The legal industry is often changing at the speed of business and society, but the change has not yet reached its apex within the traditional law firm model. While legal firms and in-house departments remain the dominant provider sources, their economic models, cultures, remits, technology platforms, data, and end-user expectations all differ significantly. This means that while a variety of new law initiatives are underway, they have not yet produced the change that will make the industry more agile, affordable, on-demand, and scalable than ever before.
Law new is a concept that all lawyers should understand so they can leverage its ideas to their advantage. This is because a well thought out plan making use of this approach can offer the kind of help that some clients need without impacting areas of practice that might be the primary focus of the firm’s efforts.
As a result, the industry’s response to this challenge has largely been to embrace innovation by expanding the definition of law. This includes embracing a range of strategies that go beyond the traditional idea of law practice, such as working with underserved communities, developing new approaches to digital security and creating strategies that are not always based on a fee structure.
The result of this is a range of different offerings that have been branded as “new law” to distinguish them from the traditional law firm model. But the term is not well-defined, and its practical meaning differs from company to company. In addition, there are some who question whether this is the right approach and argue that instead of embracing change, it would be better to just stay the course.
One example of new law that is being offered by companies and augmented by their technology is the concept of predictive analytics, which uses artificial intelligence to identify risks and predict problems. Another is the use of e-discovery to automate document review and reduce litigation costs. These technologies are not regulated and therefore have the potential to be used in ways that might violate privacy laws.
The future of law will bring the legal industry more closely into alignment with corporate customers and society-at-large. The industry will be more diverse cognitively, demographically, and culturally, with a customer-centric, agile, on-demand, scalable, and data-driven approach to providing legal products and services. The industry will also be more fully integrated with cross-functional enterprise business units.
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