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Nexa hosts roundtable event on the future of the “new law” market
We were proud to host a roundtable event in London recently discussing the new law market, how it’s working in practice for both lawyers and clients, where it’s going and the challenges that may lay ahead.
We were delighted to be joined by over 20 attendees ranging from those with their own firms, those working as consultants and some senior lawyers from bigger firms.
Bringing a range of experiences and viewpoints, our delegates generously shared their thoughts on some pertinent issues facing the consultancy market.
Clearly many of these are highly relevant to us here at Nexa as we evolve our legal services platform and grow as a business. It was great to hear others’ observations and ideas and we really hope that all our attendees left the event with as much food for thought as we did!
Our main take aways from the day…
- Many of us feel passionately that there is a better way of doing things and that we want to continue to improve the legal industry for the sake of all its stakeholders – both lawyers and clients.
- In the space of five years, we have seen the alternative legal market change rapidly as the “new law” disruptors become more established. But it feels as if we are now entering a different phase – we’re not really new anymore, but we want to remain different. We must keep on innovating and modernising. As the market matures, competition is increasing; we all need to do more to stay relevant.
- From our lawyers’ perspective that involves providing more than just a simple platform to work from. As with clients, we need to find ways to offer more for less.
- We also need to think more about the non-financial aspects of our offering by building supportive communities for our consultants and putting ESG front and centre.
- A sustainable industry requires happy, healthy lawyers. New generations of lawyers are increasingly looking at an organisation’s commitment to ESG across the board so it must be taken seriously to attract the best talent. The direction of travel is towards ESG also becoming increasingly important in buying decisions by clients so, it can’t be ignored.
- Consultant lawyers who can build successful relationships and deliver a high-quality service will thrive. However, while consultant lawyers can offer better value than traditional law firms, there are still some barriers to acceptance from clients (often larger companies) – but there is confidence that these can be overcome in time.
–Nigel Clark, CEO