The Future of Alternative Legal Service Providers

_{While the legal landscape is always changing, in recent years there has been a major shift toward the use of alternative legal service providers (ALSPs). Unlike retaining a traditional law firm for certain services, an ALSP can be a cost-effective way to outsource legal services to a third party while offering the additional benefits of technology expertise, training, and project management. In this post, QuisLex, a minority-owned business enterprise (MBE), shares some of the recent development in the alternative legal services space and what legal professionals can anticipate in the future}

Growth in the ALSP Industry

_{Although ALSPs have been around for years, the COVID-19 pandemic may have accelerated their utilization. As corporations across many industries were thrown into a new world of remote work, they had a growing need for reliable managed legal services, which ALSPs stepped in to provide. Reports show, the ALSP market was valued at $15.83 billion in 2022 and is expected to reach $25.17 billion by 2028, growing at an 8.4% CAGR. Additionally, 70% of corporate law departments surveyed were already using ALSPs. While one might expect pushback against ALSPs from traditional law firms, the same report found that a sense of collaboration, rather than competition, is growing between the two entities.}

Advances in Artificial Intelligence and Automation

_{Increasingly, legal teams are using artificial intelligence (AI) and machine learning to manage and expedite specific tasks, such as document review and file management. AI can be used to help with^:}

• _{Contract review}
• _{Managed review}
• _{Legal research and database review}
• _{Contract and NDA abstraction}
• _{Predictive analytics}

_{Workflow automation also is gaining popularity. By automating routine processes such as invoice review or billing reminders, companies can save significant time and redirect legal staff to other priorities. These tools also allow legal teams to gather analytics on key performance indicators (KPIs) that can help inform future business decisions and potentially reduce their legal spend. Often, ALSPs can design and implement workflow processes and help clients identify where to embrace automation to help improve productivity.}

Advance Security Measures

_{As so many companies shift to a permanent hybrid work model, cybersecurity is more important than ever. Even something as simple as an employee connecting to a coffee shop's Wi-Fi network can leave your company vulnerable to an attack. And if  your internal legal team is working remotely, all the sensitive data they have access to could be at risk. That is why many ALSPs are offering enhanced data and privacy protection as part of their suite of services, such as governance, risk, and compliance (GRC) software. Some ALSPs feature in-house security experts to provide ongoing threat detection and response and ensure that client data is safe.}

Looking Ahead

_{As the legal industry continues to grow, change, and embrace digital transformation, we can expect that alternative legal services will be more in demand. Legal departments realize they can work more efficiently and effectively with the advanced tools, automation, and analytics that ALSPs offer. In turn, ALSPs will continue to develop and refine their services to better meet the needs of companies around the world and across different sectors.}

Get in Touch With QuisLex Today

_{If your company is in search of an effective way to optimize your legal team’s work, look no further than QuisLex. Our experienced team of over 1,000 permanent lawyers, data specialists, statisticians, and project managers offer legal support services including:}

• _{Managed document review}
• _{Legal operations support and training}
• _{Legal spend management}
• _{Mergers and acquisition management}
• _{Programs for contract reviews and compliance}

_{We work hand-in-hand with our channel partners to provide the latest tools and technology to help legal teams improve their workflows and minimize their risk. Staying at the forefront of technology, QuisLex was the first LPO to be certified under ISO 27001:2013, the International Organization for Standardization’s metric for data security. QuisLex also is HIPAA compliant and HITRUST CSF certified. For more information, contact us today.}