The legal industry is no stranger to new ideas. Firms are always trying to improve their services and create ways for clients to benefit from the work they do. One trend that is growing in popularity is law new, a term that can be hard to define but is definitely something all firms should consider exploring.
Essentially, new law refers to the concept of augmenting traditional legal service providers with outside resources and using those methods as a way to better serve clients and generate additional revenue for the firm. It can be a way for a firm to diversify their offering without sacrificing the high standards they set for their own practice.
For example, law firms that offer paralegals can bring in outside experts in different fields to help with certain types of cases. They can then combine the expertise of those individuals with the knowledge and experience of their own firm to provide a complete package for the client.
Another example is a law firm that may partner with a firm to handle a criminal case, while the other firm handles the civil aspect of the case. This allows the firm to take on a more diverse range of cases and allows them to work together as a team.
A law firm that uses the techniques of new law to improve their services can offer their clients a greater level of service and still be able to charge competitive rates for the work they do. This is important for any business looking to grow in the current economic climate and ensures that they can continue to serve their clients while generating profits at the same time.
In the past, many firms were worried about bringing in new income streams and looking for ways to increase efficiency in their existing practice areas. While those issues remain valid concerns, a good number of firms are now looking at new law as a way to expand their offerings and find new ways to help their clients.
As the year begins, there are several new laws that have gone into effect in New York state. Some of the major changes include a new minimum wage for New York City, Westchester and Long Island that will start at $16 per hour. Also, Gov. Kathy Hochul has signed 730 bills into law and 87 more are currently awaiting her review. There are also new laws dealing with worker rights, school resources and other important aspects of New York life.
