What is Legal Practice Management Software?
The global legal management software market is expected to grow at a sluggish pace during the forecast period, according to the AMA study. High demand for automation in law enforcement & government sector and the growing adoption of cloud-based legal management solutions in order to achieve operational efficiency & provide better services to the clients are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness a decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Largest Market | North America |
Unit | Value (USD Billion) |
Key Companies Profiled | Abacus Data Systems (United States), AdvoLogix.com (United States), App4Legal (United States), Bilr (United States), BQE Software Inc. (United States), CoCounselor (United States), Filevine, LLC (United States), IBM (United States), Law Ruler Software, LLC (United States), Meruscase (United States), MyCase (United States), Needles Case Management Software (United States), Oracle (United States), PracticePanther (United States), SmartAdvocate (United States), Smokeball (United States), Software Technology, LLC (United States) and Zola Media, LLC (United States) |
The Global Legal Practice Management Software market is expected to see growth rate of % and may see market size of USD2.0 Billion by 2027. The study covers a detailed analysis segmented by key business segments i.e. by type (On-Premise, Cloud Based and SaaS (Software as as Service)) , by application (Case Management {Document Management, Workflow Management, Others}, Lead Management, Billing Cycle {Financial Reporting, Invoicing, Payment Collection, Others}, Client Experience, Customer Support, Security & Reliability and Reports & Dashboards) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Legal Practice Management Software market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Legal Practice Management Software market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Abacus Data Systems (United States), AdvoLogix.com (United States), App4Legal (United States), Bilr (United States), BQE Software Inc. (United States), CoCounselor (United States), Filevine, LLC (United States), IBM (United States), Law Ruler Software, LLC (United States), Meruscase (United States), MyCase (United States), Needles Case Management Software (United States), Oracle (United States), PracticePanther (United States), SmartAdvocate (United States), Smokeball (United States), Software Technology, LLC (United States) and Zola Media, LLC (United States).
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact equivalent to 4% of global annual sales and Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Legal Management Solutions
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time.
Influencing Trend:
Implementation of Artificial Intelligence (AI) in Legal Management Solutions
Market Growth Drivers:
High Demand for Automation in Law Enforcement & Government Sector and The Rising Adoption of Cloud-based Legal Management Solutions
Challenges:
Short-term Challenges due to Reduced Operations Across Different Industries & Economic Crisis caused by COVID-19 Pandemic Across the World and Availability of Open Source Platforms
Restraints:
Lack of IT Infrastructure and Low Penetration of Law Firms in Underdeveloped Economies and High Cost of Solutions
Opportunities:
Need to Increase Productivity and Efficiency, Emergence of Outsourcing for Legal Process and Opportunities in the Asia Pacific Region
Key highlights of the Global Legal Practice Management Software market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Legal Practice Management Software market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Legal Practice Management Software market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Legal Practice Management Software Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Legal Practice Management Software market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Legal Practice Management Software market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using 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 Practice Management Software Providers, Service Providers, Software Developers, End Users and Others.
This helps us to gather the data for the 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 include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.