About Legal Billing Software
The global legal billing software market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Legal billing software refers to the platform which provides law professionals and corpoorations support services such as time tracking, invoicing, and accounting capabilities. The growing process automation in law firm industry is expected to aid into the growth for the legal billing software market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
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 United States Players will contribute the maximum growth to Global Legal Billing Software 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.
App4Legal (UAE), Accurate Legal Billing (United States), FreshBooks (Canada), Business Data Designs Inc. (United States), Rocket Matter (United States), Zola Media, LLC (United States), Themis Solutions Inc. (England), Bilr (United States), Smokeball, Inc. (United States), RTG Data Systems (United States), SlickPie (Canada), CaseFox,Inc. (United States), MyCase (United States), TimeSolv Corporation (United States) and EffortlessLegal LLC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Legal Billing Software market by , Application (Accounting Management, Automatic Billing, Calender Management, Case Management, Client Portal, Document Management, Expense Tracking and Time Tracking) and Region.
On the basis of geography, the market of Legal Billing Software 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). North America region held largest market share in the year 2023. If we see Market by End Users, the sub-segment i.e. Law Firms & Attorneys will boost the Legal Billing Software 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. Small & Medium Enterprises will boost the Legal Billing Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Desktop will boost the Legal Billing Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-Premise will boost the Legal Billing Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Usage of Cloud-based Technologies Propelling the Demand for Cloud-based Legal Billing Software
Market Growth Drivers:
Growing Process Automation in Law Firm Industry and Increasing Demand for Reducing Paper Documentation by Law Firms is Further Generating the Demand for Legal Billing Software Market
Challenges:
Lack of Features to Handle Certain Accounting Functions
Opportunities:
Growing Adoption of Artificial Intelligence in the Development of Legal Billing Software
Market Leaders and their expansionary development strategies
In December 2019, Aderant, a global leader in law firm software, has acquired of Bellefield, a market leader in helping lawyers recover more billable time and grow revenue. The acquisition is a continuation of Aderant’s commitment to cloud solutions for law firms and the growing market for compliance with Outside Counsel Guidelines (OCG). It further broadens Aderant’s solutions and expands its ability to support law firms regardless of their practice management solution
In February 2023, LawPay, the leading online payment solution for legal professionals, has launched of LawPay Pro, a legal billing software solution that offers streamlined time-tracking, invoicing and payment operations. LawPay Pro bridges the gap between payments and legal practice management for lawyers seeking to maximize their firms’ profitability., and In September 2019, EffortlessLegal announced the launch of its latest products in the area of legal billing automation with BillerAssist, LedesAssist, and BillerAssist LEDES Edition
Key Target Audience
Manufacturers, Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries
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.