As the law is a continually evolving field, lawyers are always looking for new ways to serve their clients and get ahead of the competition. One of the newest trends is known as “law new.” This is not necessarily a new practice area per se but a different approach to law firm set-up that many firms are exploring as they seek to be more innovative and client focused.
Law new isn’t a completely distinct practice area but rather an idea that is being adopted by many firms and can encompass anything from alternative legal models to non-traditional partnerships to collaborative work with other legal professionals. What makes this concept so exciting is the potential it has to bring in more revenue and create new opportunities for those that embrace it.
It is important to understand what the term “law new” means so that you can harness its benefits to your advantage. This can include using it to connect with the younger generation, working with business owners who are seeking to take advantage of the COVID-19 pandemic or coming up with other creative ideas that are outside the box of traditional law practice.
Definition:
A collection of rules established in a community by some authority and applicable to its people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision. Also, the condition of society brought about by the observance of these rules: law and order.
The most common meaning of this term is a type of legal model that emerged following the GFC when large corporations were forced to cut their in-house legal departments and turn to alternative providers. This has lead to a more collaborative style of legal service and has encouraged innovative thinking in the way that law is delivered. The law new model is often structured as an incorporated legal practice or is run by non-lawyers.
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