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.
ALSPs Stand to Benefit Most From Booming Contract Services Demand—for Now
There's money to be made in the contract managed services market, with ALSPs likely taking the lead over law firms due to their emphasis on process and technology. However, the expertise law firms bring to the table can't be written off, especially for clients with complex agreements.
It’s a good time to be in the contract managed services business—especially if you’re an alternative legal service provider (ALSP). While outside counsel are also benefiting from the influx of contract review work and other related needs flowing out of legal departments in the wake of the pandemic, many firms may ultimately be turning to ALSPs to help complete those projects unless they have their own internal tech processes to fall back upon.
For ALSPs, this translates into two streams of contract-related work: assignments that come directly from a corporate client and assignments that originate from a law firm on behalf of a corporate client. Meredith Bruno, national brand strategist at legal service provider Special Counsel, said there was “100%” money to be made in the contract managed services market right now, with prices poised to eventually level-off rather than drop entirely.
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