With this article, we finish our NewLaw Guide series. In this section we look at how NewLaw may well be the best bet for the law firm of the future.
Whilst the changing market environment has been discussed at length by several authors. Richard Susskind addresses the legal services industry directly, stating that firms will continue to be “driven relentlessly by their clients to reduce their costs.” Accordingly, Susskind recommends that firms embrace this changing market and continuously seek ways to provide their clients with better services at a lower cost.
If firms correctly implement NewLaw, NewLaw firms have the potential to destroy the underlying business models of most traditional firms. This is because the process, systems and technology bring so much efficiency to the provision of legal services. Traditional law firms are, as a whole, completely under-equipped to deliver this revolution, both from a cultural and a business model perspective. It has been predicted that in twenty years’ time, NewLaw providers will have captured up to thirty per cent of the broader legal services market. Traditional mid-tiers will have collapsed. It is only those truly differentiated traditional providers that will still be in business.
The COVID-19 pandemic exposed the importance of moving away from traditional law firm set-up to the NewLaw. The international lockdown caused by COVID-19 has disrupted the manner in which the legal sector operates. Considered non-essential services under the initial lockdown ruling, legal professionals and traditional law firms have had to find ways to navigate their roles without leaving their homes. Embracing NewLaw and moving the industry towards reliable legal technologies resolves the problems that firms were faced with and create an opportunity for firms to restructure in order to their client’s needs.
Centurion Plus has embraced NewLaw in its innovative and client-focused methods of delivering legal advice to its clients. This platform is an extension of Centurion Law Group which was birthed from the demand for specialized legal expertise across the continent. The Centurion Plus model is to introduce clients to an agile and customized legal and advisory service offering which brings together a team of lawyers for any deal on a project basis.
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