1. The Emergence of ‘NewLaw’

2. 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

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

4. 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

5. ‘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)

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

7. Thank you