Alternative legal service providers grew their global market share by nearly 30% over a two-year period ending in 2019 — even before the pandemic likely accelerated demand for their services, according to a report released this week.
Thomson Reuters’ 2021 Alternative Legal Service Providers report, conducted with Georgetown Law and the Oxford Saïd Business School, found that the sector’s market share hit $13.9 billion by the end of 2019, marking a $3.2 billion increase over a two-year period.
As the ABA Journal noted in an article detailing the report, the coronavirus pandemic has since pushed law firms to cut costs and embrace technology, which is likely driving even more growth.
As the report concluded: “If anything, we’re just at the start of a steeper growth trajectory.”
Alternative legal service providers continue to increase their market share, survey finds [ABA Journal]
Alternative Legal Service Providers Are Quickly Becoming Mainstream for Law Firms & Corporations, Creating a $14 Billion Market [Thomson Reuters]