in-house and private practice, has a major role to play in this collaborative effort.
Rather than operating in siloes, the legal industry must develop an integrated platform-based delivery structure from which agile, fluid and on demand resources with verifiable material expertise can be sourced. Profit will be derived not from adherence to a legacy economic model that focuses on retaining fee-per-hour work and billing rates, but from delivering measurable customer impact through a purpose-driven, customer/end-user-centric, data-backed and tech-enabled delivery plan driven by output and net promoter score.
Legal providers must move beyond their traditional service provider and client relationship roles and become a collaborative partner for the business, working with the other stakeholder groups within the enterprise to ensure all legal risks are proactively identified, eliminated, minimized or mitigated. New law will enable the legal function to harness and deploy data and the collective experience of cross-functional stakeholders in order to free up management time for core business objectives, avoid the significant opportunity costs of protracted disputes, and produce better-informed risk assessment and decision driving.
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