Global Legal Tech App Market Overview:
Legal Tech App is a technology application that helps law firms to practice management, documentation storage, billing, accounting, and electronic discovery. It is a part of the alternative legal services sector. A law firm uses various technologies such as word processors, eDiscovery software, cloud-based file storage and sync, backup, practice management, accounting, and billing. In addition, it simplifies and streamlines the law practice for lawyers as well as the acquisition and management of law services.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Adoption of Technologies Such as Artificial Intelligence and Machine Learning
Market Growth Drivers:
Benefits Such as Simplified and Streamlined Law Practice and Increasing Complexity and Number of Cases
Challenges:
Limited Availability of Legal Tech App Providers
Restraints:
Availability of Free Software May Hamper the Market
Opportunities:
Increasing Awareness about the Legal Tech Apps in Developing Economies and Growing Number of Law Firms is leading to Demand in Legal Tech Apps
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Clio (Canada), Case Crunch (United Kingdom), Premonition (Australia), Cognitiv+ Ltd (United Kingdom), Flexeboss (United Kingdom), Axiom (United States), Fast case (United States), Lawgeex (United States) and RentersUnion (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Legal Tech App market by 2028. Considering Market by Platform, the sub-segment i.e. Android will boost the Legal Tech App market. Considering Market by Technology, the sub-segment i.e. Artificial Intelligence will boost the Legal Tech App market. Considering Market by Deployment, the sub-segment i.e. On premise will boost the Legal Tech App market. Considering Market by Features, the sub-segment i.e. Document and contract management will boost the Legal Tech App market.
Latest Market Insights:
In April 2023, Legal Tech Disruptors vLex and Fastcase merged to Form the World’s Largest Global Law Library. vLex and Fastcase, two of the largest, fastest-growing legal technology companies, merged to form the world’s largest law firm subscriber base with more than one billion legal documents from more than 100 countries. As part of the merger, Oakley Capital and Bain Capital Credit are investing in the combined business to expand its global reach and accelerate the company’s legal artificial intelligence (AI) lab, which develops AI tools that streamline research, tracking, writing, and filing documents for the legal industry.
On 15th August 2019, Reynen Court has launched software platform which is designed to help law firms and legal department to run apps in cloud or on premises.
What Can be Explored with the Legal Tech App Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Legal Tech App Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Legal Tech App
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Legal Tech App market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Legal Tech App market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Legal tech app developers, Government associations, Research organizations, Enterprise software vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.