Law new is a relatively recent concept that has emerged since the GFC when in-house legal departments were called upon to cut their legal budgets. It is generally described as a method of providing legal services that is innovative, uses technology and is based on process. It also involves a different approach to pricing where fees are set at a fixed rate and does not require billable hours.
The legal profession is one that is constantly changing and new challenges come up quickly. That is why it is important for lawyers to be able to adapt quickly and take on new concepts that will help them succeed. This includes embracing new strategies that may not have been used in the past to serve clients. One of these concepts is law new, which aims to help people in need while also saving money for the firm.
It is not easy to define law new as it has many aspects that make it unique and differ from traditional practice. It usually refers to providing legal services in a way that is different from other law firms. This can include working with underserved communities, coming up with new ways to reach clients or creating strategies that have not been used before. It can even mean using Legal Tech to streamline workflow and increase efficiency. This can lead to better results for the client and more savings for the firm.
Another aspect of law new is abandoning the use of billing hour and introducing flat fees that are much more affordable to the average client. This can also help a firm reduce its overhead and save money in the long run while still offering high quality legal services.
The Buffalo Legal Studies series is open to all UB faculty who wish to write in the broad area of legal studies, including scholars from other institutions who present papers here. Papers are posted on the SSRN Electronic Law Library and can be accessed for free, worldwide.