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Upcoming Allied Market Research
2022
Legal Software Market

Legal Software Market by Component (Solutions and Services), Deployment Type (On-premise and Cloud), Enterprise Size (Small & Medium Enterprise and Large Enterprise), End Users (Law Firms, Corporate and Others) Application (E-Billing, Matter / Case Management, Contract Management, Legal Project And Analytics Management, Knowledge Management, Legal Hold/ E-Discovery, Document Management, Governance, Risk Management And Compliance, Intellectual Property Management and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A software platform that is designed for legal processes such as eSignature or contract review is known as legal software. There are many software available in the legal software market such as consumer application which is used to handle different legal processes ranging from parking tickets to bankruptcy management. Apart from these, there is some legal software that is solely used by law firms to manage their management processes. The right legal software not only helps a legal firm to improve their work efficiency but also helps to create a compliance infrastructure and also take advantage of the new ways to generate value from the data. The main aim of a software solution is to connect the lawyers with their business colleagues in procurement, sales, HR and also support team-oriented risk management and accomplishing business goals. The legal software must be not only user-friendly for the lawyers but also non-lawyers. Different categories of legal software used by different legal departments are legal spend and matter management software, eSignature software, eDiscovery software, legal knowhow and research software, knowledge management software, privacy, and security & information governance software, contract review software, contract automation software, contract lifecycle management software, etc.

Report Metric

Details

  Market size available for years

 

  2020-2030

  Base year considered

 

  2020

  Forecast period

  2021-2030

 

  Forecast unit

 

  Value (USD)

  Segments covered

Component, Deployment Type, Enterprise Size, End Users, Application, Region

 

  Companies covered

 

The Access Group, Abacus Data Systems Inc., Actionstep, BHL Software Pty. Ltd., Intuit Inc., LawPro Legal Systems Ltd., Matrix Pointe Software, Mitratech Holdings Inc., Orion Law Management Systems Inc., SurePoint Technologies

 

 

COVID-19 Scenario Analysis:

  • The emergence of COVID-19 has not only affected the health of people but also the global economy. Furthermore, the lockdowns and restrictions have caused many industries to shut down their operating and manufacturing processes.
  • Amongst other industries, law firms are one of the sectors that are highly impacted by the pandemic.
  • However, similar to other industries, law firms have also shifted their traditional working process to software platforms and work from home solutions such as Zoom meetings instead of courtrooms.
  • As courtrooms were shut down due to lockdowns and restrictions, many laws have started shifting to digital changes such as e-billing practices and virtual court hearings.
  • Additionally, major market players of legal software solutions have started anticipating the market needs and have started investing in the development of new technologies such as artificial intelligence and machine learning in the field of legal software solutions.
  • Therefore, the adoption of software by law firms will not only increase their work efficiency but also help them survive during the pandemic period, which is the reason for the increase in the legal software market share of legal software during the pandemic period.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Legal software is used by law firms to manage their day-to-day activities related to case handling. Additionally, to manage legal spending, maintain an electronic database and generate reports and analytics of legal activities, the law uses legal operating tools. Both small and medium firms, as well as large firms, generate ample data which becomes difficult for the firms to process manually as it is time-consuming. Technology and software help firms streamline their data process thereby saving time and resources. Because of this, many law firms are rapidly adopting software solutions, which is therefore responsible to drive market growth. Furthermore, as the need for security and data protection is rising as well as the volume and complexity of the legal work is increasing, additionally, the pressure of reducing the operation costs has encouraged law firms to increase the adoption of legal software solutions, thereby driving the market share.

However, the complexity increases as the use of ESI is added to the software solution. Additionally, the overall change in the dynamics of the complex litigation process and the increased cost of the e-discovery process are the major restraining factor for the growth of the legal software market. However, as the development and adoption of new technologies such as artificial intelligence and machine learning are increasing the legal software market is expected to transform considerably during the forecast period. Analyzing the data to predict the outcome of judiciary processes and scrutinize the contract in large bulk is possible with the help of artificial intelligence. Additionally, technology such as natural language processing (NLP) is also helping firms with AI-powered software to analyze legal documents. For instance, clients can find appropriate laws that can support their requirements with the help of the AI-powered ROSS legal research service. 

Key Benefits of the Report:

  • This study presents the analytical depiction of the legal software industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the legal software market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the legal software market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed legal software market analysis based on competitive intensity and how the competition will take shape in the coming years

Questions Answered in the Legal Software Market Research Report:

  • Which are the leading market players active in the legal software market?
  • What are the detailed impacts of COVID-19 on the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the legal software market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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