Competition Where? ALSPs Are Baked Into Law Firms' New Offerings
On the surface, more law firms offering advanced data analysis and consulting services are invading the alternative legal service provider (ALSP) market. However, firms are powering these endeavors with ALSPs' technology and resources.
July 08, 2020 at 10:30 AM
4 minute read
The original version of this story was published on Legal Tech News
More law firms are blurring the distinction between firms and alternative legal service providers (ALSPs) as they adopt cross-disciplinary tech/consultancy services unique to the ALSP market. But stiffer competition won't wipe out ALSPs' place in the market, as many firms rely on vendors to power their technology and resources.
Allen & Overy, Baker McKenzie, Reed Smith and Hogan Lovells are some of the law firms adding flexible staffing, advanced data analytics and other services similar to vendors. Elevate vice president of innovation Pratik Patel said it's a recent change from precedent.
"Maybe five or seven years ago general counsel would have to put us together for a matter," said Patel. "Now we are seeing alternative legal services are part of the law firm model. If you look at the trend more and more, firms are trying to create the law company in itself."
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