NewLaw is the exact opposite of big law or traditional law firms. NewLaw refers to law firms, legal consultancies and alternate legal service providers who are doing things differently, and see themselves as a flexible alternative, to big law or traditional law firms. NewLaw are lawyers and entrepreneurs combined, and this reflects in their approach to legal services.
NewLaw uses modern technology, alternative communication solutions and pricing structures to deliver a cost-effective, valuable, efficient, and high-quality client centred service.
Legal services have long been priced according to the traditional billable hour model. Lawyers log the time they spend working on their client’s case in six-minute increments and use these units of time to calculate their fees. This arrangement is often a source of frustration for clients as it creates a great deal of uncertainty as to how expensive a lawyer’s services will be.
Charging by the hour also creates unhealthy incentives for lawyers to work long hours to impress their employers. Many law firms set billable hour targets that must be achieved if a lawyer wants to progress up the firm’s hierarchy. This often leads to lawyers experiencing high levels of stress and even burning out.
NewLaw seeks to resolve this.
NewLaw firms adopt modern technology to make the provisioning of legal services more streamlined and easier to access for clients. By using innovations like document automation, lawyers can avoid getting involved in simple and repetitive administrative tasks and become more client focused. NewLaw services allow lawyers to engage clients easily through communication channels like live chat to resolve queries in a more efficient and convenient manner. The use of technology such as video conferencing and cloud computing software can also empower lawyers to work from home while still providing top quality service.
A major benefit of NewLaw is the pricing advantage it gives firms. Instead of relying on the obscure and costly billable hours method, NewLaw firms can offer a variety of alternative fee structures to provide clients with more value-based pricing. NewLaw firms recognise that fees should reflect the value lawyers provide their clients rather than the time lawyers spend on their work.
This focus on value over time spent also benefits lawyers, as they are no longer judged by how many hours they put in at the office but by the results they achieve for their clients.
NewLaw firms make clients the centre of what they do. This means focusing on understanding client needs and delivering an exceptional client service. The future of law is client-centred because the purpose of law firms must be serving their clients.
The best law firms of the future will be client-centred and will provide a brilliant client experience. They will have an ability to price innovatively and not be chained to the billable hour and time recording; but will focus on providing value.
The late Steve Jobs of Apple viewed innovation as “the ability to see change as an opportunity, not as a threat”. The legal profession and lawyers are no different.
For a good example of a NewLaw firm, visit Legal Army who believe there is a better way to provide legal services by reducing cost by up to 80%. At Legal Army, they have adapted to a new client who is much more demanding and focused on developing their business with maximum legal security without paying the costs of structures and processes of another era. Visit them at https://www.legalarmy.net
Also check out our article on virtual law firms at https://buenosabogados.es/11-reasons-for-having-a-virtual-law-firm/
