Currently, there is no way of knowing when another team member has uploaded a file to LW (unless that person tells you or you happen to check). Yet, so many workflows in a law firm depend on events like the completion of, or the receipt of, a document. In the project management world, these are known as "dependencies" -- tasks that depend on the completion of other tasks before they can begin. An example might be the receipt of written discovery requests, which will trigger tasks aimed at answering and objecting to the requests. On the other end, the firm receiving a document production will need to review those documents once they arrive. These are just two examples; the use cases for notifications are almost limitless in a law practice.
It would therefore be extremely powerful to be able to set a given folder to alert one or more team members (or even an external email address...imagine the automation possibilities) when the folder has been updated. It would be even more powerful to be able to customize the alert to trigger only when the filename contains certain user-defined words or when the file has certain tags, so that the alerts only trigger when truly necessary. Another option, perhaps in addition to the above, could be to add a "Notify" menu item to the three dot drop-down menu, so that a user can perform the notification manually.
This would of course be a massive feature addition, so I understand nothing like this could happen overnight. But, I think it is worth serious consideration. This type of feature would be extremely useful to LW users and it would be another powerful way LW could distinguish itself from its competitors.