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33 Legal Mgmt. 1 (2014)

handle is hein.barjournals/legman0033 and id is 1 raw text is: Innovation in the New Legal Market Ecosystem I Legal Management http://www.legalnanagement.org/features/innovation-new-legal-narket-e... LEGAL MANAGEMENT ? A P, ( O ASCAT OF GA AD IS- LI LEGAL INDUSTRY/BUSINESS MANAGEMENT New roles and rules for inspiring the future of legal The time when the legal market could be defined as having two major players - law firms and corporate legal departments - is a distant memory. Now, as Liam Brown, Founder and Chairman of Elevate Services, Inc. says, the legal sector is an ecosystem that includes a range of coexisting entities - each having an important role. This brave new legal ecosystem is inspiring a range of different roles, products and approaches to client service. There is a lot of passion about this space, Brown says, and many different people playing in a rapidly evolving arena. As law firms adapt to the ever-changing technology landscape and the roles that evolve within it, they are finding a greater need for a third player (an innovator) in this crowded field. This snapshot of some of the innovators and innovations reveals the direction many law firms are heading to stay ahead (or in line) with their competition. PAULA TSURUTANI Marketing Communications Writer You can't just take technology and throw it at a problem. Solutions have to be developed in a thoughtful and artful way. ANDREW BAKER Director of Legal Technology Innovation Oftce, Seytarth Shaw LLF Elevate Services, Incis one such player. The firm aggregates a whole portfolio of capabilities that firms can access, focusing on creating efficiencies, including legal project management software and services, streamlining processes in key departments and facilitating legal process outsourcing (LPO). With a workforce split between the United States and India, Elevate focuses on devising practical ways to improve efficiency, quality and outcomes. It has developed its own legal project management software (Cael) and works collaboratively with firms and corporate legal departments in providing advice, but, unlike traditional consulting firms, also can provide the staffing resources to execute programs when necessary. The 3 Geeks and a Law Blog cited a study titled Legal Process Outsourcing: LPO Provider Landscape that provided a profile of the LPO market. Among the most interesting findings, the study noted that LPO providers were estimated to be worth $2.4 billion in 2012, with an estimated annual growth of 28 percent. It also pointed out that India-based providers are the leaders in the offshore LPO space, with more than 1 million lawyers and 128 LPO providers exporting legal services worth million in 2010. The study also reported that U.S. legal services are highly fragmented, with 50 of the largest firms generating only 15 percent of the revenue. With the pushback from clients on rapidly rising legal costs, the growth of LPO is not surprising, especially among general counsels who are aggressively seeking ways to cut costs. Thomson Reuters made news when it acquired LPO leader Pangea3 and positioned the company as a key LPO provider. While its business model initially focused on providing services to corporate legal departments, Pangea3 reportedly has made significant inroads in the law firm market. Joseph Borstein, Director, Legal Solutions at Pangea3, acknowledges the initial tension and competition between law firms and LPO providers. But now, he says, firms are realizing there's enough work to keep everyone busy. There's also recognition that quality can be much higher from LPO providers, and its role and place in the value chain is steadily moving higher. Law firms even are using attorneys at LPO providers for long-term secondments - an indication of growing confidence and acceptance. 1/21/2015 2:21 PM I of 4

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