What is the Law New?

The law new is an alternative legal services business model that emerged after the GFC forcing many in-house legal departments of Wall Street’s big hitters to cut their legal budgets. Its defining characteristics are extensive use of so-called Legal Tech and adoption of an alternative pricing model that eliminates billable hours in favour of fixed fees which makes legal services very affordable to clients. This is well demonstrated by committee reports which describe precisely what a piece of legislation does.