Extract from Epiq’s article “Fireworks Aren’t the Only Explosions This Summer – ALSP Market Growth Is Lighting up New Opportunities for Legal”
It’s that time of year again! Fireworks are lighting up the sky and captivating audiences that gather to see what the display holds. A similar show is happening in the legal industry with the Alternative Legal Service Provider (ALSP) market. This is driven by greater focus on efficiency, desire for general counsel to run legal like a business and evolving legal tech solutions. There has also been more willingness from law firms to explore formal ALSP agreements.
The legal industry is in a state of transformation and exploring new solutions to longstanding challenges such as information governance, document review, and compliance obligations – to name just a few. ALSP competencies have evolved alongside legal technology sophistication and the use cases are a mile long. Think legal technology consulting, managed services, data breach response, contracts management, outside counsel cost control, compliance, and so much more.
The Rapid Growth of ALSPs
Thomson Reuters Institute recently released “Alternative Legal Services Providers 2023: Accelerating growth & expanding service categories,” which contains compelling statistics and commentary on the reasons for market changes.
