(Reuters) - Cleary Gottlieb Steen & Hamilton's new technology-driven legal services business venture could inspire other Wall Street law firms that have not started such projects to follow suit, according to industry experts.
New York-founded Cleary on Thursday said it formally launched ClearyX, which it said will use technology and creative staffing and pricing arrangements to develop new ways of delivering legal services for clients, focused on transactional work.
Law firms in recent years have experimented with new tech-focused products and services to streamline work done by their own lawyers and develop software for use by clients.
Some firms have set up new business units, structured either internally or as subsidiaries, to create new ways to make money and win client matters.
The move into tech-driven legal services has in part been spurred by increased competition from alternative legal services providers (ALSPs), which specialize in doing large amounts of work for clients at relatively low costs.
Legal marketing and advisory firm Baretz+Brunelle found in a 2020 report that 35 of the top 100 U.S. firms by gross revenue had created their own "captive" ALSPs. Many of those were internal units rather than wholly owned entities.
So far the group of large New York-founded law firms that focus on high-end transactional work have generally not created ventures like ClearyX, according to legal industry experts.
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