When it comes to the law, new isn’t necessarily better, but it can be different and sometimes it means growing and expanding. This is especially true for the practice of law itself, which is changing in many ways. One example is the rise of “New Law” — a term used to describe companies, startups and legal services providers augmenting traditional legal work with technological and other innovations. This is a fast-growing area of the industry that’s worth paying attention to.
The term new is often accompanied by a flurry of questions about what exactly the concept encompasses, and how it differs from what’s already being offered in the legal sector. Some companies use the term to distinguish themselves from what they see as more traditional and traditional-minded alternatives, while others simply want to find a way to convey that their business approach is innovative and worth exploring.
Law new has become a popular label for everything from technology-enabled legal service offerings to law firm mergers and joint ventures. These are all aimed at providing clients with the legal help they need in an increasingly efficient manner. Many of these companies and startups are generating substantial revenue, even as they arguably challenge the traditional business model of many law firms.
Aside from the technological innovation at the core of much of this new activity, other factors drive its growth. Some of it has to do with the increasing number of consumers demanding access to a wider range of legal services outside traditional firms. Other reasons include the emergence of alternative legal services providers (ALSPs), which have sprung up in recent years and are providing many of the same types of services as traditional firms but usually with lower cost structures.
This is a dynamic field that’s not going away. It’s important for all lawyers to understand how this new model works and what it can offer. A well-thought-out plan to make use of it can help any firm find a valuable new source of income and open up new opportunities for client satisfaction.
Legal terms:
definitions:
Law:
A system of rules enforceable by the courts.