5 Reasons Legal Needs To Change

Why the old way of practicing law is no longer effective and the new law is the better

There are lots of young lawyers who are tackling a variety of problems in the legal profession and this is not because they cannot work hard, but because they work with people who doesn’t want to change the practice of law for the better. The reality is that the way people live, work and do business has changed dramatically which is changing the practice of law too.  

Key Takeaway

Lawyers like any other business owner should give what its clients ask for.

What do clients of the future need?

Tech Savvy - the clients of the new law want their legal needs met swiftly and accurately by savvy legal practitioners using the tools to work more accurately and efficiently.

Flexibility - if your client is a start-up it probably wants to get the legal side done as quickly as possible so they can focus on their real business and start making sales. On the other side lawyers also want to get on with pursuing their other passions and spending time with their loved ones. The new law allows both the client and lawyer to make this possible.

Predictable Fees - the new law is not based on billable time targets and a skewed hierarchical partnership structure, but on clear and open communication and predictable fees.

Innovation - The world is becoming cashless and paperless. Clients need you to understand what you’re trying to do and the domain within which you’re trying to do it, whether that’s fintech, bitcoin trading or online marketplaces.

Personality - The reality is that people do business with people who like and trust. Kindness and trust is in the core of every successful business relationship.


New Technology

New technologies are evolving faster than the law can keep up with. There are so many legal tech services out there who are just helping you serve better your clients. Don’t underestimate them – use them. The tech solutions only empower you to deliver more value to your clients. If you still think that you don’t have time to adapt and improve your practice with new legal tech, you are probably living in the old legal world.

Flexibility

In the old way of practicing law, following the rules of graduating law school, working in a big law firm, 12 hours a day, 12 days a week for 12 years and then making big money was the way to go, but not anymore. The new businesses require creative lawyers with tech knowledge who think outside the box. The lawyers of the future are like their clients: passionate, creative, flexible, highly adaptable, real, fun, practicing virtually from anywhere in the world, just like their clients. However, there are still so many law firms that either doesn’t believe in the flexible way of practicing law or are stuck in the old system. But the new lawyering is here to stay and there are so many businesses who are flexible just like you and where productivity is more important than your location and an impressive and expensive office space.

Flexibility leads to more sustained and focused work and makes YOU and YOUR clients happier.

Fees

Another key element is the alternative pricing. The hourly fees should have been dead long time ago. Everyone should know how they spend their money, that’s why most innovative legal practitioners have widely adopted the fixed fee structures. Cost efficiency, predictability, and cost-effectiveness are the keys in the delivery of services in the new law.

Innovation

To be good in lawyering, you need to understand a lot more than your specialized area. You need to understand the new technologies and learn to be highly resourceful. You have to want to know it for the sake of learning it, and for the sake of knowing it, not for what it might specifically do for you. To reach this point you need to do more than just lawyering. You need to be curious and want to learn new things every day. Nowadays, everything is virtual, your communication with the client is virtual, the contracts are signed virtually and even the court is virtual? Too good to be true? Maybe...

Do you know that the first virtual court has already opened in Hangzhou, China where Alibaba and other leading internet enterprises have their headquarters?

Personality

Personality is key feature to the legal practice and the happy clients. Personality combined with your skills and professional experience is what your clients know you for. Being real and kind is what clients want you to be, and those who don’t, are not the people who you want to work with. Not wearing a suit or being stuck in a traffic, or in an office from early mornings to late nights should not be a measure of your professional skills. Of course, this doesn’t mean that in the new law lawyers don’t work 24/7, they do, but should you not have your flexibility and time to be with your loved ones? Not at all and the people who understand it are those who win.

Don't you want to have a work that aligns with your values?

- Renata Valkova

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