Legal Practice Management Software Market- by Deployment (Cloud-based deployment, On-premise deployment), by Application (Legal firms, Attorneys, Law courts)- Global Industry Perspective Comprehensive Analysis and Forecast, 2020 - 2026

According to the report, global demand for Legal Practice Management Software market was valued at approximately USD 1280.3 million in 2019, and is expected to generate revenue of around USD 3030.7 million by end of 2026, growing at a CAGR of around 13.1 % between 2020 and 2026.

12-Nov-2020 | Number of pages: 110 | Report Code: ZMR-4443 | Report Format : | Status : Published

Abstract

According to the report, global demand for Legal Practice Management Software market was valued at approximately USD 1280.3 million in 2019, and is expected to generate revenue of around USD 3030.7 million by end of 2026, growing at a CAGR of around 13.1 % between 2020 and 2026.

Global Legal Practice Management Software Market: Overview

Legal practice management software is helpful in studying management practices from a legal perspective. The software helps in effectively arranging and handling client records & legal cases along with scheduling appointments, billing, bookkeeping, computer filing, and fixing deadlines. Furthermore, the legal practice management software helps in complying with the court needs like electronic filing structures and document retention rules. Since law schools typically do not teach the business skills of operating a law office to new lawyers, many offices have turned to technology to ease the learning curve and eliminate clerical errors. The American Bar Association (ABA) has discovered that most legal malpractice lawsuits account for calendar and deadline related errors. In order to protect against such arguments, an initial investment in software tools may also deliver long-term savings.

Global Legal Practice Management Software Market: Growth Factors

The growth of the legal practice management software industry is likely to be influenced by the massive acceptance of cloud-based legal practice management software along with the easy accessibility to the advanced IT infrastructure.  Apart from this, high penetration of legal firms in the emerging economies, as well as the developed nations, will further accelerate the expansion of the business over the years to come. Furthermore, rise in the use of the end user-friendly software to improve client satisfaction will boost the market trends over the estimated timeline.

Moreover, beneficial product features like reporting, sharing, contact databases, and appointment scheduling will further multiply the expansion of the legal practice management software market in the foreseeable future. However, the high maintenance, as well as implementation charges of the software, can decimate the industry growth in the near future. Nevertheless, the use of the product by law attorneys and secretaries to effectively provide the legal services to their clients will open new horizons of growth for the market. Additionally, the market for the legal practice management software is likely to witness noteworthy growth in the coming decade as key information & data is easily available from the software and also the confidentiality & safety of the stored data can be ensured with its backup.

Global Legal Practice Management Software Market: Segmentation

The legal practice management software market can be classified into polymer deployment and application. On the basis of deployment, the industry can be sectored into cloud-based deployment and on-premise deployment of the legal practice management software. On the basis of application, the market for legal practice management software can be divided into legal firms, attorneys, and law courts.

Global Legal Practice Management Software Market: Regional Analysis

North American region is likely to dominate the overall market growth during the assessment period. The regional growth can be attributed to the presence of many legal firms deploying the software for acquiring precision as well as speed while arranging legal appointments for their clients.

Moreover, with massive awareness about the benefits of the product use among the law professionals in the countries like India and China, the legal practice management software market in the Asia Pacific is predicted to gain traction in the years ahead.

Europe and Latin American markets have huge growth potential and are likely to make massive contributions towards the overall business growth in the foreseeable future.

Global Legal Practice Management Software Market: Competitive Players

Few of the main participants in legal practice management software business are Executive Data Systems, Rocket Matter, DPS Software, Smokeball, BHL Software, Abacus Data Systems, AppFolio, Thomson Reuters Elite, TrialWorks, Thomson Reuters Elite, RELX Group, and Matrix Pointe Software.

The report segments the Global Legal Practice Management Software market as follows:

Global Legal Practice Management Software Market: Deployment Segment Analysis

  • Cloud-based deployment
  • On-premise deployment

Global Legal Practice Management Software Market: Application Segment Analysis

  • Legal firms
  • Attorneys
  • Law courts

Global Legal Practice Management Software Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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