Law new is not an easy concept to define. But it is a growing, dynamic field in which legal firms can find tremendous opportunities to generate revenue and client satisfaction by using strategies that are not found in traditional practice areas. New law can encompass everything from working with underserved communities to leveraging technology to embracing non-traditional fee structures. And it can be a way for a firm to create its own unique niche in the market.
The most obvious aspect of law new is legal tech. But to be impactful, fit-for-purpose technology should be part of a strategic plan that is designed with an end game in mind — improving the customer/end-user experience and outcome. This is a team sport that requires collaboration across multiple disciplines (legal practitioners, process/project managers, “techies,” data analysts, and allied professionals).
Another area of law new is the movement toward horizontal and vertical integration, joint ventures, managed services, and other collaborative mechanisms. Large law firms are collaborating with competitors to leverage infrastructure, expertise, shared data and other resources in the pursuit of efficient delivery of complex matters. They are also partnering with corporate Goliaths to leverage scale, technology platforms, deep industry knowledge, customer/end-user centricity and multidisciplinary workforces.
As the legal industry evolves, it will become increasingly diverse (cognitively, demographically, culturally, and experientially). And its workforce will be more creative, tech and data proficient, empathetic and collaborative. The legal industry will also shift its focus to better serve legal consumers and society-at-large, rather than preserving outdated delivery models that produce low net promoter scores.
A new law can be created by a member of either the House of Representatives or the Senate by sponsoring a bill that proposes policy change. Once a bill is introduced, it will be sent to the appropriate committee in each chamber for research and discussion, which may lead to changes to the original bill. The revised bill is then put to a vote. If it passes, it will be signed into law by the President of the United States. Read more about how bills become laws.