NewLaw is changing the traditional notion of a law firm. They provide more affordable and transparent legal services for clients by implementing innovative processes and technology in the workplace.
The law firm business model of the future
There is no set definition of NewLaw as it a broad concept that can apply in different ways. In general, NewLaw is a global trend where law firms take a model, process or tool that significantly changes the delivery of legal services. It works against the traditional notion of a law firm by introducing new processes and technology in the workplace.
Compared to BigLaw which requires many hours of work, NewLaw provides legal professionals flexibility in their work schedule for a considerably better work-life balance. Legal technology such as document automation, cloud computing and even artificial intelligence have made this flexibility possible. Additionally, legal tech solutions have empowered NewLaw firms to deliver more value to clients. This involves streamlining communication between clients and lawyers through digital platforms such as live chats and vide conferencing. In turn, this provides a faster turnaround time, and also enables lawyers to be more transparent with their fees.
Characteristics of a NewLaw firm
NewLaw firms use new or ‘disruptive’ legal technologies
Firms use state-of-the-art technology such as legal analytics to make tasks in the workplace easier for lawyers. As such, lawyers can spend more time focusing on providing clients a better service without sacrificing the quality of their work.
Flexible work hours
NewLaw firms often use cloud services to centralise documents on an online system accessible from anywhere. As such, lawyers can continue working from home without having to stay long hours in the office.
Client-focused services
Firms focus on providing the best service possible for clients by streamlining communication. Online services such as live chat and video conferencing ensure clients can easily contact lawyers and receive on-demand assistance.
Transparent and alternative pricing strategies
NewLaw firms move away from the traditional billable hours and instead use alternative pricing strategies such as blended rates, fixed pricing or value-based billing. This makes legal fees more transparent for clients to provide greater certainty, value, and benefit than traditional law firms.
NewLaw versus BigLaw
In comparison to NewLaw, BigLaw fits more closely to the definition of a traditional law firm with the following characteristics:
- Structured as a partnership
- Charge tiered hourly raters according to seniority
- Work is mostly from bespoke and technically excellent lawyers
- Maintains a competitive environment that motivate lawyers to become equity partners
As such, BigLaw firms are known for long working hours and an elitist culture. Their services are often exclusively for large corporations due to their exorbitant prices. As such, NewLaw is making legal services more accessible and approachable for all clients.
Similarly, LawPath provides an online platform called the Legal Marketplace where you can link up with lawyers and get fixed price quotes.
Don’t know where to start? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.
