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The ever-growing market of Alternate legal service providers. (1)

We all had a preconceived notion that the legal landscape is rigid and has no scope for outsourcing. The statement stands incorrect in todayu2019s time as the inception of Alternate legal service providers has changed the scenario completely. They have introduced the concept of legal outsourcing services in the Indian law market. While this service got its commendable growth post-pandemic, it is expected to grow more than 30% by 2024.

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The ever-growing market of Alternate legal service providers. (1)

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  1. The ever-growing market of Alternate legal service providers.

  2. We all had a preconceived notion that the legal landscape is rigid and has no scope for outsourcing. The statement stands incorrect in today’s time as the inception of Alternate legal service providers has changed the scenario completely. They have introduced the concept of legal outsourcing services in the Indian law market. While this service got its commendable growth post-pandemic, it is expected to grow more than 30% by 2024.

  3. But the real question is what is an ALSP? An Alternate legal service provider is an outsourced model of a law firm. People who have just started or have small-size businesses can leverage legal outsourcing services as they provide legal services at competitive prices with no compromise on quality and efficiency. It saves a lot of time as attorneys can focus on core matters while their team takes care of other routine tasks and provide additional assistance.

  4. The growth of Alternate legal service providers There are many reports that suggest that ALSP has made a shift from being a cost-effective solution to a true legal partner. Firms trust them for their expertise, technologically advanced solutions, and innovative ways of doing business. The concept began to grow during the pandemic and has seen enormous growth ever since. During the pandemic, business firm struggled to compensate law departments tight budget. This attitude let them in the direction of exploring alternate legal services that provides high quality services at lower cost.

  5. The overall concept of ALSP came to the market 6 years ago and now its global value stands at $14 billion. There are several reports that state the reason why firms prefer to go with ALSPs. It’s because technology is at the center of their offerings which saves time and introduces newer trends and concepts. One can also observe an increasing rate of collaboration among ALSPs and standard law firms as these firms can turn to ALSPs for consultation on legal technologies.

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