A new law is a way of providing legal services that is innovative, creative and different from the old ways. It is an approach to practice that can bring about new opportunities for firms and their clients and help them grow and thrive.
New law practices can include offering new kinds of services, collaborating with other professions and industries or even working in underserved communities. It is a form of law that is always evolving and changing to meet the needs of businesses and society. It is a dynamic field that deserves close attention from lawyers.
Collaboration is a fundamental component of new law. The speed and complexity of business today, the accelerating pace of change, and significant global challenges that cannot be mastered by a single function, enterprise, stakeholder group or nation require collaboration at scale. This is true across every industry, including the law.
The law of new combines collaboration and fluidity with technology, process, client/end-user experience and outcomes, and a mindset that drives out cost and risk. It is a new paradigm that will transform the legal industry from a legacy model of input-based pricing, fees and billing to a purpose-driven delivery platform-based structure fueled by output, net promoter score, and client/end-user value.
The future of new law will be shaped by two principal sources: (1) large-scale legal buyer activism and (2) corporate Goliaths that have the brand, capital, know-how, customer-centricity, data mastery, tech platforms, agile multidisciplinary workforces and footprint in/familiarity with the law to reverse-engineer old paradigms and deliver value. Law firm partners and in-house counsel will be crucial players in the new law ecosystem, but they must be prepared to collaborate with other providers of legal services from every sector, and to accept a level of competition that is based on value and output rather than on input-based price and fee structures.
A Local Law to provide City agencies with a template to notify employees and job applicants about student loan forgiveness programs.