There is no question that Alternative Legal Service Providers (ALSPs) are a formidable presence in today’s legal market. The increase in ALSP engagement is largely due to a change in client expectations. Clients now demand high-quality, technically proficient legal services with transparent, predicable pricing. To meet these demands, both law firms and corporate legal departments have turned to ALSPs to help increase their efficiency and proficiency, while decreasing their overall costs. But is an ALSP always the most economical option? Many law firms say no. Over the past several years, legal technology has evolved to include solutions that allow law firm attorneys to provide the highly specialized services that ALSPs cannot - without sacrificing value or efficiency
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Originally seen as competition, law firms are now reaping the many benefits that Alternative Legal Service Providers (ALSPs) offer. Used for similar operations as with legal departments, ALSPs assist law firms with repetitive tasks to allow them to provide better service to their clients, put a stronger focus on their core work, and increase overall profitability According to a survey conducted by the American Bar Association79 percent of law firms reported engaging ALSPs in 2020.
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In preparation for our upcoming webinar, a conversation has been taking place regarding investment in legal department innovation. The premise is simple: the department’s budget has increased, and the general counsel must decide how to best use the extra cash to foster long-lasting innovation, with the two final options being 1. Invest in AI enabled services; or 2. Invest in an ALSP engagement.
In order to start the buying process to achieve the most meaningful results, it is important for general counsel and legal department operations personnel to first address their workflow bottlenecks and process pain points from the perspective of the business units they work most closely with. Once the department identifies the key workflow deficiencies as stated by their clients, it can start building solutions for those problems.
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There has been a rising trend of the use of alternative legal service providers (ALSPs) in the legal industry, as legal departments are now utilizing these third parties to handle routine tasks. ALSPs collaborate well with legal departments as well as law firms due to their expertise in assisting with recurring tasks, handling mass customized work and providing technology enabled services. Utilizing a traditional law firm or in-house personnel for this type of work may not translate to optimized value as it would result in higher costs and often a lawyer is not necessarily needed for the high-volume, low risk task. The ALSP market segment is growing between 12 and 15 percent per year as more and more companies and law firms are investing in ALSPs. When making that investment decision, what factors should be considered?
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On Wed, May 19 2021, Legal Decoder hosted the first in series of four webinars focusing on how ALSPs have made significant inroads in the legal industry. The panel included Stephanie Corey, Co-Founder and General Partner at UpLevel Ops and Co-Founder of CLOC; Mike Russell, Head of Global Legal Operations at Expedia Group; Daniel Young, Legal Operations Manager at Boston Scientific; Vince Cordo, Chief Revenue Officer and Head of Legal Ops at Holland & Knight; and Katy Werner, Managing Director of Legal Transformation Services at Epiq. Joseph Tiano, CEO of Legal Decoder served as the moderator for the discussion.
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