With companies consistently scoring law firms an average of just 2 to 3 (on a scale of 10) on the value they receive for legal services, businesses and firms alike are increasingly employing the value-added services of alternative legal service providers (ALSPs). Smart Business spoke with Christian Farmakis, shareholder and chairman of the board at Babst Calland —and president of its affiliated ALSP, Solvaire — about how ALSPs can help businesses get more value from their legal providers.
Click here to read the entire Smart Business article and interview with Christian.
Many attorneys, technologists, and legal experts think change in the legal ecosystem will only continue to accelerate in 2021. To kick off the new year, ALM’s Legaltech News’ editors reached out to legal influencers about the relevance and prevalence of Alternative Legal Service Providers (ALSPs). Solvaire’s president, Chris Farmakis, whose commentary is included in the Legaltech News article, predicts more upheaval, especially in the “captive” ALSP market.
“Captive ALSPs run by Big Law will begin to lose ground to independent ALSPs and captive ALSPs operated by mid-sized firms. The latter will offer a more compelling value proposition based on price structure, efficient processes, and a more complete understanding and usage of legal technology. In the end, the Big Law financial model and its captive ALSPs financial model are in conflict with one another. This conflict will start to erode Big Law’s captive ALSPs competitiveness and market share.”
Click here to read the entire Legal Tech 2021 ALSP Predictions article.