New Law and How it Can Benefit Firms
The legal industry is constantly changing and many firms are looking for ways to grow, expand and provide the services their clients need. A big part of that process involves finding new ways to deliver legal services and creating strategies that are different from those found in traditional law offices. One type of practice is called “New Law” and it can offer some unique advantages to companies who embrace it.
The term “New Law” is often used to describe startups and law firm subsidiaries that augment traditional legal services with new models and methods. The idea is to take a fresh approach to legal services and, in doing so, create something that offers value to the client. This can mean working with underserved populations or creating strategies that focus on technology and service. The idea is to make legal services more efficient and accessible in ways that were not possible before.
There is no one definition for what it means to be a New Law company but there are some common traits. The main one is that the company does not have a traditional partnership structure or use full time associates. It also may not have a law school-style education program or require that the staff members be on an attorney track. This type of company also does not typically work on a contingency fee basis and may be structured as a for profit or non-profit entity.
The goal of a New Law company is to help the client and, in doing so, create value for the firm. For the client, that value can come in the form of better access to legal services or more cost effective representation. For the firm, it can mean the ability to reach clients in different markets or generate additional revenue. It can also be about establishing relationships with the public or the legal community that could lead to future business opportunities. For the company itself, it can be a way to build a brand that is differentiated from the competition and attracts young lawyers. For these reasons, any firm that can harness the power of New Law can benefit.