A software platform that is designed for legal processes such as eSignature or contract review is known as legal software. There are many software available in the Legal Software Market such as consumer application which is used to handle different legal processes ranging from parking tickets to bankruptcy management. Apart from these, there is some legal software that is solely used by law firms to manage their management processes. The right legal software not only helps a legal firm to improve their work efficiency but also helps to create a compliance infrastructure and also take advantage of the new ways to generate value from the data.
The main aim of a software solution is to connect the lawyers with their business colleagues in procurement, sales, HR and also support team-oriented risk management and accomplishing business goals. The legal software must be not only user-friendly for the lawyers but also non-lawyers. Different categories of legal software used by different legal departments are legal spend and matter management software, eSignature software, eDiscovery software, legal knowhow and research software, knowledge management software, privacy, and security & information governance software, contract review software, contract automation software, contract lifecycle management software, etc.
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COVID-19 Scenario Analysis:
- The emergence of COVID-19 has not only affected the health of people but also the global economy. Furthermore, the lockdowns and restrictions have caused many industries to shut down their operating and manufacturing processes.
- Amongst other industries, law firms are one of the sectors that are highly impacted by the pandemic.
- However, similar to other industries, law firms have also shifted their traditional working process to software platforms and work from home solutions such as Zoom meetings instead of courtrooms.
- As courtrooms were shut down due to lockdowns and restrictions, many laws have started shifting to digital changes such as e-billing practices and virtual court hearings.
- Additionally, major market players of legal software solutions have started anticipating the market needs and have started investing in the development of new technologies such as artificial intelligence and machine learning in the field of legal software solutions.
- Therefore, the adoption of software by law firms will not only increase their work efficiency but also help them survive during the pandemic period, which is the reason for the increase in the legal software market share of legal software during the pandemic period.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Legal software is used by law firms to manage their day-to-day activities related to case handling. Additionally, to manage legal spending, maintain an electronic database and generate reports and analytics of legal activities, the law uses legal operating tools. Both small and medium firms, as well as large firms, generate ample data which becomes difficult for the firms to process manually as it is time-consuming. Technology and software help firms streamline their data process thereby saving time and resources. Because of this, many law firms are rapidly adopting software solutions, which is therefore responsible to drive market growth. Furthermore, as the need for security and data protection is rising as well as the volume and complexity of the legal work is increasing, additionally, the pressure of reducing the operation costs has encouraged law firms to increase the adoption of legal software solutions, thereby driving the market share.
However, the complexity increases as the use of ESI is added to the software solution. Additionally, the overall change in the dynamics of the complex litigation process and the increased cost of the e-discovery process are the major restraining factor for the growth of the legal software market. However, as the development and adoption of new technologies such as artificial intelligence and machine learning are increasing the legal software market is expected to transform considerably during the forecast period. Analyzing the data to predict the outcome of judiciary processes and scrutinize the contract in large bulk is possible with the help of artificial intelligence. Additionally, technology such as natural language processing (NLP) is also helping firms with AI-powered software to analyze legal documents. For instance, clients can find appropriate laws that can support their requirements with the help of the AI-powered ROSS legal research service.
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Key Benefits of the Report:
- This study presents the analytical depiction of the legal software industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the legal software market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the legal software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed legal software market analysis based on competitive intensity and how the competition will take shape in the coming years
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