“Alright” for “all right” has never been accepted as standard in American English. Gertrude Stein used the shorter form, but that is not much of a recommendation. . . This short version may be gaining a shadowy acceptance in British English (where appearances in print are more common than in American English). Still, the combined version cannot yet be considered standard—or even colloquially all right.
A little stuffy, maybe, but I’m in complete agreement with Bryan.