The responsibilities of a legal department in a law firm or otherwise are just not law itself, legal operations including spending management, efficiency and productivity, communication, vendor management, change management and data analysis amongst others. Adoption of legal operations software is helping firms to automise their tasks, reduce time as well as minimize cost. Legal operations solutions can be used as standalone piece of software for end-to-end functionality for legal department management. Legal operations software has been around longer than one might realise. The Corporate Legal Operations Consortium (CLOC) for example, formed in the USA back in 2010, which umbrellas legal operations of over 12 competencies that every legal function should aspire to have, at least three maturity levels. Corporate legal departments in the 1980s and earlier, were almost entirely focussed on risk and compliance, and advising the business. However with due time, legal business has become more complex, more regulated, and more global. With that, demand for legal services, overall costs, and the pressure to control these costs and complexities have increased. Hence, to make the legal department act more ‘like a business’ with such a rising demand, there comes a need for cost control and process improvement, which in turn is driving the legal operations software market.
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The legal industry has seen a massive surge in data over the last couple of decades. With legal help available in the click of a button, firms are focusing on the creation of fool-proof contracts and documents to ensure maximum safety to the clients. The legal cases concerning businesses have also seen a steep increase off late. In India, there were over 4.3 million unresolved legal cases in the high courts in 2019. Out of these cases, almost 800,000 were over a decade old. There were around 1.25 million criminal cases. The use of technology can rapidly decrease the time taken to close the cases. In law firms, processes such as document creation and management, recruitment, IP protection, data protection, tax, and accounting management, etc. takes a considerable amount of resources and time. Litigation information procurement can take hours. Information on the opposite counsel, judges, parties involved, etc., is crucial in determining the outcome of a case. Thus, the implementation of legal operations software market is on the rise.
The detailed research study provides qualitative and quantitative analysis of legal operations software market. The 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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Key Findings of the Report:
- The legal operations software market was valued at US$ 1404.62 Mn in 2020 and is anticipated to reach US$ 5197.04 Mn by 2029 growing at a CAGR of 15.8% over the forecast period (2021 – 2029).
- By deployment mode, separated between on premise and cloud based, the former accounted for the highest market share in 2020.
- In terms of organization size, large enterprise accounted for the highest market share in 2020.
- E-billing application registered for the highest market share in the legal operations software market share in 2020.
- By end user, law firms accounted for the highest market share in 2020, while corporate segment is the fastest growing over the forecast period.
- By region, North America accounted for the highest share in the legal operations software market in 2020.
- Some of the players operating in the legal operations software market are Wolters Kluwer ELM Solutions, Inc., MITRATECH, Onit, Inc., SimpleLegal, Inc., doeLEGAL, Inc., THOMSON Reuters, BusyLamp, LexisNexis, Elevate, and Acuity Management Solutions amongst others.
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Legal Operations Software Market:
- By Deployment Mode
- On Premise
- Cloud Based
- By Organization Size
- Large Enterprise
- By Application
- 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
By End User
- Law Firms
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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