New law is a concept that many legal professionals are exploring, but it can be hard to define. It’s not a new delivery model, nor is it the same as legal tech, legal ops or alternative legal services providers (ALSP’s). The term typically describes an area of practice that augments traditional legal services in some way and involves nontraditional fee structures. It can also refer to a group of firms or individuals that offer specialized services, such as e-discovery, contract management or cybersecurity.
It’s important for legal professionals to understand the meaning of this concept, because it can be used to help them offer more sophisticated service to their clients and increase revenue. New law techniques can be used to offer additional services without impacting other areas of the firm’s primary focus. It’s about embracing innovation, and that is something all firms should embrace.
The Defining Elements of New Law
The definition of new law is changing. It’s becoming more about offering new services to clients and providing a better overall experience. It can be seen in how the industry is adopting new technology, how it’s changing how it delivers service and how it’s creating different kinds of relationships with clients.
As the industry continues to evolve, it will begin to more closely resemble its corporate customers and society at large. It will be more cognitively diverse, demographically and culturally, it will have a workforce that is more creative, technologists and data-proficient, and it will have the ability to quickly adapt to change.
Legal providers will shift their purpose from preserving legacy delivery models to focusing on customer impact that produces high net promoter scores, not self-congratulatory awards and profit preservation. They will focus on delivering accessible, affordable and on-demand legal products and services that meet the speed of business and society. They will have a holistically integrated legal function and work cross-functionally with enterprise colleagues.
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