Law new is a new way of practicing law that helps legal firms to find ways to benefit their clients in ways that haven’t been used before. It’s a very broad concept that can mean different things to different lawyers but is definitely something worth exploring and understanding as it offers new ways of finding income and working with clients in a way that is gaining popularity.
Some of the most popular examples of law new are those that focus on helping underserved communities in a way that provides real benefits to them and makes a difference in their lives. It can also be seen in a number of different areas including providing legal services through technology and offering alternative methods of paying fees to clients. These are all great examples of how law new can help a firm to grow and expand in the future.
The legal industry will more closely resemble corporate customers and society at large, with a holistically diverse team-oriented, customer-centric, agile, tech-proficient, and empathetic workforce that is integrated across the enterprise business unit. This integrated workforce will possess the mastery of data to identify, avert, mitigate, or extinguish risk, identify and capture opportunities, and drive significant value for the enterprise and its customers.
This will be driven by the consolidation of legal delivery through horizontal and vertical integration, joint ventures, managed services, and other collaborative mechanisms. The largest law firms will consolidate through mergers and acquisitions with a view to leverage infrastructure, pools expertise, share data and information, lower costs, meet growing cost takeout targets, and increase market share.
Other forces are at work as well. Legal buyers are increasingly demanding more than a commodity vendor. They want legal service providers to align with their business goals, operate at a scale that reduces overhead and delivers sustainable value, and provide a higher level of client satisfaction. They also demand a more personalized and accessible experience from their legal service providers.
The legal landscape is shifting rapidly. While many legacy legal stakeholders will fight the changes to their own detriment, those that embrace and implement new laws and models of service will prosper. This is why it’s crucial for every legal firm to understand how they can use aspects of law new to their advantage. It is a very powerful and beneficial method of creating value for clients that should not be ignored by any firm that wants to survive the changing legal landscape.