CHICAGO, Feb. 6, 2020 /PRNewswire/ -- According to Arizton's recent research report, Alternative Legal Service Providers Market in US - Industry Outlook and Forecast 2020-2025 is expected to grow at a CAGR of over 23% during the period 2019−2025.
Key Highlights Offered in the Report:
- The identity of the US legal industry is being refreshed and turbocharged in ways never seen before, with alternative legal service providers at the heart of all this action. The disaggregation of legal services is underway, not driven by players in the industry, but by clients.
- On average, many legal businesses and in-house legal teams are pouring in significant work and time on low-value tasks across legal functions. They are struggling to utilize talent efficiently. As this realization is increasingly dawning on those working in legal departments, they are juggling the demand from the management to operate with the same speed and efficiency as the overall enterprise.
- Organizations are increasingly implementing effective preventative and support measures, thus driving demand for litigation and investigation support.
- There is a resistance among both corporations and law firms by not altering their models to fully engage alternative legal service providers, thereby driving inefficiencies in the market.
- While alternative legal service providers have a lot to offer, they have a scattered approach when it comes to listening to client goals and concerns and communicating how they can help in maneuvering business challenges.
- Quite a few law firms use the services of alternative legal service providers via partnerships and securing aid to suitably provide services in spaces of legal research, litigation, e-discovery, and document review among others, which they traditionally offered themselves.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by products, services, end-user, and geography
- Competitive Landscape – Profile of 4 key vendors and 20 other vendors
Alternative Legal Service Providers Market in US – Segmentation
- New Law firms have been the most disruptive players in the market, accounting for major volumes of work in the document review and litigation spheres. There is a growing trend of building strong SLAs and utilization of performance metrics.
- As several organizations predict an uptick in litigations, the market for litigation and investigation support is expected to grow. Businesses that venture into international trades are being threatened by trade wars, as a result, the environment is likely to be increasingly litigious.
- A shift in focus from brand status and services to efficacy, thereby providing high viability on investments. The demand for document review and legal research continues to grow significantly. In an age where customer-centricity and differentiation are vital, several players are increasingly examining cost-benefit trade-offs.
Market Segmentation by Providers
- New Law Companies
- Captive LPOs
- Staffing/Recruiting and Contract Lawyer Companies
Market Segmentation by Services
- Investigation and Litigation Support
- Contract Management
- Document Review and Coding
- Legal Research
- Regulatory Risk and Compliance
Market Segmentation by End-users
- Law Firms
Alternative Legal Service Providers Market in US – Dynamics
Companies in the US have, for quite long, had a higher proportion of legal spending than other countries in the rest of the world. Companies in the country spend 170% more on these services when pitted against global companies with banking, real estate, and technology topping the list of spends by industry. The high spends are attributed to the fact that the US has a heavier litigious climate. Apart from that, it is characterized by widely varying laws and complexities in every state driving up volumes in terms of legal advice required. Further, the pay of legal practitioners also tends to be higher in the country with expensive billable hours, demonstrating demand. Another indicator of the growth of the legal industry is the reversal of the decline of legal employment and law school applications in 2018, post years of flat or deteriorating levels.
Key Drivers and Trends fueling Market Growth:
- Prevalence of Dissatisfaction with Law Firms
- Legal Departments in Overdrive
- Focus Shifts to Delivery
- Blurring Lines Between Traditional and Alternative
- Allen & Overy
Other vendors include - BlackStone Discovery, Clifford Chance, Consilio, Driven, Epiq, Everlaw, Exigent, Greenberg Traurig, Integreon, KLDiscovery, LegalZoom, Lawyers on Demand (LoD), Mindcrest, Reed Smith, Legility, Lumen Legal, Morae Global, Orrick, QuisLex, and Thomson Reuters.
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SOURCE Arizton Advisory & Intelligence