NewLaw: The Solution for In-house Legal Teams
Progress brings us many things, including innovations and improved methodologies in how professional services firms can deliver resourcing and consulting solutions to in-house legal teams. Having set themselves apart from traditional law firms, NewLaw providers are offering a wide spectrum of solutions for in-house legal teams to enhance efficiencies, as well as lowering internal overhead costs, by providing flexible and cost effective consulting services to satisfy the ongoing and growing demands of in-house legal teams. Cognatio Law is a great example of this, and brings to Hong Kong an evolution of the flexible lawyering business model on which in-house legal teams have come to depend over the past 10 years.
In 2016, the In-House Congress Hong Kong hosted by Pacific Business Press discussed a study which showed that over 82% of Hong Kong’s in-house legal counsel have either used or would be willing to use a NewLaw alternative services provider. The demand for NewLaw firms is obviously there, and sorely needed, but there are still a few hurdles to overcome. These hurdles include resistance to change, inadequate support, and fiscal restrictions; namely the resistance to the upfront cost of hiring legal resources.
The benefits of hiring NewLaw firms are numerous though and an increasing number of APAC based GCs are beginning to realise how having expert help at their fingertips can create an immense impact on being able to meet strict deadlines in a timely manner, without incurring either increased headcount or fixed costs generally associated with making permanent hires. By engaging a NewLaw firm, you will have the ability to utilise interim resources and specialised skills for temporary assignments and legal projects. It also enables your company to trial run a new team formation before allocating resources towards permanent headcount.
Cognatio Law offers a solutions-driven platform to assist in-house legal teams in Asia that are struggling to reduce costs, headcount and fixed expenses, whilst still meeting clients needs and deadlines, by bringing in seconding experts available for one-off assignments as well as ongoing time-critical and sensitive projects, without having to incur additional permanent employee costs. Our legal team has 40 years experience of working with legal, compliance and risk professionals across the Asia Pacific region. We would love to work with you, contact us today!
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