In this second part of our NewLaw Guide we explain the main characteristics of the NewLaw model. Read Part 1.
The main characteristics of NewLaw.
NewLaw firms make clients the centre of what they do. This means concentrating on understanding the client’s needs and delivering an exceptional client service. NewLaw firms use innovative technology to provide the best service possible for clients by streamlining communication, online services such as live chat and video conferencing to ensure clients can easily contact lawyers and receive on-demand assistance.
Embracing technological advancements
Whilst changing the billing practices and incentivizing client outcomes is a step in the right direction in terms of value from traditional providers, real efficiency only comes through technology enablement. NewLaw firms focus on using technology to manage mundane legal work, provide an exceptional client experience and drive efficiency. Thus any solutions that do not incorporate technology should be considered as short-term only. Legal tech includes document automation, cloud computing and even artificial intelligence. Furthermore, legal tech solutions have empowered NewLaw firms to deliver more value to clients for less. For instance, streamlining communication between clients and lawyers through digital platforms such as live chats and video conferencing provides a faster turnaround time, and also enables lawyers to be more transparent with their fees.
Delivery at scale
There are many boutique NewLaw firms offering real value to individual clients. A combination of NewLaw practices with scale of capital, technology and human resources transform the dynamic in the traditional industry.
A timeless culture
As mentioned above, NewLaw firms have moved away from the traditional billable hours and have moved towards value-based or output-based billing. The incentive is for the service provider to deliver efficiency and value. Thus NewLaw firms often use cloud services to centralize documents on an online system which is accessible from anywhere. As such, lawyers can continue working from home without having to stay long hours in the office Even in the event that the firm is staffed by non-partners or partner-track associates, work can be done in a separate service center and not a firm office, or a self-service model.
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