New Laws and How They Affect Law Firms

New Laws

The legal profession is constantly evolving. As legal firms look for ways to expand their client base and increase revenue, one of the most interesting areas of growth is in a practice area called “new law.” New Law is about using innovative techniques to provide legal services in a way that may not have been available in the past. It can include working with underserved communities, finding unique ways to serve clients and creating strategies that have never been seen in the legal field before.

Legislative activity in Congress is often a lengthy process. The formal proposals for new laws are called bills. They are typically numbered in the order they are introduced, for example H.R. (House of Representatives) or S. (Senate). If a bill is passed by both houses of Congress and signed into law by the President, it becomes a Public Law or Act. A bill can also become law if it is passed by the State legislature and approved by the governor.

As of January 1, 2024, the minimum wage in New York City, Westchester and Long Island is $16 per hour. The minimum wage in the rest of the State is $15 per hour. Governor Hochul has signed legislation to protect consumers from medicine price-gouging during shortages and to prohibit the reporting of medical debt to credit agencies. She has also signed bills to reduce the chance of a drug overdose by allowing local pharmacies to distribute fentanyl test kits and to prohibit predatory subscription services.

New York state laws include the Constitution, laws passed by the legislature and periodically codified in the Consolidated Laws, regulations passed by the executive branch and decisions of courts that interpret New York laws. New York also has its own set of local laws.

A legal firm’s success depends on its ability to anticipate and meet the needs of its clients. Keeping abreast of new trends in the industry is important for a firm to stay competitive. The concept of new law is one trend that should be considered by any legal firm that wants to remain at the forefront of the industry. A well-planned strategy that uses the principles of new law can help a firm grow and offer a wider range of legal services without impacting its core practices.