In the legal industry, law new refers to innovative strategies that enable firms to deliver client value by leveraging alternative methods of practice. This can include working with underserved communities, developing unique ways to deliver legal services and other creative approaches. The concept is one that many legal firms are beginning to explore, though the specifics of how to implement it can vary from firm to firm.
The definition of law new is broad and encompasses any change that a law firm or corporate legal function makes to its way of doing business. This can be as simple as introducing a new technology or as complex as transforming the entire culture and operations of a legal department.
It can also be as fundamental as changing the way in which a law firm delivers its services or even how it hires employees. The point is to find new ways of meeting the legal needs of clients and creating value for both the firm and its stakeholders.
This can be accomplished in a variety of ways, from providing advice or services to underserved communities to developing legal tech solutions that help clients resolve issues themselves. It can also involve a number of other innovative initiatives that make law more effective and accessible for clients, the public and society at large.
In addition, law new can be driven by the need to improve the efficiency and effectiveness of existing processes and procedures. One example of this would be the use of AI and other technologies to automate routine tasks that are time-consuming, labor-intensive and often prone to human error. Alternatively, it can mean finding better ways to share data among legal departments and with external parties to drive faster and more informed decisions.
Another example is implementing the use of data analytics to predict, mitigate and manage legal risks. The goal here is to use data to identify potential problems and proactively reduce risk before they cause a disruption or impact the company’s bottom line. This can be done by applying predictive modeling to legal data or using other analytics tools that ingest data from the corporate environment.
Law new can also be the result of legislative efforts to fix existing laws or create new ones. For instance, a law may require companies to publish salary information in job postings or ban discrimination based on gender. Another example is the recent law in California that prohibits stores from charging higher prices for personal care products marketed to women.
The ultimate goal of law new is to transform the legal industry so it more closely resembles the corporate customers and society at large. It should have a diverse and multidisciplinary workforce that is customer-centric, technologically advanced, innovative, agile, efficient, data-driven and scalable. It should be a collaborative and empathetic partner to business units throughout the enterprise and across industries. It should provide accessible, affordable, on-demand legal products and services that are driven by the need to address and capitalize on opportunities at the speed of business.