Image credit: Reuters/Toby Melville
As the market for alternative legal service providers (ALSPs) continues to see strong growth—reaching a $10.7 billion slice of the overall market for legal services and exceeding previous expectations—market experts are looking into what is behind this surge in ALSP use and how large law firms and corporate legal departments are expanding on the way they utilise these legal service firms.
Indeed, with a compounded annual growth rate of almost 13 pecent compared to just two years ago, the ALSP market is projected to grow by about 25 percent over the next few years, according to a new report.
The report, Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity, was published earlier this year by Thomson Reuters Legal Executive Institute, The Center on Ethics and the Legal Profession at Georgetown Law, Saïd Business School at the University of Oxford, and the UK research firm Acritas.
To further delve into the findings of the report, a new Roundtable panel discussion will be held at The Law Society in London, on Tuesday, April 30.
Roundtable participants (and key collaborators with Thomson Reuters on the research and report), will include Professor Mari Sako, of the Saïd Business School; and Lisa Hart Shepherd, CEO & Founder of Acritas. The Roundtable will be moderated by Stephen Denyer, Director of Strategic Relationships at The Law Society.
The Roundtable will examine several of the report’s key findings, such as how the two main users of ALSPs—law firms and corporate legal departments—have increased their use of ALSPs as well as expanding how they use them. Further, the discussion will offer insights on other attitudes and drivers that are influencing the ALSP evolution, such as:
- The differences in law firm and in-house law department approaches to ALSPs;
- The specific types of services in which ALSPs are gaining traction;
- The competitive implications for law firms; and
- A look into the future of ALSPs growth in the market.
Click here for information about the event and to register to attend.