In an age of disruption, traditional large law firms face increasing pressure from evolving NewLaw providers. But what does NewLaw actually mean, and how do these firms differ from traditional competitors?
The term NewLaw describes a growing category of alternative legal service providers that sets itself apart from BigLaw or TradLaw providers in the following key ways.
|Traditional BigLaw Firm||NewLaw Firm|
|Personal brands||Corporate brands|
|Lawyers sell and produce||Separate sales and production|
|Hourly rates||Value pricing|
|Legal excellence||Commercial relevance|
|Top legal talent||Business savvy talent|
|Full-time lawyers||Flexible lawyers|
|Sustaining technology||Disruptive technology|
|Sustaining processes||Highly engineered workflow|
Source: Beaton Capital.