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Global Legal Practice Management Software Market | Size, Share, Trends, Analysis and Forecast | Research Report by Technavio

LONDON--(BUSINESS WIRE)--Nov 19, 2020--

The global legal practice management software market size is poised to grow by USD 933.52 million during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Legal Practice Management Software Market 2020-2024 (Graphic: Business Wire)

Technological advancements are affecting every field and so is the case with the legal practice market. This market is adopting the cloud-based legal practice management software as one of the primary growth factors for the legal case management software market. Cloud systems are preferred by companies as the services can be used on a pay-per-use basis. Factors such as the limited requirement for hardware infrastructure, the low dependency on in-house IT personnel, the minimal maintenance costs, and no licensing costs enable the companies to focus on their core competencies. Also, the additional features such as the flexibility of cloud systems to scale up and down depending on the company's requirements, high speed of deployment, and lower upfront costs are encouraging more companies to adopt cloud-based software services. This is expected to increase during the forecast period, which will drive market growth.

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Report Highlights:

  • The major legal practice management software market growth share came from the on-premise legal practice management software. One of the main advantages of the on-premise legal practice management software is that law firms have complete control over their critical data. This deployment model is ideal for large law firms as they have all the necessary infrastructure, including in-house IT support and back-up servers. However, market growth in the on-premise segment will be slower than the growth of the market in the cloud-based segment.
  • North America was the largest major legal practice management software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising technological investments by legal departments and law firms and many such factors.
  • The global legal practice management software market is fragmented. The Access Group, Abacus Data Systems Inc., Actionstep, BHL Software Pty. Ltd., Intuit Inc., LawPro Legal Systems Ltd., Matrix Pointe Software, Mitratech Holdings Inc., Orion Law Management Systems Inc., and SurePoint Technologies are some of the major market participants. To help clients improve their market position, this legal practice management software market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global legal practice management software market 2020-2024 is expected to have a positive impact. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.

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Emergence of Legal Process Outsourcing will be a Key Market Trend

Many larger firms are outsourcing legal processes, as it minimizes the operational costs and enables them to reach optimum economies of scale. LPO enables companies to increase their focus on their core business processes and enables companies to access legal expertise at a lower cost at the outsourced location. This will also tie into the increased focus of enterprises on core competencies and will drive the evolution of the legal process outsourcing which in turn will drive the growth of the legal practice management software market.

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Legal Practice Management Software Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist legal practice management software market growth during the next five years
  • Estimation of the legal practice management software market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the legal practice management software market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of legal practice management software market vendors

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View market snapshot before purchasing

Executive Summary

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Deployment

  • Market segments
  • Comparison by Deployment
  • On-premise - Market size and forecast 2019-2024
  • Cloud-based - Market size and forecast 2019-2024
  • Market opportunity by Deployment

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Competitive scenario
  • Vendor landscape
  • Landscape disruption
  • Industry risks

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • The Access Group
  • Abacus Data Systems Inc.
  • Actionstep
  • BHL Software Pty. Ltd.
  • Intuit Inc.
  • LawPro Legal Systems Ltd.
  • Matrix Pointe Software
  • Mitratech Holdings Inc.
  • Orion Law Management Systems Inc.
  • SurePoint Technologies

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201119005847/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email:[email protected]

Website:www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY LEGAL PROFESSIONAL SERVICES

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 11/19/2020 10:15 AM/DISC: 11/19/2020 10:15 AM

http://www.businesswire.com/news/home/20201119005847/en

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