Why 2023 Could See a Whole New Crop of Law Firms: The Morning Minute

Why 2023 Could See a Whole New Crop of Law Firms: The Morning Minute

LAW
NEW YEARS, NEW FIRMS - By the end of 2023, the legal industry landscape will likely be populated with a number of new law firms—and marked by a few notable absences. The law firm merger market is already quickly heating up and we're sure to see more big names (and smaller names) joining forces across the country throughout the remainder of the year. Meanwhile, if the past is any indication (and in this industry that's a safe bet), sky-high rates hikes seem likely to inspire a new generation of Big Law partners to branch out and start their own boutiques. in the latest Law.com Trendspotter columnwe join hands to celebrate the Circle of Law Firm Life, in which a period of rapid consolidation makes room for a new crop of…
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The market for alternative legal services is growing dramatically, new report shows

The market for alternative legal services is growing dramatically, new report shows

LEGAL
In our biennial report on the ALSP market, we find a sector that has grown exponentially over the past two years and is making great in-roads with both law firms and corporations The market for alternative legal services providers (ALSPs) is showing itself to be a highly dynamic part of the overall legal ecosystem and one that is growing at an increasing rate as it forges new paths to serving both traditional law firms and corporate law departments. Indeed, ALSPs now comprise a $20.6 billion segment of the legal market, according to the Alternative Legal Services Providers 2023 Reportpublished today by the Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law, and the Saïd Business School at the University of Oxford. The biennial report shows…
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Alternative legal services market hits $20.6 billion – report

Alternative legal services market hits $20.6 billion – report

LEGAL
(Reuters) - As the market for alternative legal services continues to grow, providers owned by traditional law firms remain the fastest-growing segment, according to a new report released Tuesday.The total market reached $20.6 billion by the end of the 2021 fiscal year, up 45% from two years prior, according to the biennial report by the Thomson Reuters Institute, the Center of Ethics and the Legal Profession at Georgetown Law and the Saïd Business School of the University of Oxford.The report on alternative legal services providers (ALSPs) includes independent companies, the Big Four professional services firms and ventures created within law firms — so-called "captive" providers.Law firm captives make up the smallest part of the ALSP market with about $1 billion in revenues, compared to independent providers which generate about $18…
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