(Photo: Limeart/Shutterstock) Just How Much Do ALSPs Threaten Traditional Law Firms in Asia?
Alternative Legal Service Providers say the sector has grown considerably in the past few years. That could be bad news for traditional private practices—a sign that the market has changed and the attitude towards traditional law firm models and what they have to offer has evolved.
July 04, 2023 at 02:32 AM
7 minute read
A recent survey by alternative legal service provider (ALSP) Axiom Law found that over 90% of the general counsel it surveyed are expecting further cuts to their legal budgets "as a result of ongoing economic volatility." About 94% of those respondents are also anticipating a hiring freeze this year.
In a separate Asia Pacific GC survey report that Axiom published earlier this year, 92% of 300 GC respondents also said that their "department does not have the necessary staffing resources in-house to do its job effectively," yet according to 45% of those surveyed, the volume and complexity of their legal work increased.
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