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.