Today's announcement that EY acquired Riverview Law has been bouncing around my head all day and I've finally figured out why. This acquisition along with 3 other 2018 New Law transactions have legitimized New Law. While more readily accepted by legal departments, New Law has been viewed with a skeptical eye by law firms who initially viewed New Law as competition. That skeptical perspective has shifted recently into a more friendly view of figuring out how best to work together as the purchasers of legal service continue to put pressure on traditional law firms to work differently. We previously wrote a post on the 5 Reasons Why Law Firms are Innovating with Strategic Partnerships.
Here are the various ways New Law has been legitimized in 2018:
- STRATEGIC PARTNERSHIP - Hogan Lovells pairs up with Elevate where Elevate provides Hogan Lovells with pre-qualified lawyers when there is a temporary need to staff up for certain projects. A new way to tackle certain staffing issues.
- INVESTMENT - Legalzoom announced at the end of July that it had received a $500 million investment. One of the largest legal technology investments to date.
- STRATEGIC PARTNERSHIP - LeClair Ryan and UnitedLex announced the launch of their strategic partnership, ULX Partners in June.
- ACQUISITION - August 7, 2018, EY announces its acquisition of Riverview Law.