Wake Up Call: Alternative Legal Services Market Tops $20 Billion

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• The market for alternative legal services grew 45% in the two fiscal years through 2021 to reach $20.6 billion in revenues, as law firms and corporate legal departments increased their use of them, according to a new report. Independent providers at about $18 billion in revenues and the Big Four accounting firms, at $1.5 billion, still lead the market, but so-called law firm captive units are growing the fastest as a segment, the report said. (Thomson Reuters) ...