Press release
U.S. Alternative Legal Service Providers Market - Industry Outlook & Forecast 2023-2028
Alternative legal service providers leverage low overheads and technology to offer their services with added advantages, i.e., efficiency at a low cost, simplicity, speed, flexibility, and a strong client focus. These businesses typically pick up and enhance legal processes to improve performance, leading to new service categories emerging over the years. Alternative legal service providers do not operate as law firms but as legal services firms. Apart from performing high-volume tasks, the U.S. alternative legal service providers market provides key functions like financial management, client engagement, strategic planning, knowledge management, and leveraging technology and data.
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TRENDS & OPPORTUNITIES
Adoption of AI & Cloud Technologies: AI and cloud technology will enable alternative legal service providers (ALSPs) to work remotely and make legal processes easy and smooth. Law firms benefit from adopting AI and robotic process automation to produce highly standardized documents and confidential agreements. The advent of cloud technology allows applications to run smoothly on third-party servers without extensive in-house storage. ALSPs invest in cloud technologies, AI, and cybersecurity solutions to make their work easy. However, consumers across the globe are now spending more time on digital services, such as taking legal advice online. Modern-day customers are tech-savvy. With significant technological developments, customers seek convenient ways to procure legal services in less time. Therefore, ALSPs must focus on cloud-based technologies and AI-based automation solutions to enhance their services across the US.
Blurring Lines Between Traditional and Alternative Law Firms: The alternative legal service providers (ALSP) space is expected to mirror this as clients increasingly look to new players offering services once sought by these law firms. These services can be integrated with the client's existing infrastructure and are powered by innovative technologies. This reflects a shift in the overall buy/sell dynamic of legal services, which is expected to come to a point where ALSPs will be tagged as standard and not a substitute or alternative option in the coming years.
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WHY SHOULD YOU BUY THE REPORT?
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• Refine your business plan & growth.
• Analysis of competitor's performance.
COMPETITIVE LANDSCAPE
With the phasing out of the concept of a full-service law firm, several privately-owned non-legal companies have increased the US legal services market, which conventional legal service providers once dominated. Such developments have had significant consequences on the legal field regarding socio-political dynamics and power relations, including cultural, organizational, and societal implications for law practice. Consequently, most US legal firms focus on reshaping their organizational structure and business models to ensure a sustainable presence and gain a competitive edge.
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KEY COMPANY PROFILES
• Allen & Overy
• Axiom Law
• Elevate Services
• UnitedLex
• Clifford Chance
• Consilio
• Epiq Systems
• Everlaw
• Exigent
• Greenberg Traurig
• Integreon
• KLDiscovery
• LegalZoom
• Lawyers On Demand
• Mindcrest
• Reed Smith
• Lumen Technologies
• Morae
• Orrick Herrington & Sutcliffe
• QuisLex
• Thomson Reuters
MARKET SEGMENTATION
Service
• Investigation and Litigation Support
