About Legal Tech
Legal technology, also known as Legal Tech, refers to the technology and software that are used to provide legal services. Legal technologies have turned into the essential element of competition among legal-market stakeholders. Traditional law firms are facing a very large amount of pressure from clients to deliver more at less cost and higher quality. This goes with the advent of reforms in the legal market, especially those pushed by new technological opportunities. Legal technologies allow legal service provider to enhance productivity, offer innovative digital products such as cybercrime consultation, contract management, due diligence, which improves legal-service delivery and quality while keeping costs at a low level. Specifically, scholars have defined legal technology as the application of technology and to help law firms with practice management like billing, big-data, e-discoveries and document storage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Canadian and United States Players will contribute the maximum growth to Global Legal Tech market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Blue J Legal (Canada), Anaqua Inc. (United States), CrimsonLogic (Singapore), INTELLEX (Singapore), Kira Inc. (Canada), LexisNexis (United States), Pensieve (India), Practice Evolve (Australia), Resolve Software Group (RSG) (Australia), Casetext Inc. (United States) and Catalyst Repository Systems (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Judicata (United States), Justia (United States), Knomos Knowledge Management Inc. (Canada), LEVERTON (Germany) and Loom Analytics (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Legal Tech market by , Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Analytics and Others) and Region.
On the basis of geography, the market of Legal Tech has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Legal Tech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. Large departments (40+ attorneys) will boost the Legal Tech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Users, the sub-segment i.e. Clients will boost the Legal Tech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Automation in Legal Industry and Increasing Demand for More Efficiency from Legal Profession
Market Growth Drivers:
Increasing Number of Attorneys and Move From Outside Counsel to In-House Counsel for Corporations
Challenges:
Lack of Understanding How Technology Can Be Deployed In the Legal Function and Lack of Industry Standards
Restraints:
Abundance of Solution in the Market
Opportunities:
Growing Smart Contacts and Need of Legal Input in Each Case
Market Leaders and their expansionary development strategies
On February 26, 2019- CrimsonLogic partners Astana International Financial Centre Court (AIFC Court) and International Arbitration Centre (IAC) to launch Central Asia’s first ever eJustice system, as part of Kazakhstan’s ongoing drive towards digital transformation. This System will allow for high configurability and flexibility in quickly meeting AIFC’s judiciary workflows.
On January 30, 2019- Anaqua, the leading provider of innovation and intellectual property management solutions, has announced AQX, a leading-edge software platform that enables corporations to align their IP portfolio strategy with their business objectives and provides law firms powerful new automation and business development tools.
Key Target Audience
Service Provider of Legal Tech, Network Providers, Software Solution Providers and Governmental Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.