The law profession operates in a fast-changing landscape. What works one quarter may not work the next. Adaptation is the key to survival. One way to achieve it is through law new, a concept that denotes a shift in legal industry paradigms and business models.
In the context of legal services, law new refers to a holistically diverse, customer-centric, integrated and technology-driven delivery model that meets business challenges and captures opportunities at the speed of change. Its core value elements are legal agility, data mastery, and a seamless collaboration with enterprise colleagues that is informed by a deep and comprehensive understanding of the business context, including a full range of potential risks and impacts.
Law new is a multifaceted approach to service that has been embraced by many startups, ALSPs and law firm subsidiaries augmenting traditional law practice. Often, the term is used synonymously with legal innovation. While there are certainly elements of law new that could be considered innovative, it is important to distinguish it from other initiatives, such as legal ops, which are good delivery hygiene but do not equate to paradigm change or client impact.
This article is intended to provide general guidance to legal professionals and other businesspeople who wish to explore the possibilities of new law. It does not constitute legal advice for any specific situation and should not be relied upon as such. Please consult a licensed attorney to discuss your particular circumstances and needs.
A bill to create a new law starts with an idea that is sponsored by a senator or representative who introduces it in either house of Congress. Once a bill is introduced, it will go through a process of research, discussion and changes before being brought to the floor for voting. If a bill passes through both houses of Congress, it becomes a federal law.
Large law firms and in-house legal departments are the dominant provider sources of legal services today. They routinely collaborate, but they operate from different economic models, cultures, remits, technology platforms and data. They also have different goals, which are largely centered on profit preservation and self-congratulatory awards. New law will have an integrated platform-based delivery structure from which agile, fluid and on-demand resources with verifiable, material expertise and experience can be sourced. The platform will enable an efficient, effective and affordable legal service that focuses on client impact and a high net promoter score. That is what will earn the new law moniker. This will require collaboration across providers that are differentiated by the aforementioned qualities and, ultimately, business results. The process that will yield this outcome is a complex, time-consuming and challenging one. It requires the participation of all stakeholders, but it can be done.