• eDiscovery
• Contract Management
• Document Review and Coding
• Legal Research
• Regulatory Risk and Compliance
• Others
Provider
• New Law Companies
• Staffing/Recruiting and Contract Lawyer Companies
• Captive LPOs
• Other Providers
End-User
• Law Firms
o Large Firms
o Mid-Sized Firms
o Small Firms
• Corporations
TABLE OF CONTENT
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.3.1 MARKET SEGMENTATION BY SERVICE
4.3.2 MARKET SEGMENTATION BY END-USER
4.3.3 MARKET SEGMENTATION BY PROVIDER
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 PREMIUM INSIGHTS
6.1 MARKET DEFINITION
6.2 REPORT OVERVIEW
6.3 STATE OF THE US ECONOMY
6.3.1 IMPACT OF COVID-19
6.3.2 IMPACT OF RECESSION
6.4 SUCCESS FACTORS
6.5 OPPORTUNITIES & CHALLENGE ANALYSIS
6.6 SEGMENT ANALYSIS
6.7 COMPETITIVE LANDSCAPE
7 MARKET AT A GLANCE
8 INTRODUCTION
8.1 OVERVIEW
8.2 STATE OF THE US ECONOMY
8.2.1 IMPACT OF COVID-19
8.2.2 IMPACT OF RECESSION
8.3 SUCCESS FACTORS
8.4 TRENDS IN US LEGAL INDUSTRY
9 MARKET OPPORTUNITIES & TRENDS
9.1 SHIFT OF FOCUS TO DELIVERY
9.2 INJECTION OF INVESTMENTS
9.3 RISE OF SELF-SERVICE FUNCTIONS
9.4 BLURRING LINES BETWEEN TRADITIONAL AND ALTERNATIVE LAW FIRMS
9.5 ADOPTION OF AI & CLOUD TECHNOLOGIES
10 MARKET GROWTH ENABLERS
10.1 LEGAL DEPARTMENTS IN OVERDRIVE
10.2 SURGE IN LEGAL SPENDING
10.3 HIGH DISSATISFACTION WITH LAW FIRMS
10.4 INTENSIFYING FOCUS ON TECHNOLOGY ADOPTION
11 MARKET RESTRAINTS
11.1 DATA SECURITY AND PRIVACY CONCERNS
11.2 LACK OF PROPER ARTICULATION OF CLIENT CHALLENGES
11.3 MISPLACED PERCEPTIONS ABOUT CUSTOMER VALUE
11.4 RESISTANCE AND LACK OF RECONFIGURATION TO ALSPS
11.5 GREAT RESIGNATION IN THE LEGAL INDUSTRY
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 SERVICE
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 EDISCOVERY
13.3.1 MARKET OVERVIEW
13.4 INVESTIGATION AND LITIGATION SUPPORT
13.4.1 MARKET SIZE & FORECAST
13.5 CONTRACT MANAGEMENT
13.5.1 MARKET SIZE & FORECAST
13.6 DOCUMENT REVIEW AND CODING
13.6.1 MARKET SIZE & FORECAST
13.7 LEGAL RESEARCH
13.7.1 MARKET SIZE & FORECAST
13.8 REGULATORY RISK AND COMPLIANCE
13.8.1 MARKET SIZE & FORECAST
13.9 OTHER SERVICES
13.9.1 MARKET SIZE & FORECAST
14 PROVIDER
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 NEW LAW COMPANIES
14.3.1 MARKET SIZE & FORECAST
14.4 STAFFING AND CONTRACT LAWYER COMPANIES
14.4.1 MARKET SIZE & FORECAST
14.5 CAPTIVE LPOS
14.5.1 MARKET SIZE & FORECAST
14.6 OTHER PROVIDERS
14.6.1 MARKET SIZE & FORECAST
15 END USER
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 LAW FIRMS
15.3.1 MARKET SIZE & FORECAST
15.3.2 LARGE FIRMS: MARKET SIZE & FORECAST
15.3.3 MID-SIZED FIRMS: MARKET SIZE & FORECAST
15.3.4 SMALL FIRMS: MARKET SIZE & FORECAST
15.4 CORPORATIONS
15.4.1 MARKET SIZE & FORECAST
16 COMPETITIVE LANDSCAPE
16.1 COMPETITION OVERVIEW
17 KEY COMPANY PROFILES
17.1 ALLEN & OVERY
17.1.1 BUSINESS OVERVIEW
17.1.2 SERVICE OFFERINGS
17.1.3 KEY STRATEGIES
17.1.4 KEY STRENGTHS
17.1.5 KEY OPPORTUNITIES
17.2 AXIOM LAW
17.3 ELEVATE SERVICES
17.4 UNITEDLEX
18 OTHER PROMINENT VENDORS
18.1 CLIFFORD CHANCE
18.1.1 BUSINESS OVERVIEW
18.1.2 SERVICE OFFERINGS
18.1.3 KEY STRATEGIES
18.1.4 KEY STRENGTHS
18.2 CONSILIO
18.3 EPIQ SYSTEMS
18.4 EVERLAW
18.5 EXIGENT
18.6 GREENBERG TRAURIG
18.7 INTEGREON
18.8 KLDISCOVERY
18.9 LEGALZOOM
18.10 LAWYERS ON DEMAND
18.11 MINDCREST
18.12 REED SMITH
18.13 LUMEN TECHNOLOGIES
18.14 MORAE
18.15 ORRICK HERRINGTON & SUTCLIFFE
18.16 QUISLEX
18.17 THOMSON REUTERS
19 REPORT SUMMARY
19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS
20 QUANTITATIVE SUMMARY
20.1 SERVICE
20.2 PROVIDER
20.3 END USER
21 APPENDIX
21.1 ABBREVIATIONS
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