With only a few days remaining in 2021, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we revisit findings of the Alternative Legal Service Providers: 2021 Report, which found that ALSPs expanded to achieve a nearly $14 billion market share globally this year. The report …
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Alternative Legal Service Providers Are Becoming Mainstream and Less “Alternative”
Alternative legal service providers (ALSPs) have accelerated their growth to a nearly $14 billion market share globally and are quickly becoming a mainstream segment of the legal market, a new study from Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law and the Saïd Business School at the University of …
Law Firm Business Leaders Report: A Cautiously Optimistic Outlook
Among the 2020 lessons learned in the legal space are the importance of operating a law firm like a business – understanding and anticipating the realities of the market and reacting quickly – and the need for skilled business professionals to effectively manage law firms. The 2020 Law Firm Business Leaders Report from Thomson Reuters …
The Impact of Fourth Industrial Revolution on the Legal Industry
The World Economic Forum’s annual meeting in Davos, Switzerland, next week will draw 3,000 participants from around the globe. Many of the world’s top leaders will attend the gathering, which marks its 50th anniversary this year. Brian Peccarelli, chief operating officer of Customer Segments for Thomson Reuters, wrote a column about what the World Economic …
2019 Highlights: The $10B Alternative Legal Service Providers Market
As 2019 winds down, Legal Current is revisiting milestones and key accomplishments from the Legal business of Thomson Reuters this year. Today we look at the “Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity” report – more commonly known as the ALSP Report. Released in January, the report highlights how the …
2019 Highlights: The State of the Legal Market
As 2019 winds down, Legal Current is revisiting milestones and key accomplishments from the Legal business of Thomson Reuters this year. Today we look at the “2019 Report on the State of the Legal Market,” released last January by the Thomson Reuters Legal Executive Institute and the Center on Ethics and the Legal Profession at …
Growth of ALSPs: A Conversation with Brian Peccarelli
The increasing use of alternative legal service providers (ALSPs) is redefining the legal space, and the July/August 2019 issue of The Practice, from Harvard Law School’s Center for the Legal Profession, focused on this change. It featured an interview with Brian Peccarelli, chief operating officer of Customer Segments for Thomson Reuters. He shared his perspective …
#AALL19: Fostering the NextGen Library Professional
“As client needs, expectations and behaviors are changing, we are seeing many firms adopt highly innovative approaches to drive greater efficiency, predictability and cost-effectiveness. Clients have more choices than ever for meeting their legal needs, and leading firms are now tailoring their strategies and delivery models to provide legal services in the manner that most effectively …
Small Law Firms Struggle to Generate Billable Hours
Small and solo law firms said that only 60 percent of their day is spent practicing law, according to findings of the 2019 State of U.S. Small Law Firms Report. The remainder of their time is devoted to managing their practice. With more than one-third of their time consumed by challenges such as acquiring new …
#LEIMPF2018 – Strange Bedfellows
Alternative legal services providers (ALSPs) entered the legal market via a frosty reception by many, especially law firms, and have substantially impacted the legal market. But corporate law departments, who also may have been somewhat skeptical, were at least more willing to explore working with these alternative providers to deliver certain legal services at a …