Legal Law

Statistics of the week: different to what?

Alternative legal service providers have grown their global market share by nearly 30% over a two-year period through 2019 – even before the pandemic likely accelerated demand for their services, according to a report released this week.

Thomson Reuters’ 2021 Alternative Legal Services Report, produced with Georgetown Law and Oxford Saïd Business School, found that the sector’s market share reached $ 13.9 billion by the end of 2019, an increase of 3 . $ 2 billion 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 use technology, which is likely to lead to even more growth.

The report concluded: “If anything, we are only at the beginning of a steeper growth path.”

According to survey results, alternative legal service providers continue to increase their market share [ABA Journal]
Alternative legal services are fast becoming mainstream for law firms and corporations, creating a $ 14 billion market [Thomson Reuters]

Jeremy Barker is the Director of Content Marketing for Breaking Media. Feel free to email him with questions or comments and connect on LinkedIn.

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