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.”
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Babst Calland and Solvaire Client Advisory, March 2020
With the Coronavirus pandemic having a widespread effect on business continuity, supply chains and revenues, Babst Calland and its alternative legal service provider, Solvaire, are currently advising C-suite executives and managers as they seek to quickly assess their contract provisions, evaluate their exposure and make effective operational and financial risk-based decisions. Of particular concern, key suppliers may desire to invoke “force majeure”, delay or termination provisions during this time of uncertainty. Similarly, our clients may desire to invoke these same provisions to delay or terminate unessential projects.
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In today’s business climate, clients demand greater efficiency when it comes to contract review for many complex deals and transactions. We have found that the combination of deep legal expertise, coupled with embracing carefully researched and vetted technology, is the most effective means of delivering high quality and timely review in an increasingly competitive marketplace.
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Stories of how AI will change the legal ecosystem forever are endless, yet ‘rubber meets the road’ proof that this is actually happening are few and far between. Here’s what one firm learned about knowing what AI can do and what they didn’t know it could do.
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Artificial intelligence (AI) is adding efficiencies and transforming businesses everywhere, and legal practices are no exception. “General counsels and executives that are hiring lawyers need to understand that this technology is available now, so they can make sure their lawyers leverage the latest technology tools,” says Christian A. Farmakis, shareholder and chairman of the board at Babst Calland. “AI can increase speed, increase efficiency and lower costs for clients — if the law firm has the right tools, but more importantly knows how to use those tools.”
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And it’s not just large firms getting creative with technology. Babst Calland has been in the game for more than 15 years, through its sister company Solvaire. It started as a due diligence management project, and grew as developers created systems for various Babst Calland clients. “The software is legal-related, but business-focused,” said Chris Farmakis, Babst Calland partner and Solvaire president.
Click here for the complete Legal Intelligencer article.