Law new is a dynamic, changing field that looks to benefit clients by finding alternative ways to deliver legal services. It typically includes embracing technology, focusing on process and using different fee structures. It may also include working with underserved communities, incorporating new ideas and strategies that are not traditionally part of law practice.
The goal of law new is not to replace traditional practices but to provide better legal services in more innovative and efficient ways. This is done by providing more practical solutions to a wide variety of problems, creating teams that are focused on meeting client goals and needs and making sure they are not wasting time or resources.
This type of law also takes into consideration the need to address social and environmental issues. In the past, traditional firms often ignored these concerns and focused solely on winning business. However, now it is considered an important part of the legal profession to support the community and environment while still providing high quality service.
As the pace of change accelerates, legal practitioners and businesses need to work together to manage risk and capture opportunities. Collaboration is critical to surviving and thriving in the new economy. It is a core value at many companies and is a key reason why they collaborate on a wide range of projects with customers, suppliers and other stakeholders.
For example, pharmaceutical companies regularly collaborate to develop vaccines. The speed, complexity and fluidity of business require this level of collaborative effort to meet customer/end-user demand and expectations. The legal function is in a unique position to collaborate with its internal enterprise stakeholders and external providers.
Increasingly, large firms and in-house legal departments are consolidating by horizontal and vertical integration. This is occurring at the same time that customers are seeking more efficient, cost-effective legal service providers. This trend will continue as the law industry evolves toward a platform-based delivery model that is agile, fluid, on-demand and scalable to align with business customer/end-user demands and expectations. Profit will be derived from this purpose-driven, customer/end-user-centric, tech-enabled, data-backed model that is fueled by output and net promoter score rather than a stale legacy economic model based on input.
In the future, this model will likely include partnerships with technology companies to leverage their software and other intellectual property, as well as with non-legal service providers that can bring the right skills and experience to a specific matter. It will also likely include a more integrated and empathetic, cross-functional workforce that works across legal disciplines and the enterprise. This is a new world of law and it is coming at a pace that requires all of us to embrace its changes. It is a world in which the old laws of competition and conflict are replaced with the new laws of collaboration, innovation and customer-centricity.