A law new is an idea, strategy, technique or initiative that has the potential to change the legal landscape. It can be a new client approach, a new way to deliver services or even a completely different business model. It can also be a specific piece of legislation or regulatory initiative that impacts legal consumers or society at large.
Having the ability to adapt and quickly evolve with new challenges is critical for success in any industry, including legal. For this reason, it is important that lawyers and legal leaders stay abreast of what is going on in the legal world. One of the best ways to do this is by monitoring news and blogs about what is happening in the legal field. This is why it is so important to subscribe to Bloomberg Law’s News channels.
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In the past, law firms and in-house legal departments were the dominant provider sources for legal services. This is no longer the case as law firms and corporate legal departments now routinely collaborate with outside counsel, vendors, academic institutions and other organizations. This type of collaboration is necessary to manage the accelerated pace of business, significant global challenges that cannot be mastered by any individual function, enterprise, stakeholder group or nation, and evolving end-user expectations for access, affordability and service levels.
This type of collaborative work is often conducted using a platform-based delivery structure that integrates legal functions, technologies, data and multidisciplinary expertise (non-lawyers). The result is a fluid, on-demand and scalable set of solutions that provide faster, practical and predictable results for what were once bespoke legal matters. The emergence of law new is driven by the need for legal to move from a traditional economic model based on input to one that is purpose-driven, customer-centric and backed by data to drive innovation and efficiency.