The Big Four accounting firms are really starting to make their mark in the law, with 23% of large law firms in the UK and US say they have lost work to them in the past year, new research has found.
The report also showed how the role and influence of alternative legal services providers (ALSPs) are growing.
It estimated that the ALSP market in the US, UK, and Canada was worth an estimated $10.7bn (£8.2bn) in 2017 revenue, compared to $8.4bn in the first study of its kind two years ago – a 12.9% compound annual growth rate in that period.
Of this, the lion’s share of the market ($7.4bn) was attributed to independent legal process outsourcers (LPOs), such as those offering litigation support and document review.
The Big Four accounting firms were the next ($1.2bn), followed by contract and staffing services (like Axiom and LOD) at $1.1bn, managed services ($700m) – such as Elevate and UnitedLex – and law firms’ captive LPOs ($300m). The report surveyed 171 decision-makers in law firms and corporate legal departments in the UK, and another 346 in the US and Canada. [read more]
Source: Neil Rose – Legal Futures