There is a lot of legal industry buzz surrounding the newly issued 2023 Alternative Legal Service Provider Market (“ALSP”) report by Georgetown and the Thomson Reuters Institute. Much of that buzz relates to their finding that
over the last two years, ALSPs have grown over 45%, now representing an industry size of $20.6B.
While some of this growth can be attributed to a bigger pool of providers added to the ALSP bucket, there is strong agreement that much of it occurred during the pandemic, in large part due to a scarcity of resources and greater acceptance of remote delivery.
For those unfamiliar with the ALSP industry, it is comprised of service providers that manage volumes of legal work that is often routine in nature and benefits from technology, process improvements, and access to highly trained and more cost-effective resources than found at a traditional law firm or within a corporate legal department.