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LEGAL

Consulting Attorneys and Alternative Legal Service Providers

Wednesday, March 29, 2023

Organizations in a wide range of industries are tightening their purse strings. Rising interest rates paired with the over-hiring that occurred the past two years has caused many to take a pause and reevaluate their next steps. Among corporate legal teams of all sizes, hiring managers are implementing hiring freezes, and legal operations professionals are looking into how to reduce outside counsel spend—a classic refrain that everyone has come to expect.

Unfortunately, as a result, some organizations and law firms are having to make the hard decisions to lay off good legal talent. While these lawyers are hopeful to find new permanent roles, hiring freezes are keeping those roles just out of reach, leaving high-quality, experienced lawyers in the market for opportunities.

Hiring on a Budget

The challenge that always comes with a tightened budget is how to get the work done—just because the money is not there does not mean the workload went away.  So, what is a legal team supposed to do?

At this point in the new year, corporate budgets have already been approved—including how much outside counsel spend is available. While the logical default to getting work done is to lean more heavily on law firm support, legal teams should consider using alternative legal service providers.

Alternative legal service providers often have a significantly lower price point than a law firm’s hourly rate. (Think up to 50% less per hour.) Consulting attorneys can come in and work as members of the legal department, addressing a range of matters based on the team’s needs. These lawyers handle all aspects of legal work, including research and review, and can also be hired on a part-time or project basis depending on the volume of the workload. Interim talent is also hireable under

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LEGAL

Service Providers 2022 | Australasian Lawyer

Jump to winners | Jump to methodology

Enabling a digital upgrade for the legal profession

As the COVID-19 pandemic drove people into the safety of their homes, the legal profession had to reinvent the way it operated. Services could no longer be offered manually; thus, automation became critical to the operations of law firms and organisations.

This need for an operational overhaul has resulted in the birth of new legal service providers and a revitalisation of existing ones. Some providers expanded on their available offerings, capitalising on the increased use of Microsoft apps and communications platforms like Zoom. In some cases, lawyers and law firms themselves took their understanding of what people in the profession needed from their service providers and set about meeting those needs themselves.

Service providers that thrived during the pandemic acted quickly in identifying the needs of the market at a specific time and then rolling out the appropriate products and service in response. They were also able to pivot effectively in an environment that has been constantly changing, and have embraced the new standards of working.

“More and more, businesses are requiring a more cash-flow-sensitive approach to legal solutions that are payable in monthly instalments rather than as a lump-sum legal matter”

Justine Zhou and Zile Yu, Quantum Cover

 

Going digital

One thing that has traditionally slowed legal work down is the need for lawyers to manually tackle menial tasks. Given the inability to go to the office, digitalisation became key to lawyers still being able to do their work – and eventually to, in some ways, do it better than before.

“I’d always known that legal work could be done a lot better, and that technology could help – I just didn’t know how to do it for most of my career,” says

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LEGAL

Alternative Legal Service Providers Market 2023 Size and Forecast to 2031

The MarketWatch News Department was not involved in the creation of this content.

Apr 04, 2023 (The Expresswire) —
Alternative Legal Service Providers Marketinformation for each competitor includes (Integreon, Elevate, Reed Smith, Lawyers on Demand (LoD), Thomson Reuters, Axiom, Driven, BlackStone Discovery, Mindcrest, Consilio, Epiq, Everlaw, Orrick, Morae Global, Legility, Clifford Chance, QuisLex, Lumen Legal, LegalZoom, Allen and Overy, Greenberg Traurig, KLDiscovery, UnitedLex, Exigent) Company Profile, Main Business Information, SWOT Analysis, Price and Gross Margin, Market Share, Retailing, Consumer and Retail industry and has 116 pages in it.

“Global Alternative Legal Service Providers market revenue was Million USD in 2016, grew to Million USD in 2020, and will reach Million USD in 2026, with a CAGR of during 2020-2026.”

Short Description About Alternative Legal Service Providers Market:

The Alternative Legal Service Providers market revenue was Million USD in 2016, grew to Million USD in 2020, and will reach Million USD in 2026, with a CAGR of during 2020-2026.

Global Alternative Legal Service Providers Market Development Strategy Pre and Post COVID-19, by Corporate Strategy Analysis, Landscape, Type, Application, and Leading 20 Countries covers and analyzes the potential of the global Alternative Legal Service Providers industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis and market entry strategy Analysis, opportunities and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19. At the same time, this report analyzed the market of leading 20 countries and introduce the market potential of these countries.

Alternative Legal Service Providers Market 2023 research is a key process that helps businesses gather and analyze information about their target Alternative Legal Service Providers market, customers, competitors, and industry trends. Ask for Sample Report

Here Are Some Important Aspects of

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LEGAL

The market for alternative legal services is growing dramatically, new report shows

In our biennial report on the ALSP market, we find a sector that has grown exponentially over the past two years and is making great in-roads with both law firms and corporations

The market for alternative legal services providers (ALSPs) is showing itself to be a highly dynamic part of the overall legal ecosystem and one that is growing at an increasing rate as it forges new paths to serving both traditional law firms and corporate law departments.

Indeed, ALSPs now comprise a $20.6 billion segment of the legal market, according to the Alternative Legal Services Providers 2023 Reportpublished today by the Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law, and the Saïd Business School at the University of Oxford.

The biennial report shows that ALSPs experienced a compounded annual growth rate (CAGR) of 20% from 2019 to 2021, a significant jump from the 15% CAGR recorded between 2017 and 2019. Overall, it reveals an evolving legal market in which the boundaries between alternative legal service providers, law firms, corporate law departments, and even technology and software firms are rapidly blurring.

“Both law firms and in-house counsel are increasingly seeing the value of alternative legal service providers,” said James W. Jones, a senior fellow at the Center on Ethics and the Legal Profession at Georgetown Law and the report’s lead author. “Meanwhile, ALSPs are expanding the services they offer to law firms and corporate law departments by providing specialized services, improving cost efficiency, and delivering greater flexibility in headcount.”

A dynamic market

While independent ALSPs are the largest segment of the market, representing 87% of all ALSP revenue, captive ALSPs — those owned by law firms — are a smaller segment, but it’s also the fastest-growing, posting a six-fold increase since

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