Fast resolution of cases in the legal industry is of the utmost importance for serving justice, as it is said that if the justice if delayed, then the justice is as good as denied. The legal industry has been slow in the adoption of technology as compared to industries like education, BFSI, information technology and telecommunication, healthcare, etc. However, the incorporation of technologies such as artificial intelligence and blockchain that helps in achieving transparency is being increasingly used by both corporate legal teams as well as law firms. Luminance Technologies Ltd., for instance, makes use of different machine learning algorithms for simplifying contract review processes. A combination of supervised and unsupervised machine learning helps in highlighting clauses or paragraphs in contracts that may contain risk. Studies show that more than half of the lawyers globally expected big data analytics and AI to reduce operational workload in the legal industry.
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Blockchain technology, on the other hand, allows lawyers to create digital documents that can't be tampered with. This in turn helps in the simplification of transactional work and facilitates the use of digital signatures, thus aiding for the growth of legal operations software market. Around 80% of the legal firms that were interested in legal technology reported that they'll be adopting smart contracts which makes use of blockchain technology by 2022. Smart contracts can be automatically executed when certain requirements are met, without the need for manual intervention. Signity Software Solutions, for instance, provides smart contract solutions that run on platforms such as Ethereum, R3 Corda, and Hyperledger Fabric. Their solutions are highly customizable, which allows the clients to add or remove features based on their requirements. Furthermore, the legal industry is also benefiting from the use of smart research solutions that allow them in fetching similar cases from multitudes of legal cases, regulations, etc. LexisNexis, for instance, has developed a product called Lexis which helps in smoothening legal research. The product has content from over 40,000 news sources, 83 billion public records, 700 million company profiles, and relevant facts can be fetched using color coded search tools. The use of technology for simplifying work processes such as document recovery, creating tamperproof documents, compliance management, etc., in the legal industry is leading to the growth of the global legal operations software market.
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The COVID-19 pandemic has impacted law firms around the globe. Companies are increasingly pushing towards digitization of documents, and contactless transactions to prevent the spread of the virus. Furthermore, work from home options provided by certain law firms and corporate firms as a result of the social distancing norms enforced by government bodies is leading to the adoption of cloud-based software to facilitate remote collaboration amongst legal teams. Document digitization, smart contracts and digital signatures are expected to be widely adopted in the coming years due to the pandemic situation. Therefore, the COVID-19 pandemic is expected to have a positive impact on the global legal operations software market.
The detailed research study provides qualitative and quantitative analysis of the global legal operations software market. The legal operations software market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Legal Operations Software Market
- By Deployment Mode:
- On Premise
- Cloud Based
- By Organization Size:
- Large Enterprise
- SME’s
- By Application:
- E-Billing
- Matter / case Management
- Contract Management
- Legal Project and Analytics Management
- Knowledge Management
- Legal Hold/ e-Discovery
- Document Management
- Governance, Risk Management and Compliance
- Intellectual Property Management
- Others
- By End User:
- Law Firms
- Corporate
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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