Law new is a catch-all industry term that encompasses a broad set of concepts related to legal services innovation. It can include everything from working with underserved communities to developing strategies that have never been used by traditional law firms in the past. However, it is important to remember that law new must produce change that is impactful for legal consumers and society at large. Otherwise, it is just fresh icing on a stale cake.
In a broader sense, law new refers to any system of rules and principles enacted by a political authority that establishes social order and justice. The term can also refer to a body of laws and customs pertaining to specific areas of the law. It can also refer to a collection of legal rules, or jurisprudence, that govern the behavior and affairs of a people: “The law of the land.”
The law is one of the most fundamental societal institutions in human history and its impact can be felt by every individual in some way. The practice of law has evolved over the centuries in response to the changing needs of societies and the growing complexity of global business. But as our world continues to evolve at a dizzying pace, it is important that the law keep up with the times in order to ensure that it is serving the needs of modern businesses and consumers.
In the current era, companies face unprecedented challenges including plummeting biodiversity, a warming climate, and raging inequality. These are the driving forces behind many of the new laws that are being proposed and implemented worldwide. The goal of these new laws is to create a more fair and equitable society while maintaining stability and security for all citizens.
A key challenge is finding a balance between the desire to go far and the need to be pragmatic. For example, the newly introduced law that penalizes corporations for ecological devastation would rank these enterprises among war criminals and serve as a powerful deterrent to the destruction of our planet’s precious resources. However, these penalties would likely not be effective unless the companies were required to report on their environmental performance.
Despite the growing need for these new laws, legacy legal stakeholders continue to resist change and maintain their old ways of doing business. They are resistant to moving beyond their profit-driven model, which has produced little of the change that is needed for law new.
Law firms and in-house legal departments remain the dominant providers of legal services. While they routinely collaborate, they still operate from different economic models, cultures, remits, and tech platforms. To realize the potential of law new, they must shift to a purpose-driven model that drives customer impact and experience.
The information provided in this article is for general reference only and does not constitute legal advice. For specific legal advice for your particular situation, please consult a licensed attorney. This content is created by the Legal Trends team at Forbes.