The legal industry’s buzzword of the month is “law new.” It’s a catchall term linked to phrases like “legal technology,” “legal ops,” “alternative legal services providers” and more. It’s intended to encapsulate the idea that there are many different approaches to law practice now, but it’s hard to pin down exactly what it means for an individual company.
RICHMOND, Va. (WRIC) — July brings the heat, cookouts and, in Virginia, a slew of new laws. This year, hundreds of bills passed by the General Assembly will take effect July 1. Some of them include stricter penalties for abducting a child, age verification rules for accessing adult websites and tougher penalties for “swatting” calls.
A well thought out plan that makes use of some of these methods can offer clients the help they need without impacting other areas of the firm’s primary focus. Moreover, it’s possible to utilize these concepts as standalone ways to generate revenue and client satisfaction.
Collaboration and fluidity are standard features of the business world today, with competing companies from different industries regularly teaming up on joint projects in various fields. Why shouldn’t legal delivery be no exception?
Law firms of all sizes are increasingly looking at vertical and horizontal integration through joint ventures, mergers and other collaboration mechanisms. These consolidations are a means to diversify offerings, share data and expertise, lower cost and meet the growing demand for efficient legal services.
While the benefits of this type of collaboration are clear to legal consumers and society-at-large, some legacy stakeholders may be resistant to change. Nevertheless, the legal landscape is shifting and if the legal industry wants to survive, large-scale changes are necessary.
Legal buyers have become more sophisticated in their demands, and large-scale legal providers have the capital and brand to respond. As a result, there are many ways to deliver legal services now that would have been unthinkable just a few years ago. But, while many legal consumers are eager to try new legal service models, it’s important for lawyers to be aware of the pitfalls of law new so they can avoid costly mistakes.
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