Law new is a way of offering help to clients that involves using technology and is often outside of the traditional setting of a law firm. It can be a very effective tool to use for many legal firms and is one that they should consider looking into for themselves. This is a great way to grow and find a new source of revenue for their business.
As we move into the future, it is clear that the legal industry must shift from a provider mindset to one of customer-centricity. That paradigm change will require the legal function to collaborate with cross-functional enterprise colleagues and a broad range of third-party providers. This broader collaboration will be necessary to address significant global challenges that cannot be mastered by a single person, function, enterprise or stakeholder group (e.g., pharmaceutical company collaboration in developing the Covid-19 vaccine).
In the past, most of the focus on “new law” has centered around price. While that will always be an important element of a successful strategy, it is not the only factor. The true value of this form of practice lies in its ability to bring something new to the table for clients. That something could be a lower rate, a different method of delivery or a unique set of skills that are being offered. It may also be the ability to work with a client on an issue that is not being addressed by other providers in the market.
For example, a law firm that offers “new law” services might provide an affordable option for clients with debt collection problems. This is a niche that is not being addressed by other providers in this area, and it can provide an excellent opportunity for a legal firm to generate new revenue while also helping a client deal with an important issue.
Another area of new law is addressing social issues that impact the bottom line of businesses. For example, a new law is being passed in California that will force companies to post salary information publicly. The idea is to allow potential job seekers to compare salaries and see how a particular company stacks up in terms of pay equality for women and men.
There is much more to the concept of new law, but it will continue to evolve and take shape in response to the accelerating pace of business and the breadth of social change. Ultimately, the law will shift from legacy economic models that prioritize profit preservation to a customer-centric model fueled by customer impact and net promoter score. That process will require collaborative partnerships between law firms and in-house teams, and third-party providers with the technology platforms, fit-for-purpose technologies, agile, multidisciplinary talent pools and familiarity with legal industry processes.