young professional business team talking at the International Financial Center of hong kong china,
Times
are changing within the global legal market, and for the consumers of
legal services it is definitely for the better. With the now wide range
of service delivery options available to clients of all shapes and sizes
(from individuals & SMEs to MNCs and banks) it is now definitely a
buyer’s market. Cognatio Law is
the latest NewLaw evolution in Hong Kong, offering flexible legal and
compliance resources, along with a fresh business platform for both
clients and consultants.
The
term “NewLaw” was first coined by Eric Chin back in 2013 as a stark
contrast to BigLaw, after much study of the disruptive innovation taking
place during that time within the legal services industry. “BigLaw” is a
US legal services industry nickname for the nation’s largest law firms.
The definition of NewLaw was provided by Jordan Furlong and Sean
Larkan– see box below.
Hong Kong saw its first NewLaw firm appear in 2011 and with the arrival of Cognatio Law in early 2018, there are now 6 in total operating here. What exactly is a NewLaw firm though? Read on:
Originally
Eric Chin used the term NewLaw to describe the business model of the
USA based alternative legal services provider Axiom. Up until the early
2000s, most companies had limited choices in terms of their access to
and choice of legal resources. They would primarily utilise their own
in-house legal team (if any) and then the bulk of the legal work would
generally get outsourced to outside law firms. Today those same
companies have access to a wide range of legal services providers when
it comes to assessing and managing their legal resourcing needs. During
this same period, NewLaw firms have also evolved and expanded their
business offerings to include online legal services, Legal Process
Outsourcing (LPOs) and LegalTech platforms.
NewLaw
firms can be very beneficial to a company’s bottom line, often
representing significant cost savings over a traditional law firm –
especially with the ever constant of internal headcount & budget
cuts and increased workloads. Lawyers and consultants, such as those
employed by Cognatio Law, are able to be engaged without increasing a
company’s employee costs or adding to their permanent headcount.
Employee overheads such as compulsory social security payments,
statutory sick leave and public holiday entitlements are carried by the
NewLaw firm.
If
your team is facing an increased legal and compliance workload or
struggling to meet implementation deadlines imposed by supranational and
local regulatory authorities such as the SFC (HK), SFC (US), FSA (UK)
and the EU, then engaging a company like Cognatio Law is a smart and
efficient way of helping you meet these deadlines effectively and
efficiently.
Cognatio
Law was established in 2018 by NewLaw industry veteran Lesley Hobbs,
with co-founder Tim Fawcett in response to the growing demand for
flexible lawyers in Hong Kong. Lesley Hobbs is a leading business
development professional within the APAC in-house legal community. A
qualified solicitor in England and Wales, Lesley was instrumental in
setting up Hong Kong’s 2nd largest
NewLaw firm back in 2013. If you are in need of additional legal and
compliance resources in Hong Kong, it is time to engage the services of Cognatio Law. Please contact us today to inquire further.
Connect with Cognatio Law
2310 Dominion Centre, 43-59 Queen's Road East Wanchai, Hong Kong
Website: https://www.cognatiolaw.com/
Facebook: https://www.facebook.com/CognatioLaw/
Twitter: https://twitter.com/CognatioLaw
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