Page 38 - 1 Disruption and Opportunties - Law and Accounting rd
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Professional Services Disruption
Opportunity: This can only be accomplished through group efforts. Al that is required to do is contact the
managing partners and corporate attorneys at each of the 500 largest U.S. firms and send them periodic
information on networks and their resources.
(E) Other Services – ALSPs**
The ALSP market is projected to be worth
$27.19 billion by 2024.117 The issue is who
the providers will be: Will they be
independent providers, or will they be
offered by the Big Four on their menu of
law services?118
The independent ALSP companies do not
directly compete with law firms in the
jurisdictions they both occupy. Firms are
their clients, which may not want to use
the Big Four because of competitive
issues.119 The companies are highly
specialized beyond the services that can be
offered.
Opportunity: While their services are
currently being offered to Biglaw, these
services and products will be offered to
smaller firms.120 This can create an
opportunity for mutual referrals, since
their profile with clients will increase.
117 Legal Process Outsourcing (LPO) Market Worth $27.19 Billion By 2024, GRANDVIEW RESEARCH (Dec. 2016),
https://www.grandviewresearch.com/press-release/global-legal-process-outsourcing-lpo-market.
118 Neil Rose, Growth of Alternative Providers – Especially Big 4 – Could Push Law Firms into ‘Contractor’ Role, LEGAL FUTURES (Feb. 1, 2017),
https://www.legalfutures.co.uk/latest-news/growth-alternative-providers-especially-big-4-push-law-firms-contractor-role; David Curle, Alternative
Legal Service Providers: Changing Buyer Perception, THOMSON REUTERS LEGAL (May 2, 2017),
https://blogs.thomsonreuters.com/answerson/alternative-legal-service-providers-buyer-perception/; Mark A. Cohen, Legal Delivery at the Speed of
Business -- And Why It Matters, FORBES (June 25, 2018), https://www.forbes.com/sites/markcohen1/2018/06/25/legal-delivery-at...it.../2
119 ALSPs Are About Specialized Expertise, Not Just Costs, Says New Study, LEGAL EXECUTIVE INSTITUTE (Jan. 31, 2017),
http://www.legalexecutiveinstitute.com/alsps-new-study/; Hugh A. Simons, ALSPs Coming-of-Age Is Putting In-House Counsel in the Driver Seat of
Industry Restructuring, LAW.COM (March 26, 2018), https://www.law.com/corpcounsel/2018/03/26/alsps-coming-of-age-is-putting-in-house-counsel-
in-the-driver-seat-of-industry-restructuring/?slreturn=20180517123051.
120 Legal Process Outsourcing Market Size by Service, GLOBAL MARKET INSIGHTS (April 2017), https://www.gminsights.com/industry-analysis/legal-
process-outsourcing-lpo-market-size.
35
Opportunity: This can only be accomplished through group efforts. Al that is required to do is contact the
managing partners and corporate attorneys at each of the 500 largest U.S. firms and send them periodic
information on networks and their resources.
(E) Other Services – ALSPs**
The ALSP market is projected to be worth
$27.19 billion by 2024.117 The issue is who
the providers will be: Will they be
independent providers, or will they be
offered by the Big Four on their menu of
law services?118
The independent ALSP companies do not
directly compete with law firms in the
jurisdictions they both occupy. Firms are
their clients, which may not want to use
the Big Four because of competitive
issues.119 The companies are highly
specialized beyond the services that can be
offered.
Opportunity: While their services are
currently being offered to Biglaw, these
services and products will be offered to
smaller firms.120 This can create an
opportunity for mutual referrals, since
their profile with clients will increase.
117 Legal Process Outsourcing (LPO) Market Worth $27.19 Billion By 2024, GRANDVIEW RESEARCH (Dec. 2016),
https://www.grandviewresearch.com/press-release/global-legal-process-outsourcing-lpo-market.
118 Neil Rose, Growth of Alternative Providers – Especially Big 4 – Could Push Law Firms into ‘Contractor’ Role, LEGAL FUTURES (Feb. 1, 2017),
https://www.legalfutures.co.uk/latest-news/growth-alternative-providers-especially-big-4-push-law-firms-contractor-role; David Curle, Alternative
Legal Service Providers: Changing Buyer Perception, THOMSON REUTERS LEGAL (May 2, 2017),
https://blogs.thomsonreuters.com/answerson/alternative-legal-service-providers-buyer-perception/; Mark A. Cohen, Legal Delivery at the Speed of
Business -- And Why It Matters, FORBES (June 25, 2018), https://www.forbes.com/sites/markcohen1/2018/06/25/legal-delivery-at...it.../2
119 ALSPs Are About Specialized Expertise, Not Just Costs, Says New Study, LEGAL EXECUTIVE INSTITUTE (Jan. 31, 2017),
http://www.legalexecutiveinstitute.com/alsps-new-study/; Hugh A. Simons, ALSPs Coming-of-Age Is Putting In-House Counsel in the Driver Seat of
Industry Restructuring, LAW.COM (March 26, 2018), https://www.law.com/corpcounsel/2018/03/26/alsps-coming-of-age-is-putting-in-house-counsel-
in-the-driver-seat-of-industry-restructuring/?slreturn=20180517123051.
120 Legal Process Outsourcing Market Size by Service, GLOBAL MARKET INSIGHTS (April 2017), https://www.gminsights.com/industry-analysis/legal-
process-outsourcing-lpo-market-size.
35
