The legal industry is undergoing law new, the process of transforming its delivery model from one that seeks to preserve its legacy economic models and outdated legal education, self-regulation and dispute resolution mechanisms, to one that prioritizes customer impact and net promoter scores. This will require the industry to more closely resemble its corporate customers and society-at-large in terms of cognitive diversity, demographics, culturally, and experientially. This will necessitate that the legal function be internally integrated, multidisciplinary (including allied legal professionals and non-lawyers), creative, tech and data proficient, empathetic, customer-centric and collaborative.
As law new takes shape, it will include a holistically diverse and multidisciplinary team that will work together to offer accessible, affordable, on-demand, scalable, and measurable legal products and services at the speed of business and society. This will involve creating and implementing a platform-based delivery structure from which agile, fluid, and on-demand resources with verifiable, material expertise and experience can be sourced. The resulting delivery model will be designed to create legal products and services with the ability to capture legal risks and opportunities in real time, reduce cost to serve, eliminate significant lost opportunity costs from protracted litigation, and free-up enterprise management to focus on core objectives and strategic business opportunities.
While there are many definitions of the term “law new,” it generally refers to new ways of providing legal services. It encompasses a wide range of activities, such as developing innovative partnerships with clients, working with underserved communities and using alternative fee arrangements. It also includes new methods of practicing law, such as a partnership track or the use of virtual offices.
The most important aspect of law new is collaboration. It is the only way to meet the demands of today’s clients and to keep pace with legal issues. This collaboration can be facilitated by technological tools, such as artificial intelligence and machine learning, but it also includes the use of innovative techniques to bring better value to clients. It can even extend to collaborating with companies outside of the legal industry to offer clients comprehensive solutions. It can also be achieved by sharing information across departments within a company, including with competitors. This type of collaboration enables a company to make more informed decisions and improve overall performance. It can also increase productivity and reduce the cost of executing projects. This is why it is so important for companies to invest in law new. The key is to find the right solution for their business needs. This will allow them to take control of their legal issues and to create a competitive advantage for themselves.