There is a widening gap between what traditional law firms offer and what the marketplace is demanding. The NewLaw businesses are more in demand than ever before, due to their flexibility, cost-effective solutions, and willingness to accept newer technologies and systems. The latest data is showing an definite market shift from law firms (lawyer-centric) to law companies (business/tech-centric). Clients, not lawyers, are now in control, and law firms need to make the transition from their current lawyer-centric partnership model to a customer-focused, technology-based legal services provider. Business and technology skills are now required tools for any professional services firm which wants to succeed. This is partially due to the pressure prospective clients are under to be “cost-effective”, yet still manage numerous projects and meet required business or regulatory deadlines. Clients are demanding and expecting accurate, efficient, flexible, and cost-effective legal services. Possessing technical legal knowledge alone is now not enough except for a few specialist areas. To find success in the current legal marketplace, possessing or acquiring new skill sets such as project management, data analytics, business acumen, social media literacy, and technical agility is essential. The more innovative and nimble NewLaw firms are taking note of this, and thus have been able to offer a flexible lawyering business model created to satisfy the ongoing and evolving demands of in-house legal teams. The benefits of hiring NewLaw firms are numerous and an increasing number of APAC based GCs have begun to realise how having expert and flexible help at their fingertips can create an immense impact on being able to meet strict business deadlines in a timely manner, whilst still remain very cost-effective.
The team at Cognatio Law has over 40 years experience of working with legal, compliance and risk professionals across the Asia Pacific region.