NewLaw still failing to infiltrate in-house market

The number of in-house legal teams using NewLaw businesses has dropped year on year, a new survey has revealed.

NewLaw still failing to infiltrate in-house market
A new report has shown that NewLaw businesses are failing to access the in-house market, with the number of in-house teams using NewLaw businesses having dropped compared with the previous year.

The 2016 ACC Australia Trends Survey found that the number of in-house counsels who have recently used a NewLaw businesses has dropped from 18% last year to just 14% this year.

A whopping 70% of respondents said they were not familiar with the NewLaw business model.

ACC president Gillian Wong told Australasian Lawyer that engaging with NewLaw could benefit many in-house legal teams.
“As with any service offering there is always a market to engage with,” she said.

“Many of the services NewLaw businesses provide are tailored to delivering a more efficient and cost-effective way of managing legal work, which is something many in-house counsel are seeking.

“It is important to remember that no in-house legal department is the same as another, each has its own unique challenges and will have different requirements when seeking external providers.”

Wong said that the report shows a major barrier for NewLaw firms infiltrating the in-house market but that NewLaw could work harder at spruiking their offerings. She said that quickly evolving NewLaw businesses are difficult for busy GCs to keep abreast of.

“To ensure their message is heard NewLaw firms need to be continually educating in-house counsel, not only on their offerings but on the benefits of using their services,” she said.

“I think we have to appreciate that NewLaw is still a relatively new concept in the Australian market compared to what might be happening at a global level.”
 
 

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

COVID-19 and Australian courts and legal bodies updates: 1 June

KWM helps industrial chemicals manufacturer cook up $600m in capital raising under COVID-19

New Hong Kong security law an “unconscionable” threat to judicial independence, says IBA

HSF pumps up global financial services regulatory team with new partner

DLA Piper supports nickel pig iron producer on $231m equity raising effort

US Supreme Court rejects government request that keeps inmates at high risk for COVID-19

Most Read Articles

Cosmetics giant makes first foray into Australia with Hall & Wilcox’s assistance

KWM's chief executive partner for Australia extends run into second term

Clayton Utz senior associate applauds greater focus on diversity and inclusion

COVID-19 and Australian courts and legal bodies updates: 25 May