The legal industry is evolving at a furious pace and is no longer what it was even five years ago. The term “law new” has been coined to describe alternative ways of providing legal services that largely avoid traditional law firm partnership tracks, embrace technology, and utilize non-traditional fee structures. While the precise nomenclature and details of law new can vary considerably, it generally means that a legal practice can engage in this type of work without compromising other core areas of its business.
In the future, law new will be characterized by collaboration and innovation, which will enable the delivery of accessible, affordable, on-demand, practical, data-backed, and predictive solutions to once “bespoke” legal matters. This will be driven by legal professionals and their cross-functional enterprise colleagues working as a team, leveraging empathetic communication and creative, tech and data proficient problem-solving skills to address complex and significant problems that cannot be tackled alone.
The law new of 2023 will be shaped by two principal forces: large-scale legal buyer activism and the rise of corporate Goliaths with the brand, capital, know-how, customer-centricity, data mastery, tech platforms, agile, multidisciplinary workforces, and footprint in/familiarity with the legal industry to reverse-engineer existing paradigms that continue to reward legacy legal stakeholders. It will also be influenced by the growing number of companies that provide access to legal resources and advice through technology-enabled marketplaces.
New Yorkers should be familiar with the process that creates laws in their state, as well as what this law may say about their personal privacy. This will be an important part of their day-to-day lives.
New laws are passed when the government’s Cabinet decides to draft a policy proposal or bill. The draft is then sent to Parliament for approval and can be amended before being passed into law.
A bill must be approved by both houses of Parliament to become a law. The process can take many months, with several rounds of discussion and debate to ensure the bill meets all required criteria. Once the draft has been approved, the new law will be published in the Statutory Rules of New South Wales and becomes enforceable.
The New South Wales Government has a dedicated website that contains an archive of all New South Wales laws. The site is easy to navigate, and provides links to freely-accessible law articles, legal guides, statutes, and more.
Law New can be challenging to understand, but it is important for all legal firms to explore this concept and learn how to leverage it for their own benefit. Whether it means adding a new revenue stream or finding a way to offer more services to clients, there are a number of ways in which all firms can make use of this exciting and fast-growing practice. By doing so, they will be setting themselves up for future success. The best way to do this is to start with the end in mind and build a strategy that will deliver on what their clients really need.