While there are many things in this life that come down to money, clients opting to engage alternative legal service providers over law firms may not be one of them—at least not entirely.

Many clients will pick ALSPs over firms because they view them as the more efficient, innovative and customer service-oriented option. But how close that perception aligns with reality is a matter of debate. At the end of the day, law firms' long-standing reputation as trusted legal advisers could be overshadowing some of the progress they've made around technology and a more efficient, client-focused delivery model.

To be sure, some firms have been making genuine attempts to make their services more consumer-friendly, whether it's automating the prebilling process for faster delivery, building data portals that provide real-time updates on client matters, or even launching their own captive ALSPs or tech subsidiaries. But Liz Harding, a shareholder at Polsinelli, said that she's heard clients make comments to the effect that law firm services are not as efficient as those proffered by ALSPs.