Global Digital Transformation in Law Firms Market Overview:
Digital transformation in law firms is refer as a adoption of digital trend in law firms that is the shift to the clouds and internet of things to make business process easer for their clients. The ability to use new workflows to offer faster and better services at more accessible prices creates huge market differentiation for the firms who are early adopters of new technology. Partners can enable firms with no existing IT experience to build and safely maintain even the most complex digital infrastructure. This is an option that any firm struggling to get started, or concerned about cybersecurity and maintenance risks should investigate.
Attributes | Details |
---|
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:
Implementation of Artificial Intelligence (AI) in Law Firms
Market Growth Drivers:
High Demand for Automation in Law Enforcement & Government Sector and The Rising Adoption of Cloud-based Legal Management Solutions for Law Firms
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
Competitive Landscape:
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.
Some of the key players profiled in the report are Rocket Matter (United States), DPS Software (United Kingdom), Eclipse Legal Systems (United Kingdom), Page Light Prime (Singapore), AppFolio (United States), Abacus Data Systems (United States), Smokeball (United States), TrialWorks (United States), Matrix Pointe Software (United States) and Thomson Reuters Elite (United States). Additionally, following companies can also be profiled that are part of our coverage like Needles, BHL Software, Themis Solutions, Executive Data Systems, LawYee and RELX Group. Analyst at AMA Research see United States Players to retain maximum share of Global Digital Transformation in Law Firms market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. On-Premise will boost the Digital Transformation in Law Firms market. Considering Market by Firm Size, the sub-segment i.e. Solo Lawyer Firm will boost the Digital Transformation in Law Firms market. Considering Market by End User, the sub-segment i.e. Law Firms & Attorneys will boost the Digital Transformation in Law Firms market.
Latest Market Insights:
In October 2023, Thomson Reuters, a global provider of legal information and technology solutions, acquired Peppermint Technology, a company known for its AI-powered legal document review software. This acquisition strengthens Thomson Reuters' position in the legal AI market.
In July 2023, LegalZoom, a leading online legal services platform, acquired LawTrades, a legal technology company focused on connecting businesses with lawyers. This merger aims to expand LegalZoom's reach and offerings in the corporate legal market.
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
What Can be Explored with the Digital Transformation in Law Firms Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Transformation in Law Firms Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Transformation in Law Firms
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 Digital Transformation in Law Firms 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 Digital Transformation in Law Firms 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 Law Firms Providers, Service Providers, Software Developers, End Users 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.