this product is unavailable for purchase using a firm account, please log in with a personal account to make this purchase.

Select from any of the filters or enter a search term
Calendar
Calendar

New Law changing the way law is done

New Law changing the way law is done

By Karin Derkley

Innovation Technology 

0 Comments


Client demand and “enabling” technologies are driving the growth of New Law firms, a symposium on New Law heard last week.

Presenters at the symposium, held as part of RMIT's Entrepreneurship Week, each gave their view on how they saw New Law.

Law Squared founder and director Demetrio Zema said New Law is a "fundamentally philosophically different business model to traditional law". Mr Zema saw his business as a deliverer of legal services rather than a legal firm, and used “enabling" technology to service clients who are often alienated by the traditional legal firm model.

Legally Yours CEO Karen Finch said that New Law was analogous to Uber “where you know how much it's going to cost, how long you'll wait until they'll turn up, and where exactly they're going. Everything is fixed and transparent – there's certainty, it's convenient and it’s simple.”

Harris Cost Law principal and Innovim director Liz Harris contrasted that with the traditional law firm practice of billing by the hour, which she said created uncertainty and anxiety in clients and ignored the value of lawyers as trusted advisors.

“Corporate clients tell me they prefer to deal with accountants or financial planners who are less focused on billing by time. They are working on a partnership with clients more than we as lawyers are,” she said.

Value from the client's perspective is subjective, Ms Harris said. “So, it's about having that discussion with your client as to what they see as an acceptable outcome and what kind of experience they want with the law firm, and all that plays into value. With the introduction of AI what we need to be moving to is the soft skills and the strategic skills, which can't be valued by time.”

RMIT Graduate School of Business and Law lecturer Aaron Lane said that New Law firms have provided young lawyers with another alternative “rather than staying in a firm where they're marking time and accounting for every six minutes of their life. In the past people have pulled out by going into policy, or in-house, or a related industry – but now there's a new option for people to withdraw out of the traditional firm and plug into something else.”

“New Law goes broader than a law firm and the traditional notion of legal service. It offers the opportunity to create more meaningful roles,” Peer Legal principal and LIV Law and Technology Committee co-chair Peter Moran told the forum. He believes there will be a critical point in the future "where the market will demand that that's how they want things done".

“When will the innovative disruptive things that New Law firms are doing become the norm?” Mr Moran said. “Will that be because of New Law firms taking over market share or through traditional law firms changing the way they do things?”


Views expressed on liv.asn.au (Website) are not necessarily endorsed by the Law Institute of Victoria Ltd (LIV).

The information, including statements, opinions, documents and materials contained on the Website (Website Content) is for general information purposes only. The Website Content does not take into account your specific needs, objectives or circumstances, and it is not legal advice or services. Any reliance you place on the Website Content is at your own risk.

To the maximum extent permitted by law, the LIV excludes all liability for any loss or damage of any kind (including special, indirect or consequential loss and including loss of business profits) arising out of or in connection with the Website Content and the use or performance of the Website except to the extent that the loss or damage is directly caused by the LIV’s fraud or wilful misconduct.

Be the first to comment