As the legal industry continues to evolve, one of the key areas to focus on is “law new.” It’s about offering a form of practice that can help clients without impacting other areas that might be the primary focus of any law firm. This is a concept that all lawyers should understand and see as an opportunity to grow and expand their firms.
The law new concept is based on a number of ideas, but it usually involves a practice area that can be delivered in a non-traditional manner. This might mean it’s done by staffers not on a partner track or that the work is outsourced. It could also mean that the work is a mix of traditional and alternative service providers (ASPs). A well thought out plan incorporating some aspects of this idea can benefit all clients and create a new source of revenue for a law firm.
Law new is a multi-dimensional concept that encompasses many elements of the legal industry and its integration with businesses and societies. It includes a fluid and collaborative approach to delivery and problem solving, with an emphasis on identifying and exploiting business opportunities. It also requires a significant shift in thinking and a new level of leadership that integrates the legal function with cross-functional enterprise colleagues. This will enable the industry to proactively eradicate and eliminate risks, reduce lost opportunity costs of protracted disputes, free-up management time for core objectives, and produce better-informed risk assessment and business decisions.
It’s about leveraging technology and data to deliver services more efficiently and effectively than ever before. It’s about creating legal processes that are flexible, adaptable and cost effective. It’s about redefining legal services in the context of a changing economy and society. It’s about the future of legal and the future of business.
A bill is a written proposal that creates or amends a statute, or sets forth the intent of Congress to do so. It’s introduced in one chamber of the Senate or House by a sponsor who is known as a “sponsor.” It then gets assigned to a committee, where it goes through a process of research, discussion, changes and voting. If the bill passes, it’s sent to the other chamber for a similar process.
A law is a set of rules and regulations established by a government body. The laws of the state of New York are made up of the New York Constitution, statutes passed by the legislature and periodically codified in the New York Consolidated Laws, and decisions interpreted and applied by courts. It is essential that C-suite leaders stay up to date on new New York law to ensure that they are addressing compliance requirements in accordance with current and future legislation. Fredric D. Bellamy is a regular contributing columnist on the subject of New York law and litigation for Reuters News and Westlaw Today. Opinions expressed are those of the author and do not necessarily reflect those of Reuters or Westlaw.