The law is dynamic, and so is the industry that has evolved around the law. With new technologies and legal decisions come entirely new forms of law, and equally important changes in the way those jobs are done.
These industry insiders give us insight into the trends shaping the immediate and long-term future of the legal industry:
Jay Arcata, Lawyer and VP of Client Relations at BX3 Capital
“In addition to the Big Four’s rise to prominence in this space, the legal industry is also seeing an increase in the number of alternative legal services providers (ALSP) in the market. ALSPs provide many of the services that law firms traditionally provided—but at a fraction of the cost. These include document review, discovery and e-discovery services, outsourced paralegal support, temporary lawyers and staffing and other such services. By leveraging technology and low overhead, ALSPs can deliver legal services in an efficient and client-focused manner. According to the “2019 Report on the State of the Legal Market”, which is jointly issued annually by the Center on Ethics and the Legal Profession at Georgetown University Law School and Thomson Reuters Legal Executive Institute, the ALSP market grew to $10.7 billion in 2018, with this trend expected to continue in the future.”