How​ ​NewLaw​ ​is​ ​Changing​ ​Things​ ​In​ ​A​ ​Big​ ​Way

Yourlawfirm

Sep 11, 2017

There’s not many who can overlook how the legal profession is shifting- the ways in which clients interact with lawyers and how legal providers are changing and evolving to meet that demand has created shock waves across the industry, including those who seem unable to keep up with these significant changes. In this article, we’ll be going over how these innovations, known as NewLaw, may affect those of us in Australia. NewLaw emerged in the corporate world in Australia in 2008, driven by Advent Lawyers

(Sydney) and Balance Legal (Perth). The NewLaw model revolves around five key pillars; human capital, technology, practice economics, ownership structure and avenues for charging clients. Basically, this new model aims to champion client-centric behaviour. And while providers of these innovative changes may still be relatively small in numbers, their presence in the marketplace has had undeniable effects. Together with Commonwealth Bank, Beaton Research + Consulting conducted a study with the top 50 leading law firms in Australia in 2014 to measure their engagement with NewLaw. 25% of respondents reported that they had competed against NewLaw firms in the past 12 months. When a similar study was conducted with 5,000 buyers and users of corporate legal services in Australia, while just 15% of respondents were aware of NewLaw, 99% reported that they would use firms that integrated the NewLaw ethos if available. However, the thinking that may have originally set NewLaw apart from its competition appears to have become more and more commonplace. Even firms that may no longer be considered

Together with Commonwealth Bank, Beaton Research + Consulting conducted a study with the top 50 leading law firms in Australia in 2014 to measure their engagement with NewLaw. 25% of respondents reported that they had competed against NewLaw firms in the past 12 months. When a similar study was conducted with 5,000 buyers and users of corporate legal services in Australia, while just 15% of respondents were aware of NewLaw, 99% reported that they would use firms that integrated the NewLaw ethos if available. However, the thinking that may have originally set NewLaw apart from its competition appears to have become more and more commonplace. Even firms that may no longer be considered

However, the thinking that may have originally set NewLaw apart from its competition appears to have become more and more commonplace. Even firms that may no longer be considered
“new” are moving their practices across to align more closely with the values of NewLaw. This new model means that there is a greater emphasis on investing in people and technology within the firms, to ensure that each team is empowered through education, development, training and advances in technology. In contrast to more traditional legal providers, many are revolutionising the practice of law to put clients first, every time. Times are changing, and innovative legal providers are changing as well by adapting their practices to meet the demands of the modern marketplace. By focusing on affordability and accessibility, NewLaw has created an environment in which the client comes first.

Times are changing, and innovative legal providers are changing as well by adapting their practices to meet the demands of the modern marketplace. By focusing on affordability and accessibility, NewLaw has created an environment in which the client comes first.

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