The legal industry has undergone a significant transformation in recent years, with the emergence of what is commonly referred to as “NewLaw.” This term refers to a new way of thinking about legal practice that emphasises innovation, flexibility, and the use of technology. In contrast, “OldLaw” refers to the traditional approach to legal practice, which is often characterised by rigid processes and a reluctance to adopt new technologies.
The Benefits of Embracing NewLaw Principles
Utilising Technology for Efficiency and Innovation
The use of technology in legal practice has been a game-changer. Law firms can automate many of the time-consuming and repetitive tasks that are a part of traditional legal practice.
By adopting these technologies, lawyers can:
-Save time on administrative tasks and focus on more strategic and high-value work, such as developing legal strategies and providing advice to clients.
-Improve their workflow management and collaboration with colleagues and clients.
-Provide a better overall client experience by offering faster, more responsive service.
Some examples of technologies that law firms can utilise to streamline their operations include:
-Cloud computing: Storing data in the cloud allows for easy access and collaboration from any device or location.
-Practice management software: This type of software can streamline case management, billing, and time tracking, among other tasks.
-AI and eDiscovery tools: AI can automate document review and categorisation, while eDiscovery tools can help lawyers find relevant information more quickly.
Alternative Ways of Working for Sustainability
Alternative ways of working can help law firms create a more sustainable and innovative business model.
-Flexible schedules and remote work arrangements can improve work-life balance for lawyers and reduce overhead costs for firms.
-Alternative fee arrangements, such as flat fees and contingency fees, can also help law firms better align their interests with those of their clients.
Examples of Technologies That Law Firms Can Utilise
Storing data in the cloud can help law firms improve collaboration and accessibility.
This technology can provide:
-Increased data security through cloud-based backups.
-Collaborative working, which allows for seamless communication and collaboration with clients and colleagues.
-Reduced IT infrastructure costs as cloud-based storage eliminates the need for expensive on-premises servers.
Practice Management Software
Practice management software can help law firms streamline case management, billing, and time tracking.
Some benefits of this technology include:
-Increased efficiency as lawyers can manage tasks more effectively.
-Increased transparency for clients as they can track the progress of their cases and billing.
-Cost savings as firms can reduce administrative overheads.
AI and eDiscovery Tools
AI and eDiscovery tools can help law firms automate document review and categorisation, among other tasks. These technologies can:
-Increase accuracy and speed of document review.
-Improve workflow management and collaboration with clients.
-Reduce costs and time spent on administrative tasks.
Alternative Ways of Working to Consider
Flexible Schedules and Remote Work Arrangements
Flexible schedules and remote work arrangements can improve work-life balance for lawyers and reduce overhead costs for firms.
Some benefits of this approach include:
-Reduced overhead costs as firms can reduce or eliminate the need for office space.
-Increased flexibility for lawyers who can work from home or remote locations.
-Improved work-life balance for lawyers who can work on their own schedule.
Alternative Fee Arrangements
Alternative fee arrangements, such as flat fees and contingency fees, can help law firms better align their interests with those of their clients.
Some benefits of this approach include:
•Reduced client costs as they only pay for services rendered.
•Increased transparency as clients know what they are paying for.
•Incentivised lawyers who are motivated to achieve successful outcomes for their clients.
Digital Client Onboarding – why move to digital AML compliance?
Digital client onboarding is an increasingly important aspect of law firm operations. Verify 365 is a tool that allows law firms to complete the client onboarding process quickly and efficiently. With Verify 365, clients can provide their information and documents electronically, saving time and reducing the risk of errors. This technology allows law firms to streamline the onboarding process and provide a better client experience.
Electronic Onboarding – why move to eSignatures?
eSignatures are another important technology that can help law firms improve their operations. With eSignatures, clients can sign documents electronically, reducing the need for paper documents and speeding up the process. This technology is especially useful for law firms that need to obtain signatures quickly or have clients who are located in different parts of the world.
Online law platforms – get a subscription with Lawyer 365
Online law platforms, such as Lawyer 365 legal advice app, are becoming increasingly popular among consumers. These platforms allow consumers to access legal advice on-demand, without the need to schedule an appointment with a lawyer. This technology is especially useful for consumers who have a simple legal issue and don’t want to spend a lot of time or money on legal fees.
Generative AI will be transformative for law firms
Generative AI is a technology that has the potential to transform legal advice and how consumers access lawyers. With generative AI, lawyers can provide legal advice to clients more efficiently and accurately. This technology can automate many of the tasks that lawyers currently perform, such as reviewing contracts and identifying potential issues. By using generative AI, law firms can reduce costs and provide a better client experience.
The Risks of Clinging to OldLaw Principles
While there are benefits to traditional legal practice, clinging to OldLaw principles can put law firms at risk of falling behind their competitors.
The risks of resisting change include:
•Falling behind in technology adoption, which can make law firms less efficient and less responsive to client needs.
•Losing talent to firms that offer more modern work arrangements and better work-life balance.
•Losing clients who want faster, more responsive service and alternative fee arrangements.
What does the future hold?
In conclusion, the legal industry is evolving, and law firms need to be agile and innovative to stay competitive. Embracing NewLaw principles, including the use of technology and alternative ways of working, can help law firms improve their efficiency, responsiveness, and sustainability.
However, holding onto OldLaw principles can put firms at risk of falling behind their competitors. It’s essential for law firms to assess their current practices and determine how they can evolve to meet the changing needs of their clients and the industry.
Lawtech 365 Group offers guidance on how law firms can utilise technology and alternative ways of working to stay ahead of the curve in the evolving legal industry. By embracing new technologies such as digital client onboarding, eSignatures, and AI, law firms can streamline their operations and provide better service to their clients. The legal industry will continue to evolve, and law firms must be willing to adapt to these changes to remain competitive in the NewLaw era.