New law is a practice area with enormous growth potential. A well-executed plan can unleash an entirely new revenue stream for any firm while not negatively impacting the primary areas of law it focuses on.
This new focus must be rooted in a strategy that seeks to better serve clients and deliver legal services that address real-world issues. It should also be a means to generate innovation that can be shared across the industry. Often, this type of work is done by staffers that are not on the partner track and does not occur in the traditional setting of a law firm office. Moreover, this new law typically utilizes non-traditional fee structures.
The law is constantly evolving. Many of these changes are driven by technological advancements that are pushing the business world and the legal function into a state of constant change. These advances are enabling new modes of delivery, reducing cost and enhancing client experience and outcomes.
At the same time, societal trends and social change continue to impact the law. These factors are driving new law into a broader set of applications, while introducing new legal risks and opportunities. Keeping up with these developments will be critical for any legal function that wants to remain relevant and profitable in this changing environment.
A slew of new laws went into effect Saturday, the first day of 2023. These laws range from the quirky to the serious, with many addressing topics that dominate American discourse. For example, California will have the nation’s toughest living space standards for breeding pigs and New Hampshire has new restrictions on abortion rights. And with the Supreme Court poised to severely erode a woman’s right to choose, state lawmakers are scrambling to protect the right in their states.
In addition to new state and local laws, federal legislation is always on the move. Congress passes bills that are enacted into law when they pass both houses of the legislature and get signed by the President. These are known as statutes. Additionally, the executive and judicial branches of government have established an enormous body of rules and regulations (delegated legislation) that are often referred to as law. In New York, these rules are codified into a consolidated code called the New York Codes, Rules and Regulations.
These various sources of law make it difficult to define what “new law” really is. What it most importantly is, however, is change. To be meaningful, change must produce tangible benefits to legal consumers and society at large. Those changes can take the form of new technology, a new strategic approach to legal delivery or a broader and more inclusive cultural model for the workforce. The law must lead with a vision that embraces fit-for-purpose technology, a customer/end-user-centric delivery process and data-backed innovation. Only then can legal innovation truly transform the industry. The Forbes Daily offers the day’s most important business news and headlines in an easy-to-read format. Forbes Daily readers also get exclusive access to our best original reporting and essential business insight.