What is Legal Research SoftwareMarket?
Legal Research Software is intangible personal property which is consisting of mathematical codes, programs, routines, and other functions that control the functioning and operation of a computer's hardware. Legal Research Software has wide application across various verticals such as automotive and chemical for law firms to enhance many functions such as automated billing and tax filing.GeographicallyNorth America is dominating to wider application across the various domains for automation of legal service. Legal Research Software has huge adoption and demand which is triggering the growth of the market over the forecast period
Legal Research Software Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2030 |
Base Year | 2023 |
Growth Drivers | - Required less time than the traditional method
- It helps to contract and legal document analysis.
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Challenges & Pitfalls | - Large Time Investments in technology adoption often mean time lost on casework.
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Opportunities
Huge demand for large Enterprise due to large client-serving is required
Restraints
- Data and privacy concerns and huge cost of investment
The Players Covered in the Study are:
Casetext (United States), Westlaw Legal (United States), Doctrine (United States), Fastcase (United States), ROSS Intelligenc (Canada), Lexis Advanc (United States), AnyLaw (United States), UniCourt (United States), CiteRight (Canada), LIBRA (United States), Pacerdash (United States), Decisia (Canada), Legal Case Tracker (United States) and Others
Market Development Activities
In August 2023, Thomson Reuters Corporation has acquired of Casetext, Inc. (“Casetext”), a provider of technology for legal professionals. The acquisition supports Thomson Reuters ‘build, partner and buy’ strategy to bring generative AI solutions to its customers and the company's efforts to redefine the future of professionals through applications of generative AI.
In November 2023, Thomson Reuters, a global content and technology company, announced a series of GenAI initiatives designed to transform the legal profession. Headlining these initiatives is the debut of GenAI within the most advanced legal research platform, AI-Assisted Research on Westlaw Precision. Available now to customers in the United States, this skill helps legal professionals quickly get to answers for complex research questions. This generative AI skill leverages innovation in Casetext and taking a "best of" approach was created using the Thomson Reuters Generative AI Platform.