Law New is a term that refers to the changes that are taking place in the legal industry. These changes are a result of the digital revolution and are transforming the way businesses function.
The legal industry has undergone change in the past fifteen years, and it is still evolving to stay ahead of the game. This evolution has been driven by a number of factors, most importantly the advent of new technology and a shift in legal buyer activism.
It has also been the result of a convergence between legal providers and consumers that is driving increased demand for legal services in ways that are changing the nature of the relationship between legal suppliers and their customers.
A key element of this transformation is the introduction of new business processes and technology that improve customer impact and enhanced experiences. This is a multidisciplinary team sport that involves lawyers, “techies,” process/project managers, data analysts and other allied legal professionals.
While these changes are important, they are only one step in the overall journey to a more client-centric delivery model that is customer/end-user focused. It requires a paradigm shift that transforms legal from provider to customer, not just in how it delivers and consumes legal products and services, but also in its purpose.
This will require a human adaptation process that will take many years to implement, as it involves re-thinking the entire value chain, from legal education to dispute resolution, and establishing customer/end-user focus from the beginning.
Moreover, it will involve a re-engineering of the legal supply chain from an artificial, lawyer-created distinction between provider sources to a more fluid, integrated system of collaboration. The integration will occur in a variety of ways, including horizontal and vertical integration, joint ventures, managed services and other collaborative mechanisms.
These changes will also incorporate a more fluid, flexible, and nimble approach to problem solving. This will include a greater reliance on collaboration and the adoption of agile methodologies.
As legal suppliers and their clients increasingly collaborate, the industry will embrace an ecosystem of delivery and problem-solving that is more fluid and agile than ever before. This will include a greater focus on data sharing, risk mitigation and synergies that create economies of scale and facilitate business opportunities.
It will also include a more collaborative approach to business development that involves the introduction of new and more efficient methods for delivering legal services, especially in areas such as digital innovation, automation, robotics, AI, data analytics, and other technologies. It will also involve a more collaborative approach to service design that is client-focused and designed from the end-user’s perspective.
The advent of digital change and the emergence of new legal suppliers that are more customer-focused and nimble have paved the way for this evolution. However, there are still some significant challenges that remain in the legal industry, particularly in the area of nimbleness and agility. The key is to understand how these issues are affecting the legal industry, as well as implementing solutions that address them.