Alternative Legal Service Providers
A recent survey on Alternative Legal Service Providers by Thomson Reuters, Georgetown and Said Business School shows a global ALSP market of approximately USD 8.4 billion annually.
For legal departments, the ability to save costs and to handle high-volume transactional processes like corporate filings, contract management, or compliance-related processes, provides an incentive to look to ALSPs. Corporate legal departments are using ALSPs to handle high-volume business processes in more cost-effective ways. Faced with continual cost pressures, legal departments are using ALSPs for high-volume, transactional processes. In addition to document review and contract drafting and management, this can include compliance-related processes and requirements. Corporate legal departments are also seeking alternative solutions to value-added legal tasks that are viewed as low risk.