VProA lines up with most moves towards true innovation, as long as the steps to innovate produce a better outcome on a consistent basis, regardless of which industry you are in. In the case of NewLaw, we can’t help but support this type of step change.
The term NewLaw describes a category of alternate legal service providers that is set apart from BigLaw or traditional law firms. It’s a rapidly growing category of alternative law practice that uses new technologies to help push innovation using cutting-edge tech to have better B2B communication while at the same time employing a more client-focused method. Using these methods, the staff is able to focus more on communication with the client and “matching the needs of the client with a lean, low-overhead, highly skilled legal team with the client’s specific requirements.” Part of the more client-centric aspect of NewLaw is the ability for the client to be able to choose the services they think they need, instead of the purchasing the lawyer’s full services. Even this aspect alone serves as a great benefit to the client in reducing their cost for representation, while the lawyer will still be able to charge regular rates, resulting in a very attractive business model.
There are quite a few other beneficial aspects and tools behind NewLaw that I will list out below:
– Cost reductions
– Process efficiencies
– Cloud-based computing
– Data analytics
– Team-based workflow
– Task-oriented apps
– Low overhead
– Ability to work flexibly
– Alternative pricing strategies
– Greater job satisfaction
To read Rebecca Lim’s full article on Thomson Reuters, follow the link below:
Reference: Lim, Rebecca. “What Is a True NewLaw Firm? | Legal Insight | Thomson Reuters Australia.” Legal Insight, 28 Sept. 2017, insight.thomsonreuters.com.au/posts/true-newlaw-firm.