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Are Cybersecurity Solutions and Consulting a New Revenue Stream for Law Firms?
The Big 4 accounting firms have identified legal services as an area for growth beyond traditional financial services and consulting services. Additionally, data security and compliance are critical components for the success of both developing and established companies.
These combined trends present an expanding field for law firms to develop partnerships with cybersecurity companies to offer their clients legal expertise with additional business services. Numerous firms have created subsidiaries under the firm's umbrella to offer consulting services, from big law to mid-size firms, setting a precedent for law firm cybersecurity relations and other relevant consulting services.
Keesal Propulsion Labs
Recently, Keesal Young & Logan's client consulting team spun up a sister company, Keesal Propulsion Labs (KPL), to augment its service offerings for key clients through a partnership with Mitratech for Mitratech's TAP Workflow Automation and Privva for Third-Party Vendor Risk Management. The law firm leverages the Privva platform for vendor risk assessment on behalf of the firm and as part of the firm's client-facing cyber risk practice, and KPL is building custom legal and business process automation workflows on TAP for clients in Silicon Valley and on Wall Street.
These are not just tools purchased; KPL meets with Privva and Mitratech regularly and has become part of the development feedback loop, helping to improve the products by sharing lessons learned in the field.
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