Law new is a concept that is gaining ground in the legal field. It’s an area of practice that can help a firm add value to their service offerings while providing a secondary source of revenue. It’s important for all legal firms to understand this concept and how it can be used to their advantage.
In its broadest sense, law new refers to a number of different ideas in the legal industry. The term can refer to alternative pricing models, the adoption of Legal Tech software and applications to streamline workflow and facilitate communication between lawyers and clients, or even a change in the way legal services are delivered. It’s difficult to pin down a precise definition of the term, but it can be said that it emerged after the GFC and was a reaction to the need for in-house counsel at financial institutions to cut their legal budgets.
One of the best known aspects of law new is the introduction of alternative billing practices. This involves abandoning billable hours in favor of fixed fees and offers cost certainty to clients. It’s also possible for legal firms to deliver services from outside their own offices, either at client premises or in the case of litigation, by visiting clients’ workplaces or helping resolve legal problems on site.
The other significant aspect of law new is the use of Legal Tech tools. This includes the use of apps to facilitate communication between lawyers and their clients, software that allows for a more efficient management of legal work and electronic tools to streamline document production. In addition, it’s also possible for lawyers to use these tools to collaborate on legal matters with colleagues from other jurisdictions.
Finally, there’s the use of data analytics in the practice of law. This technology helps to identify patterns and trends in litigation and the development of legislation. It can also be useful for assessing the likely success of legislative proposals and in predicting the outcome of elections and referendums.
Stay on top of the latest developments in your practice with Bloomberg Law’s trusted news and analysis, AI-powered workflow tools, Practical Guidance, and more. Get unlimited access to the world’s most trusted business law content on the platform that thousands of legal professionals trust – all for one price. Learn more and try Bloomberg Law today. *Data usage limits apply. Contact your account representative for more information.