The U.S. legal technology market size is anticipated to reach USD 19.02 billion by 2030 and is expected to expand at a CAGR of 7.8% from 2024 to 2030. The rising complexity of legal work, the emergence of digital transformation, and the increasing focus on data security are driving market growth. Law firms and legal departments seek solutions to increase efficiency and reduce costs. Legal technology platforms such as case management software, e-discovery tools, and contract management systems help streamline processes and improve productivity.
The COVID-19 pandemic positively impacted the legal technology market. The legal industry adapted quickly to the new remote working environment and increased reliance on digital solutions. This shift accelerated the adoption of legal technology tools and services, leading to challenges and opportunities for the market. One of the immediate impacts of COVID-19 on the market was the increased demand for remote collaboration tools. Law firms and legal departments had to quickly transition to remote work setups, requiring robust communication and collaboration platforms. This surge in demand led to the rapid development of new features and functionalities in existing legal tech solutions to support virtual meetings, document sharing, and secure communication channels.
With the rapid advancement of technology, law firms and corporate legal departments are recognizing the need to embrace digital tools and solutions to stay competitive, deliver better services, and meet client expectations. Digital transformation in the legal industry involves leveraging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and automation to optimize workflows, enhance collaboration, and drive innovation. By integrating digital technologies into their operations, legal professionals improve productivity, reduce costs, and unlock new opportunities for growth and development.
Furthermore, the increasing focus on data security and privacy is driving the adoption of legal technology solutions to safeguard sensitive information and ensure compliance with data protection regulations. As data breaches and cyber threats become more prevalent, legal professionals prioritize data security measures to protect confidential client information, maintain trust with stakeholders, and mitigate data exposure risks. Legal technology tools that offer encryption, secure communication channels, access controls, and data monitoring capabilities are essential for ensuring data security in an increasingly digitalized legal landscape.
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The COVID-19 pandemic positively impacted the legal technology market. The legal industry adapted quickly to the new remote working environment and increased reliance on digital solutions. This shift accelerated the adoption of legal technology tools and services, leading to challenges and opportunities for the market. One of the immediate impacts of COVID-19 on the market was the increased demand for remote collaboration tools. Law firms and legal departments had to quickly transition to remote work setups, requiring robust communication and collaboration platforms. This surge in demand led to the rapid development of new features and functionalities in existing legal tech solutions to support virtual meetings, document sharing, and secure communication channels.
With the rapid advancement of technology, law firms and corporate legal departments are recognizing the need to embrace digital tools and solutions to stay competitive, deliver better services, and meet client expectations. Digital transformation in the legal industry involves leveraging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and automation to optimize workflows, enhance collaboration, and drive innovation. By integrating digital technologies into their operations, legal professionals improve productivity, reduce costs, and unlock new opportunities for growth and development.
Furthermore, the increasing focus on data security and privacy is driving the adoption of legal technology solutions to safeguard sensitive information and ensure compliance with data protection regulations. As data breaches and cyber threats become more prevalent, legal professionals prioritize data security measures to protect confidential client information, maintain trust with stakeholders, and mitigate data exposure risks. Legal technology tools that offer encryption, secure communication channels, access controls, and data monitoring capabilities are essential for ensuring data security in an increasingly digitalized legal landscape.
U.S. Legal Technology Market Report Highlights
- Based on the solution, the software sub-segment accounted for the largest revenue share of 75.7% in 2023. This can be attributed to the emergence of cloud computing. However, the services sub-segment is expected to witness the fastest growth, due to the increasing demand for software-as-a-service model.
- Based on type, the contract lifecycle management sub-segment dominated the market in 2023, owing to the rising need for governmental and legal compliance and risk management.
- Based on end-users, the corporate legal departments sub-segment is expected to grow at a significant rate over the forecast period, owing to the increased demand for analytics and insights.
- In August 2023, Filevine launched ImmigrationAI, an AI-powered tool that aids law firms in streamlining their immigration operations and simplifying the immigration application process for their clients. ImmigrationAI extracts critical data points from various documents, assists in executing USCIS forms, and tracks form statuses. The AI-powered immigration functionality simplifies the procedure by reducing errors, automating tasks, and ensuring form consistency. It automates the laborious, tedious work of the immigration process and empowers immigration attorneys to sustain more clients by simplifying the demanding process for all involved.
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- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. U.S. Legal Technology Market Variables, Trends & Scope
Chapter 4. U.S. Legal Technology Market: Solution Estimates & Trend Analysis
Chapter 5. U.S. Legal Technology Market: Type Estimates & Trend Analysis
Chapter 6. U.S. Legal Technology Market: End-user Estimates & Trend Analysis
Chapter 7. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Icertis, Inc.
- Filevine Inc.
- DocuSign, Inc.
- Casetext Inc.
- ProfitSolv, LLC
- Knovos, LLC
- Mystacks, Inc.
- TimeSolv Corporation
- Everlaw, Inc.
- LexisNexis Legal & Professional Company
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | June 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 11.24 Billion |
| Forecasted Market Value ( USD | $ 19.02 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
