The legal industry is on a path of change. What worked one quarter may not work the next. The result is a constant need for new ideas and strategies to produce client impact. But what does it mean to be “law new?” Generally, the term refers to a non-traditional way of practicing law and bringing value to clients. This includes using new technologies, creating innovative strategies and working with underserved communities. It also can include providing services outside of a traditional setting, like using non-lawyer staff or offering alternative fee structures.
In many ways, being a law new company is a new paradigm that shifts the purpose of the legal industry from self-promotion and profit preservation to serving customers and society at large. This paradigm shift is powered by human adaptation and innovation, enabled by technology and data, and driven by the need to meet evolving business challenges.
As the legal industry adapts to customer-centricity, it will need to collaborate with other functions and industries, erasing artificial lawyer-created distinctions between provider sources. This collaboration is critical to meeting the speed, complexity, and fluidity of today’s business and significant global challenges that cannot be mastered by a single function, enterprise, or stakeholder group. In fact, this collaborative process is what makes up the definition of new law.
The new law landscape is being shaped by two principal factors: large-scale buyer activism and corporate Goliaths with the brand, capital, know-how, customer-centricity, agility, tech platforms, data mastery, multidisciplinary workforces, and footprint in/familiarity with the legal industry. These “new law” companies will be a force to be reckoned with as they enter the legal market and compete for the business of the future.
A key component of the legal industry’s evolution into a new legal landscape is the adoption of a new law dictionary that includes clear, concise, and precise definitions. The Black’s Law Dictionary, Pocket Edition is the perfect tool for legal professionals looking to stay up-to-date on the latest legal terms. This pocket-sized version of Black’s is an ideal companion to the 11th edition of the popular reference book and features more than 21,000 clearly defined legal terms. This is a great addition to any legal library or can be used as a standalone tool.