Breaking Tradition: How New Law is Challenging Big Law
As clients adapt the way they source and purchase legal services, competition and collaboration among new and traditional providers is increasing. In the decade since the Great Recession, when alternative options really came onto the scene with the promise of offering a better way, the numbers and types of providers have exploded. Over the next year, we aim to bring clarity around who those alternative providers are, what they are offering, who they are representing, where they get their talent and what piece of the market they have and could attain. You\'ll meet the players, hear from clients, see examples of collaboration, learn the offerings and gain clarity into this rapidly growing segment of the legal services market.
Despite Growth, ALSPs Still Rely on Firms for Malpractice Insurance
As ALSPs venture into more advanced legal work, most won't be able to tout their malpractice insurance coverage, absent a law firm's blessing.
As alternative legal services providers (ALSPs) compete with law firms for more challenging work, malpractice insurance coverage is a box most law companies won’t be able to check off without a law firm’s help.
Legal malpractice insurance is a form of professional liability insurance that will pay damages for errors made by lawyers. Some corporate clients demand such coverage when pairing ALSPs with outside counsel or before a client leverages a vendor’s services.
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