The Emergence of ‘NewLaw’

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Presentation transcript:

The Emergence of ‘NewLaw’

Australian legal market Traditional players Market pressures ‘Big 6’ firms (top tier) Customer power (buyer’s market) International firms Threat of new entrants (accounting firms) National firms Threat of substitutes (legal process outsourcing) Specialist firms

Key growth trends Growth of specialist and focus firms Growth in digital innovation Growth of virtual law firms Growth of ‘NewLaw’ firms

What is ‘NewLaw’? A new business model of legal service providers A new philosophy that drives and responds to radical changes affecting the legal industry Antithesis of ‘BigLaw’ (traditional law firms) Increasing use of technology

‘NewLaw’ vs ‘BigLaw’ NewLaw BigLaw Use of technology to address legal issues Partnership model where partners are promoted and share in the equity of the firm Virtual or dispersed workplaces A group of lawyers recruited from university, worked hard and paid well Flexible work arrangements for employees Time-based billing Alternative billing arrangements High hourly rates Flatter working structures (possibly without partners)

How will technology drive the future of ‘NewLaw’? Facilitative innovation Experimental innovation Document automation Machine learning Process automation Blockchain Legal marketplaces Smart contracts

Thank you