Law new consists of the many changes that are going on in law today. This concept is something that has to be taken very seriously by all lawyers. It is important for them to know what this means and how it can affect their business in the future.
New Law Will Be A Multidisciplinary Team Sport
Legal practitioners, “techies,” process/project managers, data analysts, and other allied legal professionals will collaborate as a customer-centric, fit-for-purpose, tech and data-proficient team that leverages their diverse skillsets to drive innovation, efficiency, effectiveness, and outcomes for their corporate and society clients. The team’s purpose is to deliver accessible, affordable, scalable, data-sharing, solutions-based, and empathetic legal products and services that help solve challenges at the speed of business and society.
Platforms will play a significant role in shaping this new law environment as they serve as a secure repository of data and collective experience to provide faster, practical, and predictable solutions to once “bespoke” legal matters. These platforms will also be a key source of new legal providers, especially those with verifiable, material expertise and experience.
Collaboration
The speed, complexity, and fluidity of business demands that the legal function be collaborative. It can and does collaborate with other functional enterprise colleagues, including finance, HR, IT, marketing, and the broader business community. This type of collaboration is a core component in the digital transformation journey of companies like Google and Microsoft, and many other industries.
It is a critical part of the overall transformation of the legal function that can help it become more effective. This type of collaboration helps to eliminate waste and inefficiency in the legal function and can create efficiencies across all areas of the business.
Data Agility
Mastery of data’s prime value elements is vital to the legal function’s continued success in the digital age, enabling it and its cross-functional enterprise colleagues to be proactive in identifying, eradicating, mitigating, and extinguishing risk at the speed of business and society. This will drive valuable business and client outcomes, avoid wasting time and money on protracted disputes, and facilitate better-informed risk assessment and decisions.
A new law environment will be more collaborative, transparent, accessible, affordable, efficient, data-backed, and solutions-based. It will be based on platforms, data, and collaborative delivery models that leverage agile, fluid, and on-demand resources that can be sourced from a variety of provider sources.
Moreover, it will be based on data that is unified, captured, shared, and refreshed in real time. This will enable new law to be proactive in identifying, eradicating, and mitigating risk while also helping it and its cross-functional enterprise colleagues capture opportunities at the speed of business and society.
This will allow the legal function to focus on its core objectives, freeing up management to focus on their core tasks. This will also produce better-informed risk assessment and decision-making that will help to identify opportunities for growth, reduce lost opportunity costs, and drive profits.
New law is a term that is becoming increasingly used by the legal industry, and it will likely be one of the most significant areas for growth in the years to come. Lawyers should be prepared to work closely with these types of firms and practices in order to gain a full understanding of what it is all about.