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Buying In to the ALSP Market
Whether a law firm has been around for a decade or a century, it's invariably used that time to build up some sort of reputation. Buyers of legal services and peers in the market have some sense of what to expect when they encounter, say, Jones Day or Baker McKenzie, both perennial winners in consultancy Acritas' ranking of law firm brands.
But buyers have a broader slate of options in 2020 than ever before, whether that means handling more work in-house, hiring temporary lawyers during a crunch, or turning to a recently launched "alternative provider" to address the massive pile of contracts they need to manage.
One response for firms is to simply cede that work and double down on "high-value" tasks — their traditional bread and butter. Many already followed this strategy when shedding their own e-discovery capabilities and turning to outside providers. But as competition among firms increases, a commitment to core services alone offers no guarantee of growth. The alternative approach — expanding into new ways of delivering legal services — carries its own risks.
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