LAW WEEK COLORADO
In addition to traditional law firms assisting client companies with legal matters, there’s a growing sector of businesses that help companies figure out when a law firm is even necessary.
Such consulting businesses, most of which are not law firms, are growing in popularity among companies for their work as legal project managers. For traditional law firms, companies like Axiom Law and Thomson Reuters Legal Managed Services are becoming referral sources that can also help insulate them from the less desirable aspects of client service, like billing complexities and midnight phone calls.
Alexius is a local example of a “managed legal service provider,” or a non-law firm that consults businesses on how to approach the legal components of a business matter.
A company might need guidance on a project like making an acquisition or instituting a compliance program, but instead of sending the issue to a private law firm on the outset, it could hire a managed legal services provider like Alexius to come up with a project plan that might help save on costs. The company could then determine whether an issue should be outsourced to a law firm, or if it could instead handle it in-house or with less-expensive non-attorneys, such as IT or accounting professionals.