The alternative legal services providers (ALSP) market surged 38% to $28.5 billion between 2021 and 2023 as corporate law departments increasingly examined their options for cost-effective legal work, according to a Thomson Reuters Institute study.
ALSPs offer legal support services outside of traditional law firms. They provide specialised solutions for tasks like document review, eDiscovery, contract management, compliance, and legal research. They often use technology and innovative business models to deliver legal services more efficiently and at a lower cost than the traditional law firm billable-hour structure.