Report: Alternate legal service provider growth set for 23 percent by 2025

Reportlinker.com released its report “Alternative Legal Service Providers Market in US – Industry Outlook and Forecast 2020-2025” and its conclusion is a stunner: The alternate legal service provider market is set to increase at a 23 percent CAGR by 2025.

The report says the rapid increase is due to the intense business and regulatory changes driving the need for sweeping, company-wide transformations, and creating expansive hurdles for compliance and legal functions. While alternative legal services are currently in the nascent stage, they are driving a future focus that is centered on the growth and advancement of end-to-end solutions.

Naturally, there’s some editorializing here. The press release states, among other things, “Alternative legal service providers increasingly appear on the horizon – they are mostly less expensive than in-house counsel and are better attuned to help confront legal struggles…While historically in-house departments acted as low-cost alternatives to traditional law firms, the cost of conducting business and climbing salaries of law professionals is looming threats for in-house law management, thereby increasing the popularity of alternative legal services.

A more plausible reason for the growth is that ALSPs offer integrated solutions to more than merely legal challenges; they help corporations solve global business challenges (such as risk management, cybersecurity, and data privacy).

May the best organizations win…. Get out your popcorn,