An Industry in Transition: Legal Services “Market of the Future”

An Industry in Transition: Legal Services “Market of the Future”

by Amy
4th March 2021

By Nita Sanger, Expert in Residence specialising in Legal Innovation

The legal industry is in a state of transition, with a shift in the demand and supply balance between Law firms and Corporate Legal Departments (CLDs), as the practice of law moves from a lawyer-centric guild to a customer-centric marketplace.

This shift is driven by changing customer requirements, which in addition to legal advice now include the need for superior customer service, increased collaboration with legal advisers, adjacent business services (i.e., legal project management, business analysis), and transparency with matter management and pricing.

The Alternate Legal Service Providers (ALSPs), defined as niche companies that specialize in providing high-demand legal services entered, the market to meet this gap in services and are essentially focused on the “business of law”, leveraging a combination of legal, business and technology capabilities, to augment customer (both corporate and law firm) expertise and improve their efficiency and effectiveness.


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