Law firms are increasingly turning to alternative legal service providers (or law companies) for strategic business reasons according to a new report by Thomson Reuters “Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity”.
Why law firms have left consulting to accounting firms over the last few decades is a mystery. Accounting firms quickly moved up the value chain and are viewed by clients as strategic partners leaving law firms behind. But Law Firms really should get into the consulting business as evidenced by the fact this morning’s news from thelawyer.com that Eversheds Sunderland’s consulting business brought in over GBP 26 million ($33 million) in 2017.
On September 26th at TalentLaunch in suburban Clevelad, we gathered 9 legal industry thought leaders (in-house counsel, law firm partners, law firm CFOs, and Plante Moran’s law firm practice partner) to discuss the pressures law departments and law firms face and how they can work together better. In attendance were various General Counsels, in-house counsels, Managing Partners of law firms, law firm pricing analysts, and members of various alternative legal service providers and legal technology companies.
Here are the highlights:
Today's announcement that EY acquired Riverview Law has been bouncing around my head all day and I've finally figured out why. This acquisition along with 3 other 2018 New Law transactions have legitimized New Law.
Last week brought additional news of another law firm forming a strategic partnership with an alternative legal service provider. This time it was Hogan Lovells, announcing a strategic partnership with an alternative service provider for access to a cadre of flexible lawyers. This is the second strategic partnership that Hogan Lovells has entered into with an alternative legal service provider. DLA Piper, Allen & Overy, and White & Case have also entered into strategic partnerships with alternative legal service providers.
The legal industry is facing pressure like never before. For the second Nimble Forum, we gathered an impressive group of experts who shared their perspectives on what the industry can do to evolve. Check out the notes to see what they had to say.