NewLaw Firms: Advantages and Challenges
NewLaw firms, like Cognatio Law, offer many advantages to their clients such as practical and time sensitive business and risk management solutions at significant cost savings. In addition, the NewLaw model also offers significant benefits for lawyers, such as a flexible work schedule, which contributes to a better work-life balance, and more freedom to choose your working hours and clients. These advantages appeal to both men and women, helping to balance the playing field in a traditionally male-dominated profession. Under the NewLaw business model, gender discrimination issues have been minimised. Clients simply just want the best person for the job.
In particular, many female lawyers are turning to NewLaw practices due to decreased promotion opportunities and the lack of work/life balance within traditional private practice law firms. The ability to spend more time with family/children is one of the main reasons many female lawyers are citing for making the switch to NewLaw.
NewLaw does not, however, solve the underlying gender inequality issues that women face within the legal profession. It does, however, embrace fair hiring practices and equal opportunities for both men and women. When it comes to NewLaw assignments, female and male lawyers are presented with the same opportunities. The best candidate for the project is the one who is hired. Pay levels are typically based on PQE and/or the specialist experience of the candidates.
Switching to a NewLaw practice over a traditional law firm does, however, present some challenges. Lawyers will in general experience an overall drop in compensation of around 30% when making the switch from either a permanent private practice or in-house lawyer position. In addition, lawyers will need to be comfortable working in a consultant role and thereby not be provided with any management or decision making responsibilities. They will also still be expected to produce high-quality work. Adaptability and flexibility are also essential skills as a lawyer could be seconded to several companies during the calendar year and will need to quickly adapt to each client’s working cultures. The majority of NewLaw consultants agree though that the benefits of a flexible work schedule and better work/life balance outweigh the challenges listed above.
Cognatio Law is headquartered in Hong Kong and headed up by an experienced management team with a solid understanding of both local and regional business needs as well as the related legal & regulatory requirements. We have built up our regional professional networks over the last 20 years and accordingly have a strong understanding of how to engage with and service clients across Asia. Companies can make significant financial and efficiency savings by engaging a NewLaw company over a traditional law firm. If you would like to engage one of our highly-qualified consultants or seek to join our team, please contact us today.
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