Law new is a catchall industry term for new legal initiatives that don’t fit into established paradigms. It encompasses innovations like legal tech, legal ops and ALSP’s. It also includes fields of practice that focus on helping underserved clients or strategies that take advantage of technology. All lawyers should be aware of the concept and understand how they can harness it to their advantage.
While there is much debate about what defines “law new,” one thing is clear: It benefits customers and society. In contrast, legacy legal stakeholders may use the term to describe fresh icing on top of an already-stale cake.
As the legal industry continues to integrate with businesses and societies, it will shift from rigidly regulated, law firm-driven models to a fluid supply chain that is influenced by end-user demands. This will erase artificial, lawyer-created distinctions between provider sources and incorporate agile, customer-centric, data-backed, tech-enabled resources with verifiable expertise and experience. Profit will not be derived from adherence to a legacy economic model based on input but from a purpose-driven, value-add, customer-centric, output-backed, tech-enabled model that generates net promoter score-fueled revenue and growth.
The 2023 crop of new laws illustrates this change in action:
For example, a law that prohibits hospitals, health care professionals and certified ambulances from reporting medical debt to credit agencies makes it easier for New Yorkers to get jobs, secure credit, rent apartments and build long-term wealth. And a law that requires employers to disclose salary ranges in job postings brings transparency where there has been none, making it harder for businesses to skirt pay discrimination laws.
A law that requires businesses to provide two-tiered pricing systems — including a discount for those who pay with cash — will help consumers avoid overpaying and enable them to make better informed decisions. It will also prevent companies from using hidden fees to increase prices for people of color, women and the elderly. And a law that requires all public records to be available for review helps ensure government transparency and accountability.
New legal services are being created at a frenetic pace. These include a wide range of innovative tools and methods, many of which are characterized by collaboration. In fact, it is difficult to find a legal project that does not involve some form of collaboration. The reason is simple: collaboration enables projects to be developed quickly and at lower cost, while also reducing risk for all parties. And this is especially true for law firms, which need to respond to a changing world. The key to success is to understand the nuances of collaborative law and develop the right strategy for your business.